Most Popular Top-Rated Cryptocurrency in the Word

WHAT ARE THE TOP-RATED CRYPTOCURRENCY

BRIEF INTRODUCTION

  • Cryptocurrencies have been highly popular in recent years as a result of several governments deciding to regulate them, and a lot of companies in India are now providing exchange and wallet services (although not yet regulated).
  • Some time back, had not Ethereum be launched, Bitcoin would have been worth only 0.4% of the value it provides today. Cryptocurrency is basically a virtual or digital money, taking shape of tokens or “coins.”
  • While some cryptocurrencies have ventured into the physical world with credit cards or other projects, the large majority remain entirely intangible.
  • The word “crypto” in cryptocurrencies refers to complicated cryptography, which permits the creation and processing of digital currencies and the transactions are made using decentralized systems.
  • Alongside this important “crypto” feature of those currencies could be a common commitment to decentralization; cryptocurrencies are typically developed as code by teams who incorporate mechanisms for issuance (often, although not always, through a process called “mining”) and other controls.

Read more : Basic Concept of Bitcoin Taxation in India

  • Cryptocurrencies have been designed in order to make a system free from government manipulation and control.
  • All the currencies having modeled after Bitcoin, have been collectively called as altcoins, and also as “shitcoins”, and have often been presented as modified or improved versions of Bitcoin.
  • Even though some of these currencies have some impressive features over and above Bitcoin, matching the sought of security which the Bitcoin’s networks achieve largely, is yet to be seen by an altcoin.

Below, we’ll examine a number of the most important digital currencies apart from Bitcoin.

  • First, though, a caveat: it’s impossible for a listing like this to be entirely comprehensive.
  • One reason for this can be the very fact that there are quite 4,000 cryptocurrencies existing as of January 2021.
  • Even though, many of the cryptos have nothing to do with trading volume, most of them enjoy immense popularity along with dedicated communities of backers and investors.
  • Beyond that, the sector of cryptocurrencies is usually expanding, and also the next great digital token is also released tomorrow.
  • While Bitcoin is widely seen as a pioneer within the world of cryptocurrencies, analysts adopt many approaches for evaluating tokens aside from BTC.
  • It is commonly seen on the part of the analysts to have a good deal of importance in ranking coins relative to 1 another, based on their market capitalisation.

BEST ONE TO BUY

  • Want to leap straight to the answer? The most effective and revenue generating cryptocurrencies for the year 2021 are Bitcoin, Ethereum, Polygon, Stellar, Cardano and Chainlink. Bitcoin, being the foremost well-known cryptocurrency, appreciated over 1,300% in 2017.
  • However, there were few other cryptocurrencies which outperformed Bitcoin. As per the Tally, with gains starting from 3,300% up to Ripple’s astounding 36,000% gain during the same period of time.
  • Typically, altcoins are higher risk investments compared to Bitcoin, but they often provide higher returns in an exceedingly market. On the other hand, altcoins tend to depreciate faster in case of a bear market. Here a list of the most effective cryptocurrencies for the year 2021 –
    • Best Store of Value: Bitcoin (BTC)
    • Holds Most Market Enthusiasm: Ethereum (ETH)
    • Most Promising One with a Layer 2 Token: Polygon (MATIC)
    • Best Hedge Against ETH: Cardano (ADA)
    • Highest Growth Potential: Chainlink (LINK)
    • Best Payment Solution: Stellar Lumens (XLM)

MOST POPULAR TOP-RATED CRYPTOCURRENCY IN THE WORD

COMPARISON TABLE- The following table shows a comparison between cryptocurrencies.

BASIS OF DIFFERENCE BITCOIN (BTC)1 BITCOIN CASH (BCH)1 ETHER (ETH)1 LITECOIN (LTC)1 EOS (EOS)3 STELLAR (XLM)4 NEO (NEO)5
LAUNCH 2009 2017 2015 2011 2018 2014 2014
CIRCULATING SUPPLY >17 MILLION >17 MILLION >102 MILLION >58 MILLION >906 MILLION >18 BILLION 65 MILLION
MAXIMUM SUPPLY 21 MILLION 21 MILLION NO UPPER LIMIT 84 MILLION NO UPPER LIMIT NO UPPER LIMIT 100 MILLION
CURRENT MINING/RELEASE RATE 12.5 PER BLOCK 12.5 PER BLOCK 3 PER BLOCK 25 PER BLOCK UP TO 5% INFLATION PER YEAR UP TO 1% INFLATION PER YEAR UP TO 15 MILLION PER YEAR
TRANSACTIONS PER SECOND
(MAXIMUM)
7 60 20 56 2800 1000 1000
NETWORK N/A N/A ETHEREUM N/A EOS.IO STELLAR NEO
BLOCK TIME (APPROXIMATE) 10 MINUTES 10 MINUTES 15 SECONDS 2 MINUTES 30 SECONDS 0.5 SECONDS 5 SECONDS 15 SECONDS

BITCOIN VS OTHER MAJOR CRYPTOCURRENCIES

  • Cryptocurrencies are virtual currencies which operate independently of banks and governments but can still be exchanged – or speculated on – rather like any physical currency.
  • Launched in 2009, bitcoin was the primary decentralized cryptocurrency. Since then, thousands more cryptocurrencies, called altcoins, have launched.
  • While bitcoin remains the market leader, cryptocurrencies including bitcoin cash, bitcoin gold, ether, Litecoin, ripple, EOS, stellar (XLM) and NEO could challenge within the future thanks to rising demand, expanded applications, and technological advances.

BEST CRYPTOCURRENCY EXCHANGES

  • Some of the great cryptocurrency exchanges, suitable for beginner investors, are Coinbase, Robinhood, eToro and Gemini.
  • While Robinhood could be a sensible choice if you already use the platform for stocks, the exchange doesn’t allow you to send or receive crypto on the app, limiting what you’ll do together with your investment.

