10 Best Cryptocurrencies That Redditors Are Buying in 2022
The cryptocurrency industry has always had many drivers, but perhaps Reddit is one of the most interesting. Crypoenthusisits on the platform are very vocal, and it’s no surprise that there are lots of threads dedicated to digital coins.
Reddit has also been responsible for the massive hype around some new coins, including dogecoin, which was used to tip people with quality content. It has also promoted coins such as Shiba Inu and StopElon, giving them mainstream attention.
If you’re wondering what coins Redditors are actively buying in 2022, here are 10 of them with massive growth potential.
In terms of market capitalization, Stellar is one of the top 10 digital coins. Redditors are mainly buying it because it allows users to transform cryptocurrency into fiat current at very low fees. This is also why it’s mostly preferred for cross-border transactions.
This digital coin was launched in 2014 by Jed McCaleb, a co-founder of Ripple & Joyce Kim, and has made great strides since its release.
For instance, it has nurtured multiple partnerships globally, including Flutterwave ( an African mobile payments company), the ICICI Bank in India, French firm Tempo Money Transfer, and a fintech startup in the Philippines. Stellar is based on an open-source, decentralized protocol.
One of its main selling points is that it allows free international transfers. The transactions are also verified instantly and accurately.
This digital coin is based on 4 key aspects;
- Anyone can participate in the transaction verification process so that the decision-making power is well-distributed.
- The network latency is low, which is why transactions are verified in a few seconds.
- People that participate in the consensus system are referred to as nodes, and they can choose to revoke other nodes and appoint those that they trust.
- High-security protocols.
Interestingly, Stellar is not the actual name of the digital coin. The cryptocurrency is referred to as Lumens. It’s currently training at $0.4054.
If you’re looking to buy this coin in Australia, it’s available on popular sites such as Swyftx and Coinbase.
This cryptocurrency was conceptualized in 2017 by Beniamin Mincu (the CEO), Lucian Todea (COO) and Lucian Mincu (CIO). Unlike most cryptocurrencies, Elrond took no time onboarding institutions and crypto-investors, mostly through their impressive App, Maiar.
Some of the things that distinguish this cryptocurrency from the rest are its high level of scalability, high throughput, and interoperability. Between Mid March and July 2020, Elrond’s value increased by a whopping 5,000%. Its value, however, decreased in September when it transitioned from Elrond to eGold.
The firm that developed this coin has partnered with various businesses, including Samsung and offers coin developers 30% royalties for smart contracts.
Elrond’s framework is based on nodes & users, validators, shards, meta chains, and eGLD tokens. eGLD can be traded on exchange sites such as Binance and BitMEX.
Chainlink is quickly gaining popularity, especially from its unique business model. Instead of competing against other digital coins, it mainly wants to advance the cryptocurrency industry using its protocols.
The blockchain sector faces one major challenge; conveying information to and from the Ethereum blockchain. This is extremely important because once a smart contract goes through, it can’t be reversed, so all the details have to be accurate before the transaction goes through.
For example, assuming a homeowner takes out insurance on his home, should any damage occur, he’ll receive a payout. This can easily be automated with Ethereum smart contract technology.
There’s just one problem; the network cant accurately measures the amount of damage. They’ll need a trusted third party to ensure information accuracy. This is where chainlink comes into play.
Chainlink can be traded on major exchanges such as Swyftx.
Polkadot was formed by Jutta Steiner and Gavin wood, both of whom were former Ethereum executives. Its development started in September 2017, and the first code was released on Github in November of the same year.
This cryptocurrency is a Nextgen blockchain protocol that connects several chains in one network. Currently, there are hundreds of blockchains, but they have no way of communicating. Polkadot connects them into one unified network.
Some of the benefits of his cryptocurrency include;
- High scalability: since it connects multiple blockchains, transactions are faster and more efficient.
- Specialization: every parachain can be customized to suit a particular need or for a specific use.
- Interoperability: parachains can share functionalities and information due to the high levels of compatibility among the chains.
- Its design allows for forkless upgrades.
Polkadot can be traded on most Australian crypto exchanges.
Check today’s Polkadot price
XRP is often one of the top 5 cryptocurrencies based on market capitalization. This coin was designed for the financial services industry and is basically a money transfer network that can process global transactions.
It works as an agent between 2 parties and confirms that all transactions were executed correctly.
Some of the commodities exchanges that Ripple can facilitate include digital coins like BTC and precious commodities like Gold. You can either buy this coin for its transactional benefits or as an investment commodity. Some investors also use it to exchange fiat currencies.
