Top Cryptocurrencies in New Zealand 2024

Top Cryptocurrencies to Know
Top Cryptocurrencies to Know

Considering that the first cryptocurrency only existed about a decade ago, it is amazing to consider how many different types of digital coins are now in the market.

It seems like each new day brings another swath of companies and initiatives, each boasting a new coin that they hope will revolutionize the playing field. As a cryptocurrency investor, it can certainly be difficult to keep track of it all.

Many of these coins will not last very long after their inception. Some will fall because the people who created them didn’t have a solid concept.

Others will crumble because of the rugged market competition, while others will still fall by the wayside because those in charge were only trying to get rich quickly from their new coins.

The world of cryptocurrency is extremely malleable, and at any given time, a new coin can rise to near the top of the charts. But for the most part, the coins we are about to detail have long been near the peak of the market in terms of both market capitalization and brand awareness.

If you are new to cryptocurrencies and looking for ways to get acclimated, you should start with these coins.

The Two Generations of Cryptocurrencies

The Two Generations of Cryptocurrencies
The Two Generations of Cryptocurrencies

Many coins are now being touted as the so-called “third-generation” of cryptocurrency, a boast that still hasn’t been quite backed up to any widespread degree. It is important to note what characterizes the first two generations, as most of the major players in cryptocurrency fall into one of those two categories.

When you hear someone refer to the first generation of cryptocurrency coins, they are generally talking about coins intended to substitute for traditional currencies.

That was the impetus behind the first-ever cryptocurrency, Bitcoin. Many of the most popular coins in the market are attempting to follow in Bitcoin’s footsteps while adding their own special touches.

The second generation of cryptocurrency coins uses the same technology as Bitcoin and its imitators but finds different uses for it. Cryptocurrencies like Bitcoin bypass third parties like banks and credit card companies that are often used by people making simple financial transactions.

By contrast, the second generation intends to replace the middlemen who get involved in any aspect of society, broadening the scope of what cryptocurrency can do.

First-Generation Coins

First-Generation Coins
First-Generation Coins

When cryptocurrency was introduced, its focus was very limited. It was intended to be a monetary system for the people, bypassing the banks, credit card companies, and other financial entities that usually dominate the system. Everything started with Bitcoin.

1. Bitcoin What is Bitcoin and How to Bet Online with Bitcoin

Bitcoin
Bitcoin

It is a coin that started the entire cryptocurrency movement. Introduced in 2009, it was an open-source program, meaning that any developer could copy it and use it for their projects. Its main purpose was to allow people to conduct monetary transactions with each other without needing to employ a financial institution as a middleman.

The blockchain technology at the heart of so many cryptocurrencies allowed Bitcoin to exist.

The blockchain permits the people involved in the transaction to trust that everything is done on the up and up. But instead of involving some bank or other institution, it is done by a network of computers.

Every time a transaction is made with Bitcoin, the network’s computers compete to solve a mathematical problem that will verify that transaction. The winning “miner” is rewarded with a stash of Bitcoin, which is how the supply of the coins increases. This process assures those involved in the transaction that it will be carried out securely and transparently, as all evidence of the activity is preserved on the blockchain.

Bitcoin became popular when people began to understand the advantages of making such an easy transaction without having to deal with third parties.

It also grew as an investment when savvy individuals saw the potential for the coins and began to buy them up, intent on holding on to them, waiting for a day when they would become much more valuable.

Even as many competitors have lined up against it, Bitcoin remains the dominant force in the cryptocurrency market. Many novices actually think it is the only cryptocurrency, and although its market share ebbs and flows, it is often nearly 50% of all cryptocurrencies. As a result, many other coins have targeted Bitcoin with their initiatives.

2. Bitcoin Cash

Bitcoin Cash
Bitcoin Cash

As you might be able to tell from the name, Bitcoin Cash is a coin spun off the original Bitcoin. In the Bitcoin community, there was controversy about how the mining process should be conducted and the size of the blocks of information that would be added with each new mining effort.

The Bitcoin Cash group wanted a change and hence took the open-source Bitcoin specs and created their coin.

Bitcoin Cash benefits somewhat from having a diverse connection to the original brand. Many swear by its ability to validate transactions faster than Bitcoin proper. However, there is a long way to go before Bitcoin’s heights can be reached in terms of the value of each coin.

3. Litecoin

Litecoin
Litecoin

Litecoin is one of the most solid alternatives to Bitcoin as a payment method for goods and services or receiving payment for them.

This altcoin (alternative coins are considered to be any form of cryptocurrency besides Bitcoin) attempts to solve the problems of Bitcoin scalability. 

Scalability is a term used to represent how many transactions a cryptocurrency can complete in a given amount of time.

If cryptocurrency’s scalability factor doesn’t improve, it is hard to imagine it being a universal currency like its proponents hope it will be. 

