Digital currencies are becoming more widely accepted by the day. Companies are also starting to welcome crypto as a valid form of payment.
Over 600 cryptocurrencies existed in 2016. Now, we have a total of 7,812 cryptocurrencies five years later.
Can you send them to family and friends? You definitely can.
However, you have to know the best cryptocurrency for transferring digital money. You can visit platforms like xcoins.com to buy, sell, and store your crypto instantly.After that, read on for a quick list of cryptocurrencies:
If privacy is an issue for you when sending coins, look for more private tokens. Monero (XRM) is such a blockchain that prioritizes anonymity. It’s the leading cryptocurrency for censorship-resistant transactions.
Its privacy-enhancing technologies allow for confidential and untraceable transactions. Merchants should have no issue with accepting tainted coins.
Monero disguises the wallet addresses of users by default. The sender and recipient have their identities hidden, providing privacy for both sides.
XRM also uses ring signatures, making it more difficult to track transactions in this network. RingCT (Ring Confidential Transactions) conceals the transaction amount.
Tether is one of the first cryptocurrencies to tie its values to a fiat currency. As evident in its token name – USDT – it pegs its value to 1 USD.
These types of cryptocurrencies are stablecoins. They provide a safe environment in an otherwise volatile market. If you want to send something stable, Tether is an acceptable choice.
By market capitalization, Tether is the largest stablecoin in the market. It provides stability since actual assets back them up. At the same time, it has all the benefits of cryptocurrency, such as faster trades.
Solana (SOL) is all about speed. It processes around 50,000 to 65,000 transactions per second compared to Ethereum’s 15 to 30 or even Cardano’s 250. Even Visa pales in comparison with its 24,000 processes.
Its lightning-fast transaction speed is SOL’s best appeal for those who want to send digital currency. However, it’s not the only area where it stands out.
In other cryptocurrencies, faster speeds come with a cost. In Solana, though, the fees are surprisingly low.
While Ethereum costs anywhere from $4 to $20 per transaction, Solana costs a fraction of a cent. These advantages make SOL the better choice for sending small amounts.
Zcash (ZEC) is also a privacy-focused cryptocurrency. It pegs itself as the “HTTPS” of blockchain, while Bitcoin is “HTTP.” In other words, it prides itself on its enhanced security features.
It uses a tool to provide the best privacy in digital currencies. It’s the first to implement a form of zero-knowledge cryptography.
zk-SNARKs, as it’s called, require proof construction without revealing any information. It gives the option for participants to obscure their addresses and transaction amount.
Zcash makes it easy to send cryptocurrency to your friends and family. It’s also acceptable by various third-party providers.
Bitcoin (BTC) is the most popular and first cryptocurrency. As such, it’s also the most widely accepted digital currency today.
It’s not the best cryptocurrency for sending or transferring money to others. However, its popularity is a solid reason to consider.
Almost everyone has some level of familiarity with this cryptocurrency. If you want to send it to other people, it might be best to transfer BTC instead.
That way, the learning curve isn’t as steep as in the less popular digital currencies. Even if you transfer to those who have little knowledge of cryptocurrencies, they have a lot of resources for studying, at the least.
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Bitcoin Cash (BHC) resulted from a Bitcoin hard fork in August 2017. It created a way to facilitate smaller payments. It increased the size of blocks, leading to faster processing.
The larger blocks allow for more processed transactions in less time. They also improve scalability, helping Bitcoin compete with Mastercard, Visa, and other credit card processing companies.
The workings behind BHC are almost similar to BTC. It also requires Proof of Work for mining. However, generating new cryptocurrency is easier for Bitcoin Cash.
If you want the familiarity of Bitcoin, it’s worth looking at Bitcoin Cash. It’s faster, although the size of transactions is smaller.
Did you know that Litecoin (LTC) is about four times faster than Bitcoin? Its block generation time is around 2.5 minutes, while it’s 10 minutes for BTC. Although it’s not the fastest, it remains one of the best options for expedited transactions.
If you want to avoid delays when transferring cryptocurrency, Litecoin might be the better choice. It has a smaller network; plus, it has relatively low fees. It’s well-known, as well, with thousands of merchants accepting it as a form of payment.
Given its surprising rise to prominence, many also consider it the best cryptocurrency to invest in right now. The value of LTC tokens is taking off, and investors might see a double-up soon.
Ether (ETH) is the native token of Ethereum, the first to use smart contracts. It’s one of the top cryptocurrencies with fast networks and high availability.
If you use the best cryptocurrency app for you, chances are it holds ETH. It’s available in most exchanges, much like Litecoin.
However, it has higher fees than LTC. Small investors can better utilize Litecoin. For higher-valued transactions, ETH is the way to go.
Ether is also the most popular token after Bitcoin. As such, it also enjoys the same familiarity as BTC. It also makes ETH the best cryptocurrency to buy if you’re after stability.
Choose the Best Cryptocurrency
As you can surmise from above, the best cryptocurrency for sending to others depends on your needs. Is anonymity your priority? Or do you plan to send small amounts regularly?
Whichever is your priority, you should be able to find the perfect one on our list. You should also then look for the best cryptocurrency exchange. To learn more, visit our other posts today.