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Top 10 Cryptocurrencies & Their Real World UsesIn this video we explain the real world use cases of each of the top 10 cryptocurrencies. A lot of focus in crypto is focused on the price and the volatility of each coin without many people necessary understanding what their purposes are. Bitcoin (BTC) Digital Gold, a store of wealth and protection against inflation… this is because there’s a limited supply of BTC (21 Million) that will ever be mined. It’s supply cannot be inflated like FIAT currencies (Dollar, Pound, Euro etc) can simply be printed. 
Collateral in DeFi, in many DeFi (Decentralised Finance) Bitcoin is used as collateral for you to borrow against the value of in return for a cryptocurrency loan for example. We will explain DeFi in a little more detail later.

 Banking the unbanked, in many struggling economies (El Salvador for example) Bitcoin is a useful way for communities to gain access to banking facilities. While in many of those regions economies are still largely cash-driven and people cannot afford to pay for transportation to visit banks for registration, the number of those who have access to or own mobile phones is increasing. Thus, using digital wallets to transfer Bitcoin independent of traditional banks may provide a viable alternative for people without a bank account to participate in finance and to create a store of value.     

 Ethereum (ETH) Smart contracts, In essence, smart contracts are created to automatically execute and complete processes, such as a payment process, in digitised form. This is the key to Ethereum’s success and its core use case. It enables developers to create complex applications powered by Ethereum’s platform. 

DeFi applications, The largest category of smart contracts on Ethereum’s platform is in the form of Decentralised Finance applications. 
With DeFi, you can do most of the things that banks support — earn interest, borrow, lend, buy insurance, trade derivatives, trade assets, and more — but it’s faster and doesn’t require paperwork or a third party. As with crypto generally, DeFi is global, peer-to-peer (meaning directly between two people, not routed through a centralized system), and open to all.   
NFTs, an emerging use case for Ethereum is in the form of payment for NFTs… you will find that most NFT’s prices are denominated in ETH. NFTs for anyone that isn’t aware are essentially digital art that its authenticity is confirmed in blockchain data. 

Think of it as a version of the Twitter blue tick for limited edition digital art.

 Cardano (ADA) Store of Value & Smart Contracts - The Cardano coin can be used as a transfer of value in a similar way that cash is currently used. This is not very different from other cryptocurrencies such as Ethereum and Bitcoin, but ADA has other uses as well. One of the core principles of Cardano is its PoS blockchain protocol where ADA is staked to the blockchain to successfully verify transactions on the blockchain. This is where Cardano crypto comes in handy. Those who stake their ADA to the blockchain are rewarded for their efforts with more Cardano crypto in return. This staking system helps maintain security throughout the blockchain. There is also the use of ADA in voting. In Cardano, unlike other blockchain projects, it is not miners who vote and decide on changes to the protocol, it is token holders. Therefore, when a new change or development is proposed to the Cardano blockchain, Cardano crypto holders use their ADA to vote on these proposals. This way, everyone who owns the cryptocurrency has a say in its development. ADA also can be used to power the smart contract platform on the Cardano blockchain. Developers utilise ADA to create smart contracts and applications that run on the secure, decentralised Cardano blockchain. 

In the case of running smart contracts it is cheaper in transaction fees than Ethereum. 

 

Tether (USDT) Stablecoin - Backed by US dollars and value is pegged to always be at-or very close to £1 per 1 USDT Transferring Crypto - Lots of people will use Tether as a middleman when transferring money from one cryptocurrency to another without paying the fees associated either between each crypto or back and forth into Fiat currencies. Generating a Yield - Some tether users also simply hold their funds in Tether because it generates a higher yield or interest rate than their money would in a bank for example. Binance Coin (BNB) Binance Coin is the cryptocurrency issued by the Binance exchange and trades with the BNB symbol. BNB was initially based on the Ethereum network but is now the native currency of Binance's own blockchain, the Binance chain. Every quarter, Binance uses one-fifth of its profits to repurchase and permanently destroy, or "burn," Binance coins held in its treasury. Binance was created as a utility token for discounted trading fees in 2017, but its uses have expanded to numerous applications, including payments for transaction fees (on the Binance Chain), travel bookings, entertainment, online services, and financial services. Ripple (XRP) Very quick & cheap cross border payments

, The primary use case for XRP is intended to be for transfer of other currencies (or indeed commodities or assets such as gold or oil) over the Ripple network. Each time a money (or asset) transferring organisation such as a bank uses the network to conduct a transfer and settlement, the cost is deducted in a small amount of XRP.

 Cross-border payments between banks and organisations currently run on a system called SWIFT… a system created in 1973. This is essentially what Ripple and its coin XRP could replace with a much quicker and cheaper system. 

 Solana (SOL) Smart Contracts platform.

Much in the same way that both Ethereum & Cardano is used on a day to day basis as developers who make applications on the Solana blockchain pay SOL coins for the processing / transaction fees. 

Large numbers of NFTs are also available on the Solana blockchain. 

 Polkadot (DOT) Interoperability - Allow different blockchains to talk to each other and share data / features between each other. This is useful for developers when making new blockchains, as they are able to use sections of features from different chains without the need to create them from scratch each time. Unlimited Supply - Unlike most other cryptocurrencies, DOT isn’t limited in supply. This is designed to incentivise the network and dynamically adjust according to participation rates of users. 

Dogecoin (DOGE) Meme coin which was originally created as a joke or parody of the crypto world. 

Now however has gained massive popularity and even is considered for payments as a real world use. This is still to be widely accepted however. 

USDC (USDC) Stablecoin, backed by US dollars and value is pegged to always be at-or very close to £1 per 1 USDT. Not as popular or widely used by the market than Tether. 

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by JoelWarby
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