COMPARISON OF BEST CRYPTOCURRENCY EXCHANGES

COMPANY FEES CURRENCIES SECURITY SUPPORTIVE TRANSACTIONS LIMIT ON TRADE & TRANSFER
COINBASE
BEST OVERALL
$0.99 TO $2.99 (COINBASE), UP TO 0.50% (COINBASE PRO) 64 INTEGRATED
ONLINE CRYPTO WALLET
MARKET, LIMIT, STOP NO MAX
CASH APP
BEST FOR BEGINNERS
VARY 1 INTEGRATED STORAGE MARKET WEEKLY SEND/RECEIVE LIMIT $7,500
BINANCE US
BEST FOR ALTCOINS
0.012% TO 0.1% HUNDREDS INTEGRATED
ONLINE CRYPTO WALLET
MARKET LIMIT, STOP LIMIT VARIES BY CURRENCY
BISQ
BEST DECENTRALIZED EXCHANGE
0.05% TO 0.70% 63 OPEN SOURCE AND DECENTRALIZED EXCHANGE MARKET VARIES
  • We recommend Coinbase & Binance US to those just starting enter cryptocurrency.
  • The platform is arguably the foremost secure thanks to purchase cryptocurrency, and also the user interface is simple and easy to find out.
  • Apart from this, Coinbase contains a unique cryptocurrency conversion feature, which helps in swapping between altcoins on its exchange free. It also supports all 6 of the simplest cryptocurrencies on this list.

25 types of cryptocurrencies that aren’t bitcoin:

  • Ethereum (ETH)
  • Bitcoin (BTC)
  • XRP (XRP)
  • Stellar (XLM)
  • Cardano (ADA)
  • Dogecoin (DOGE)
  • Polkadot (DOT)
  • Neo (NEO)
  • Celsius (CEL)
  • Nano (NANO)
  • Chainlink (LINK)
  • Monero (XMR)
  • Tether (USDT)
  • Litecoin (LTC)
  • Binance Coin (BNB)
  • NEM (XEM)
  • TRON (TRX)
  • Dash (DASH)
  • Zcash (ZEC)
  • Bitcoin Gold (BTG)
  • Bitcoin Cash (BCH)
  • Bitcoin SV (BSV)
  • EOS (EOS)
  • VeChain (VET)
  • Dai / MakerDao (DAI)

One thing must be kept in kind that, even though each one is having an enormous potential, some tends to be safer bets than others.

CRYPTOCURRENCIES TAXATION

  • People are trading and investing in cryptocurrencies. These individuals should also be aware of cryptocurrency taxation.  There are also a large number of professionals working as freelancers, software developers, or marketers for cryptocurrency exchanges and companies in India and abroad.
  • Professional Consultancy offered to Cryptocurrency Exchanges and Channel Partners is subject to GST at the rate of 18%.
  • Crypto Held as an investment: If Crypto are held for investment purposes and then converted to real currencies, any profit made from the conversion will be classified as either long term capital gain or short term capital gain, depending on the holding time of the Crypto coin.
  • Cryptocurrencies held as stock in trade: Any profits generated from a firm in which Crypto is held as stock, as well as gains derived from trading or transferring it, will be taxed at the appropriate Slab rates.
  • The Cryptocurrencies received as a form of payment for goods and services:
    If a business receives these digital currencies as payment for a sale, they will be treated the same as cash. In the hands of the receiver, it will be considered business income. & will be taxed at the current tax rates.

Popular blog:-

Rajput Jain & Associates

Rajput Jain & Associates is a Chartered Accountants firm, with it's headquarter situated at New Delhi (the capital of India). The firm has been set up by a group of young, enthusiastic, highly skilled and motivated professionals who have taken experience from top consulting firms and are extensively experienced in their chosen fields has providing a wide array of Accounting, Auditing, Taxation, Assurance and Business advisory services to various clients and their stakeholders. Rajput jain & Associates, a professional firm, offers its clients a full range of services, To serve better and to bring bucket of services under one roof, the firm has merged with it various Chartered Accountancy firms pioneer in diversified fields. We have associates all over India in big cities. All our offices are well equipped with latest technological support with updated reference materials. We have a large team of professionals other than our Core Team members to meet the requirements of our prospective clients including the existing ones. However, considering our commitment towards high quality services to our clients, our team keeps on growing with more and more associates having strong professional background with good exposure in the related areas of responsibility.

Recent Posts

Guidelines to File Schedule AL Declaration in ITR

Guidelines to File Schedule AL (Assets and Liabilities) Declaration in ITR The proliferation of black money poses significant challenges to… Read More

8 hours ago

Navigating Rental Income Taxation for Indian Landlords,

Navigating Complex Taxation of Rental Income for Indian Landlords Rental income can be a significant source of revenue for property… Read More

13 hours ago

Setting Up A Business With 100% EOUs along with FDI

Setting Up A Business With 100% Export Oriented Units (EOUs) along with FDI Foreign investors must first assess their entry… Read More

6 days ago

Taxation of Share Transaction & Disclosing F&O Income

Important Points for Taxation of Share Transaction &  Disclosing F&O Income The income from these transactions should be reported under… Read More

6 days ago

International Financial Services Centre in GIFT City

Overview on International Financial Services Centre in GIFT City An International Financial Services Centre (IFSC) is a jurisdiction that caters… Read More

1 week ago

Mandatory ITR Filing regardless the Level of Income

Why you should file ITR even if your income is less than INR 2.5 Lakhs ? While it may not… Read More

2 weeks ago
Call Us Enquire Now