Next to the United Kingdom, the United States of America has the second-highest number of ‘digital currency exchanges’ (27) all over the world. They have a strong appetite for virtual assets and it has shown no signs of slowing down. Some of the most ‘crypto-friendly cities’ in the world are America, from San Francisco all the way to Jacksonville, Florida. But which is the most favored cryptocurrency in the USA?
Bitcoin (BTC)
Not just in America, Bitcoin is undeniably the most popular cryptocurrency all over the world. It was first launched in 2009 and remained popular throughout the years, until the present time. The current capitalization of Bitcoin is at $201,365,331,430 and tagged as ‘the king of cryptocurrency’. It even attempted to decentralize the global payments and used FX Trading.
Bitcoin is not issued through a central reserve. It is created through a process called mining. In this Bitcoin mining, miners conduct their transactions in a blockchain network where they create an open record of all their transactions. This is very helpful in maintaining the transparency of the online finances, the reason why Bitcoin has become so popular not just in the US but elsewhere.
Ethereum (ETH)
Etherium is another popular cryptocurrency in the US, second to BTC. It is made accessible through a blockchain platform through the use of smart controls that carry out all the involved digital transactions. The native currency of Etherium is known as Ether (ETH) with the current market cap of $41,271,483,278.
What is a smart contract? It is an automatic contract that has specific terms to follow. For instance, you have to pay someone an amount of money. This transaction is encoded. Similar to BTC, the main benefit of ETH is its ability to go for online transactions without the need to acquire a third-party lender or a bank.
Bitcoin Cash (BCH)
With its recent launch, BCH was created to address the concerns of cryptocurrency investors when it comes to the scalability of Bitcoin. It is a peer-to-peer electronically available cash system launched last 2017. Bitcoin Cash is now the fifth in line on the world’s largest cryptocurrency gaining a market cap of $4,290,477,304.
It is expected that in November 2020, the Bitcoin Cash hard fork will take place. In this process, the Bitcoin Cash network will be separated into two blockchains.
Ripple (XRP)
Similar to Ethereum, Ripple’s name is from its two platforms, the RippleNet and the Ripple XRP. Currently, XRP is known as the fourth biggest cryptocurrency in the world with a market cap of $10,958,699,460. The popularity of Ripple is already vast in the US but it is expected that it will rise more in the future.
Litecoin (LTC)
Considered as a Bitcoin spin-off, Litecoin was only launched in 2011, making LTC the earliest altcoins. It currently has a price of $46.82 and a market cap of $341,812,279. LTC is considered as the twelfth in line as the biggest cryptocurrency in the world and 5th most popular crypto in the United States and in the FX trading. Just like Bitcoin Cash, Litecoin was also released to provide comfort to the people bothered about Bitcoin.
