A newcomer to the cryptocurrency world may feel daunted by the sheer number of cryptocurrencies available, which range from the well-known Bitcoin and Ethereum to lesser-known Dogecoin and Tether. As a starting point, these are the top 5 most valuable coins in circulation, as determined by their market valuation.
What Is Malaysia’s Position on Cryptocurrency?
In Malaysia, several cryptocurrencies are legal. As to the Digital Assets Guideline, announced by the Securities Commission Malaysia on October 28, 2020, they are subject to regulation by the SCM. As of this writing, LUNO, SINEGY, Tokenize, and MX Global have all been permitted to sell cryptocurrencies in Malaysia.
Regulation of crypto exchangers in Malaysia was a significant thing for the community, and I heard that over a dozen exchanges applied but failed to fulfil SC’s strict standards, and the negotiating process itself took years such that only the most tenacious and persistent exchanges survived.
#1. Bitcoin (BTC)
Bitcoin (BTC) was the first cryptocurrency, created in 2009 by an anonymous user using the pseudonym Satoshi Nakamoto. BTC is based on a blockchain, which is a distributed ledger maintained by a network of thousands of computers, as is the case with other cryptocurrencies. Bitcoin has protected against fraudsters thanks to a method known as proof of work, which requires solving a cryptographic problem.
Since it became a household name, Bitcoin’s value has risen tremendously. It was possible to acquire a Bitcoin for $500 in May 2016. Bitcoin’s price was $46,300 on April 1, 2022. That’s a growth rate of more than 9,000%.
#2. Ethereum (ETH)
Due to its many possible uses, Ethereum is a darling among software developers. These include so-called smart contracts, which automatically execute when certain circumstances are satisfied, and non-fungible tokens (NFTs).
Similarly, the value of Ethereum has skyrocketed. Its price increased by nearly 31,000% from roughly $11 in April 2016 to over $3,450 at the start of April 2022.
#3. Tether (USDT)
In contrast to several other cryptocurrencies, Tether is a stablecoin, which means it is backed by fiat currencies like the US dollar and euro, theoretically maintaining a value equivalent to one of those denominations. Since investors are concerned about the severe volatility of other cryptocurrencies, this suggests that Tether’s value should be more stable.
#4. Binance Coin (BNB)
To trade and pay fees on Binance, the world’s biggest cryptocurrency exchange, you may use the Binance Coin, which is a sort of cryptocurrency.
Binance Coin has gone far beyond just conducting transactions on Binance’s exchange platform since its introduction in 2017. For the first time, it may be used to conduct business transactions, process payments, and make trip reservations. Other cryptocurrencies, such as Ethereum and Bitcoin, may be traded or swapped for this one.
In 2017, the cost of a BNB was under ten cents. The price had climbed to $445 by the beginning of April 2022, a gain of around 445,000%.
#5. Terra (LUNA)
There are two kinds of cryptocurrencies that Terra uses to manage the balance between stablecoins. Physical currencies are used to guarantee the value of stablecoins like TerraUSD. In order to produce additional Terra stablecoins, Luna is utilised as a counterbalance to the Terra platform.
According to supply and demand, Luna and Terra stablecoins function together. When the price of a stablecoins increases beyond the value of the currency it is related to, users are encouraged to burn their Luna in order to produce more Terra. Additionally, as the value of Luna declines in relation to Terra stablecoins, users are more likely to burn them in order to get more Luna. Luna’s worth rises as the Terra platform’s popularity increases.
Luna’s price has climbed from $0.64 on Jan. 3, 2021, to $106 by the start of April 2022, a gain of almost 16,400%.
What Can Cryptocurrency Be Used for In Malaysia?
Over the last several years, cryptocurrency has become a popular investment option. In contrast, it was initially intended to be used as a means of trade for goods and services, as you would with conventional currency.
Despite this, it’s unlikely that you’d consider eating a burger with the cryptocurrency you’ve earned. Despite Malaysians’ increased interest in holding cryptocurrency, this is not the case. Cryptocurrency Adoption Index ranks Malaysia eighth out of 27 nations surveyed, with a crypto ownership percentage of 19.9%. Over and beyond the worldwide average of around 15%, this is a significant increase.
VPN Service
BolehVPN is a homegrown virtual private network (VPN) provider that allows customers to establish a secure, encrypted connection between their computer and the internet, offering more freedom and security while online. Customers may pay for BolehVPN’s services in Bitcoin by using Dash or Coinpayments, two different cryptocurrency wallets. Many options are available, from a one-week bundle (RM10) to a 365-day plan (RM100) (RM260).
Pharmacy
Goobat.care, Goobat’s local e-commerce shop, was one of the first in Malaysia to accept Bitcoin as payment. Items include vitamins, hygiene products, health & beauty aids as well as over-the-counter medications; all of which may be bought with Bitcoin. With Maxwell Pharmacy as a possible source of assistance and counselling should consumers have questions, they are also affiliated with the company.
Local Food
Nasi Briyani Johor specialities including Ayam Merah, Daging Hitam, and Kambing Briyani may be found for as little as RM12 per plate at the Mahkota Briyani Restaurant in Kuala Lumpur’s Wangsa Maju neighbourhood. While the restaurant accepts orders through GrabFood and Food Panda for pick-up, guests may use Cheesecoin to pay for their delectable goodies when they visit in person.
Online Casino
In order to cater to a wide spectrum of players, the best online casino Malaysia reviews have developed. However, a large number of gamers choose to play casino games for virtual currency rather than cash. Because of the lack of rules enforced by regular online casinos, online crypto casinos have become more popular in recent years.
Final Thoughts
What else should consumers know about purchasing cryptocurrency from long-term holders? What do you wish you had known when you initially began this project? What is it like for you to be a part of the crypto sphere?
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