Most Popular Cryptocurrencies to Invest in Australia

The last decade has been revolutionary for the world of finance and investment thanks to the emergence of cryptocurrencies, which in addition to being driven by blockchain technology, have come to form a new solid market with hundreds of highly valued digital assets and Australia has taken a big part in this process. Since the creation of Bitcoin, many early investors managed to multiply their money hundreds of times, which caught the attention of many people. At present, many other cryptocurrencies have emerged and like BTC, have given their investors incredible profit margins, so we are going to be reviewing the most popular cryptocurrencies in Australia.

Although regulatory measures have been put in place to prevent criminals from taking advantage of these assets, it should be noted that Australia has been one of the most receptive countries to cryptocurrencies.

What are the most popular cryptocurrencies in Australia?

In case you didn’t know already, Australia is one of the leading countries that have shown significant growth in cryptocurrency users in recent years.

Data provided by Coinmarketcap indicates that Australia has seen an increase of up to 158.07% for cryptocurrency users between the ages of 18 and 24.

With that said, just what are the most popular cryptocurrencies in Australia?

Bitcoin (BTC)

Bitcoin is a consensual payment network and cryptocurrency that works through blockchain technology. The project was created in 2008 by someone under the pseudonym “Satoshi Nakamoto”, who issued the Bitcoin white paper and disappeared into anonymity.

All Bitcoins are digitally produced under a process called “mining”, in which transactions are verified on the blockchain and BTC tokens are mined until reaching the total number of units (21 million BTC).

Bitcoin was designed to be a deflationary currency, increasing in value over time through a process called halving. Every 4 years, the reward that BTC miners receive decreases by half, which causes fewer tokens to be mined each time this event occurs. As there is less availability of tokens on the network, their demand increases and so does their price.

This factor has caught the eye of many investors, who realized how Bitcoin could fit in the next generation and were amazed by its evolution from $1 to $22,000 AUD.

Bitcoin is currently the most capitalized cryptocurrency with a market cap of $296,832,276,289 USD (at the time of writing) and with a network that processes payments without borders, it has managed to become the most popular cryptocurrency in Australia and in the rest of the world. Although we have seen BTC perform impressive, the truth is that there is still much to see.

Ethereum (ETH)

Ethereum is a decentralized open source platform with its own native token (ETH) that was designed to expand the capabilities of blockchain technology. While Bitcoin only constitutes a network of payments through Blockchain, Ethereum uses this technology to create decentralized applications (in addition to verifying transactions).

In the decentralized Ethereum network, it is made up of nodes that can be defined as volunteers. These nodes are in charge of downloading the Ethereum blockchain and comply with the principles of the consensus. The blockchain data cannot be modified or penetrated, but it can be auditable and confirmed by all the members of the network.

These so-called “consensus rules” are enforced through smart contracts, which work to confirm transactions and automatically perform functions on the network, thus avoiding the need for third parties.

Ethereum has also had an extraordinary performance in its price, especially when it has exceeded AUD $1,400. ETH is arguably the second most popular token after Bitcoin and although it is currently trading for AUD $633, it is a good time to invest considering how much its price can increase.

Bitcoin Cash (BCH)

Due to scalability issues in the network, Bitcoin Cash emerged as the first direct fork of Bitcoin, so the original code of the first Bitcoin blockchain and its transactions were cloned to some extent (up to block number 478,558, to be exact). From there, a new blockchain with different rules was created, and thus a new digital currency apart from BTC called Bitcoin Cash.

The dispute between the BTC developers was divided into two groups:

• In the first group were the supporters of Bitcoin Unlimited led by the entrepreneur Roger Ver. His proposal was to carry out a hard fork in order to eliminate the limit on the size of the blocks, since it would be adjusted according to the needs of the network.
• The second group was led by the developers of Bitcoin Core, the main client of Bitcoin. The solution they presented was Segregated Witness (SegWit), a method through which the signatures of transactions were relocated within the block.

Since its launch, the price of BitcoinCash has firmly followed the trends of Bitcoin in the crypto market and although its price is much lower, it has exceeded $4500 AUD.

At the time of writing, BCH is trading at $350 and is at the start of what could be an uptrend similar to that of 2017, so it has been seen as one of the most popular cryptocurrencies in Australia during the last 5 months.

Ripple (XRP)

Ripple, or XRP, is a centralized cryptocurrency token created by the company Ripple Labs to incentivize financial institutions (such as banks) to use the power of blockchain technology to make a more transparent (and better) transaction system.

XRP is commonly called the cryptocurrency of banks and it really is the best nickname you can give it. The Ripple protocol was created to improve the banking system we already have, almost as if it were about mixing the best of two worlds; The legitimacy of already known financial institutions and the advantages of crypto transactions. Thus, Ripple would serve in international transfers with fiat currency without worrying about commissions.

Unlike Bitcoin, a transaction with XRP does not require several confirmations to be processed and the consensus system with which it works is completely autonomous.

XRP is ideal for making cross-border payments almost instantly. We are talking about a digital asset that some banks and financial institutions seek to adopt as a tool in their processes.

Due to its centralized nature, Ripple managed to generate more trust among institutional investors and is also considered one of the most popular cryptocurrencies in Australia.

At the time of writing, the price of XRP is $0.36716 and although it is not a very volatile currency, it has a good projection for the future.

Most popular cryptocurrencies in Australia

To conclude, we hope this article has proven insightful for those wondering about the most popular cryptocurrencies in Australia. And as we prefaced above, Australia continues to be one of the leading countries adopting cryptocurrency.

The cryptocurrencies listed in this article are just the select few that the majority of the population has chosen to invest in. There are many more that we’ll cover in a future article, so stay tuned!

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