The term ‘cryptocurrency’ is an umbrella word used to describe digital coins. Perhaps the most famous example of a cryptocurrency is Bitcoin, which was founded in 2009.
Those who are thinking of investing in cryptocurrency will want to check out the following:
Bitcoin is still by and large the most popular cryptocurrency and enjoys the most attention. It was founded in 2009 by the enigmatic Satoshi Nakamoto and captured the world’s attention since.
Bitcoin uses blockchain technology, or otherwise known as P2P transaction via a decentralized ledger. It’s one of the first to offer near-instant payment transfers anywhere in the world, all without having to pay processing or transaction fees.
Bitcoin will most likely command a large share of the cryptocurrency market, and thus enjoys high liquidity compared to other coins and assets. It’s volatile but demonstrates strong growth time and again.
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Ethereum may be the second most popular cryptocurrency around, and it’s very influential too. The technology allows users to build on the blockchain and open up new possibilities in the form of dApp, or decentralized app.
Ethereum was founded in 2014 and has taken ahold of the DeFi, or decentralized finance platform. If this continues then we can expect Ethereum to be as popular as bitcoin.
Ethereum continues to improve its market cap and is a very viable investment option for beginners and seasoned individuals alike. What’s more, ETH recently had an upgrade, called Ethereum 2.0 which means demand is still rising.
Ripple recently lost to Tether in the total cryptocurrency ranking but it doesn’t mean that it’s a strong investment vehicle.
Ripple, like other crypto coins lost a bit of value when the market crashed last year. But since then it’s enjoyed a slow but steady climb in the trading industry.
Ripple is used in open source development for fast transactions. It has gained the attention and trust of companies such as Moneygram, HSBC, JP Morgan and others. The crypto even partnered up with Moneygram to offer the public a faster way to transfer money all over the globe.
Litecoin is Bitcoin’s cousin in more ways than one. It was developed in 2011 and thought to be ‘digital silver’ where bitcoin is digital gold.
Investors will find litecoin’s easy entry price attractive as compared to bitcoin. It uses the same blockchain technology, which means it’s decentralized and free of any regulatory chains from the government and financial institutions.
Litecoin also boasts better speed and usability when it comes to sending and receiving payments. Furthermore, it has a low processing fee and is seen as a better way to send money around the world.
These are just some of the best cryptocurrencies you can invest in today. Bitcoin stands as the most popular and perhaps the most profitable, but there’s a steep price of entry. You can read up on how to trade cryptocurrency and understand how the market works in order to profit from it.