Benefits of Buying Ripple include;
- Its transactional fees are very low and are a fraction of the current rate. Each transaction on the network is charged 0.0001 XRP.
- Transactions are confirmed swiftly (in less than 5 seconds).
- The ripple exchange network is highly versatile and can also be used to trade other commodities, cryptocurrencies, and fiat currency.
- It can be used by large corporations as a transactional platform.
XRP can be traded on almost all major exchanges. I recommend using Swyftx.com.au
Cardano gained mainstream attention by being one of the first digital currencies to adopt a strong scientific approach. It is a third-generation cryptocurrency which means that it improves on the shortcomings of major crypto-like Bitcoin and Ethereum.
This coin was launched through an ICO that raised about $62.2 million and currently has a market capitalization of more than $48 billion. Cardano’s key aspects are scalability, interoperability, security, and Ouroboros, a consensus mechanism.
Cardano can be traded on major Australian crypto exchanges, including Swyftx.
Litecoin was founded in 2011 by Charlie Lee, a former Google Software engineer. He was trying to create a lighter version of Bitcoin, hence the name. There are various similarities between Litecoin & Bitcoin, and thats’ because LTC was created off BTCs core code.
When Bitcoin was launched, investors could only use it for large transactions. Lee wanted to give traders a digital coin that they could use for small-money transactions.
LTC users propose improvements to the coin since it is open source. Management then has a sit-down, reviews all the suggestions, and implements those that they find most impactful.
Litecoin works similarly to bitcoin, but it has one core difference. It’s mined using the Scrypt mining algorithm instead of SHA256. This algorithm was designed in a way that people with regular computers could mine LTC.
Scrypt ASIC miners were, however, launched, making personal mining unprofitable. Currently, you can mainly mine LTC by joining a pool or through a mining farm.
LTC can be traded on all major platforms. Check Litecoin price.
#3. USD Coin
As the name suggests, the value of this coin is pegged to the US dollar at a ratio of 1:1. It was a project of 2 popular crypto brokers, Circle & Coinbase and was founded in September 2018.
USDC is highly stable, and unlike other cryptocurrencies that are based on decentralization, it is fiat-collateralized. Its major selling point, however, is that you can redeem your coins anytime you want, and its tether price always remains at $1.
Some of the benefits of trading this coin include;
- The company that launched it is well funded through various rounds of venture capital and can handle all operations.
- Grant Thornton conducts USDCs monthly audits, which are frequently published by Circle, Ltd.
- This coin has high liquidity and ranks second among all stablecoins. USDC is mainly used on the Ethereum blockchain, and all transactions can easily be verified.
This coin is traded on almost all major exchange sites.
#2. Binance Coin
Binance coin was initially launched with an ICO, and the distribution of tokens was as follows; 10% to major investors, 40% to the founding team, and 50% to the public.
The total Binance coins are limited to 200 million, and at the time of the ICO, all 100 million BNB available to the public were sold. Each coin was bought for around $15, and Binance received around $15 million.
Every quarter, Binance buys back BNB using 20% of its profits and then burns them. This move is aimed at reducing the number of coins in circulation, ultimately making them more valuable. This practice will continue until there is only 100 million BNB in circulation.
You can use the BNB coins to trade, for payment processing, as payment for fees on the Binance platform, and as collateral for crypto-backed loans on some exchanges.
BNB can be traded on almost all major platforms. Check Binance Coin price.
#1. Bitcoin Cash
Bitcoin Cash is different from Bitcoin. It’s, however, a direct split of the cryptocurrency and some investors view its emergence as Bitcoin’s cry for help.
This digital coin is a hard fork from BTC and is mainly aimed at increasing Bitcoin’s scalability by increasing its chain’s block size. This means that at some point, users will have to choose whether they want to racist with BTC or Bitcoin cash.
At the time of its launch, any investor who had their bitcoin privacy keys received an airdrop of the snake amount of BTC that they had. Some exchanges also did the same.
One of the major selling points of Bitcoin cash is that transactions are processed swiftly. There are fewer miners on its network, so the mining difficulty is still low.
You can easily trade Bitcoin Cash on popular exchanges like Swyftx, CoinBase, eToro, etc.
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Social media is playing a great part in today’s cryptocurrency sphere, and Reddit has a lot to do with it. The digital asset community on the platform is highly active, and it’s not surprising that they are responsible for the popularity of some coins like Dogemoon.
Redditors are constantly trying out new coins, so be sure to follow the relevant threads so that you can stay updated.
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