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Cryptocurrencies are gaining popularity for providing seamless transaction payments within a very short period.
Bitcoin continues to lead the pack of cryptocurrencies in terms of market capitalization, user base, and popularity. Other virtual currencies such as Ethereum are helping to create decentralized financial (DeFi) systems. The cryptocurrencies modeled after Bitcoin are collectively called altcoins, and in some cases, shitcoins, and have often tried to present themselves as modified or improved versions of Bitcoin. Some altcoins have been endorsed as having newer features than Bitcoin, such as the ability to handle more transactions per second or use different consensus algorithms such as proof of stake. Though some of these currencies may have some impressive features that Bitcoin does not, matching the level of security that Bitcoin's networks achieve largely has yet to be seen by an altcoin. This video of VOC features the top 10 cryptocurrencies with a brighter future than Bitcoin in 2023.
Why Are Cryptocurrencies Important?
As decentralized platforms, blockchain-based cryptocurrencies allow individuals to engage in peer-to-peer financial transactions or enter into contracts. In either case, there is no need for some trusted third-party intermediary such as a bank, monetary authority, court, or judge. This has the potential to disrupt the existing financial order and democratize finance. The size of the cryptocurrency space has grown exponentially in the past decade, with new innovations and a collective market capitalization of more than $948 billion.