Litecoin, a steady force in the top ten cryptocurrency market share charts, is an initiative to improve scalability.

4. Dash

Dash
Dash

Dash has much lower fees than Bitcoin. It can sometimes cost a few dollars to pay for something, which could be more than the item itself. A Dash transaction will cost the buyer just a couple of cents.

The proponents of Dash also like the way that the currency is being integrated into society more smoothly than other altcoins. For example, many gambling sites are receptive to Dash payments.

5. Tether

This is an interesting Bitcoin branch that tackles the problem of price volatility. Bitcoin and other cryptocurrencies are subject to the whims of supply and demand, which means that the value of the coins can rise and fall at any time.

Many think that makes cryptocurrencies far too unstable to act as the dominant currency for everyday people.

Tether attempts to answer that issue. In terms of usage, the coins act much the same as Bitcoin in how they allow payments from peer to peer.

The difference is that the value of the coins is manipulated so that each is “tethered” to the much more stable United States dollar.

That is why Tether is the leader in a sub-category of cryptocurrency known as “stablecoins.”

Second-Generation Coins

These coins look to be more than just payment systems or investment vehicles, although they can be those things.

Hopefully, as more people become aware of cryptocurrency, the demand for new ways to use cryptocurrency will spur the market and lead many of these plans to come to fruition

1. Ethereum

Ethereum
Ethereum

If there is one other cryptocurrency coin that has entered the public consciousness on a widespread level besides Bitcoin, it is Ethereum, with its native coin, Ether. Like Bitcoin, Ethereum was, in many ways, the first of its kind, spawning many imitators in its wake who are trying to improve upon what Ethereum initiated.

The main innovation that Ethereum spawned was the concept of the smart contract. That is a contract automatically set into motion by blockchain miners once the terms are met.

Those involved can make the terms as distinctive or as simple as they want, knowing that the blockchain will be the officiator without imposing the pricey fees that a lawyer would.

In addition, Ethereum also helped to initiate the concept of decentralized applications, or dApps. You might see these apps on a cell phone, created by ambitious programmers.

By using it, however, these programmers and creators can retain control of their work instead of piggybacking on an internet service provider or a cellular provider to bring it to users.

See also Ethereum Gambling – Playing Online Casinos with Ethereum.

2. Money Transfer Coins

Money Transfer Coins
Money Transfer Coins

Perhaps the most competitive niche in the world of cryptocurrency is the one that tries to serve those who want to do business in multiple countries.

This process is burdensome and costly for those trying to make this happen traditionally. A couple of cryptocurrencies that are on the rise are attempting to be the method by which international money transfer gets much easier.

3. EOS

EOS
EOS

EOS is attempting to be a smarter and faster version of Ethereum. The concern is that many different entities, all trying to use the blockchain at once, could be problematic, causing logjams and slower service.

That is especially true when you consider elements as relatively complex as smart contracts, which are handled by the Ethereum blockchain.

Regarding Apps, EOS is also trying to become a smoother version for developers. This cryptocurrency deals with the same issues plaguing those trying to up-end Bitcoin. However, Ethereum is already ingrained as the most popular name in the sector.

4. Ripple

Ripple
Ripple

Powered by its XRP coins, it is a company tackling the issue of transferring money between countries. Right now, that usually requires the transferring bank to have an account with some foreign currency in the country to which the money will go.

That requires fees to be paid by the businesses or individuals doing the transferring, and the whole process takes a while.

Thanks to some promising patents and test results from using those patents, Ripple seems to be on the right track to making these transfers relatively hassle-free.

Still, Ripple causes some controversy in the world of cryptocurrency. This is because they are in charge of most of their XRP coins, calling into question whether theirs is a decentralized network.

5. Stellar

Stellar
Stellar

With its proprietary coin Lumen, this cryptocurrency offering is also honed in on solving the problems of transferring money across country lines with relative ease.

They claim their technology. Perhaps the biggest difference between Stellar and Ripple, besides the nature of the coins’ ownership, is their clientele.

Ripple seems focused on grabbing established companies and cultivating relationships with them. By contrast, Stellar, for the most part, has been trying to corner less-developed markets.

Synopsis

As of right now, the cryptocurrency offerings mentioned here seem to be a cut above the rest in terms of stability and potential.

One thing about the cryptocurrency industry you should know, however, is that the landscape can change quickly.

About the author

Mamta Sharma

Mamta Sharma

Mamta Sharma is an influential figure in the realm of online gaming in New Zealand. With over eight years of expertise, she holds a prominent position as a content strategist at PokiesMobile NZ.

Mamta's journey, starting from the bustling streets of Mumbai to the serene landscapes of New Zealand, has given her a unique perspective on the world of online casinos.

Outside the virtual casino environment, Mamta is a also yoga practitioner and an advocate for holistic wellness.