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Wednesday, July 15, 2020

Top 3 Cryptocurrencies to Invest in Today

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Cryptocurrencies are a thing now. You are either in or out. Ever since Bitcoin made its mark on the world in 2008, there have been many entries in the cryptocurrency sector, hoping to make it big.

These work where traditional currencies fall short due to over-regulations, limited supplies, manipulation and interference from the governments and financial institutions.

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Anonymity is the key here, because the transactions made via cryptocurrency cannot be traced back to the instigator of the payment. Your identity, address, contact details and pretty much anything which can be used to identify you will be safe from prying eyes.

And this advantage has increasingly made people jump from the traditional financial sector on to the cryptocurrency bandwagon. So much so, that cryptocurrencies have become a commodity now just like gold. Think about that! There are stock exchanges now, which deal with cryptocurrency as a commodity.

And there are so many cryptocurrencies out there, that it makes it very easy to get confused about where to invest your dollar. So the big question is, how do you decide which cryptocurrency is the best for investing? Fortunately, it’s not that hard.

If you are skeptical about the whole thing, you can start with a minimum investment in the top two cryptocurrencies, see what the results are, and take it from there. Here are the top three cryptocurrencies to invest in, as of 2018.

Bitcoin

Bitcoin

It’s obvious, really. Bitcoin, which started it all in 2008 is still holding strong even in the face of severe competition from clones and altcoins. It is the de-facto cryptocurrency to go to and is still wildly popular.

Its network is robust and the original algorithm is stable, with any modifications added on top, rather than making changes in the core. This has made it incredibly reliable in the past few years. This popularity is bound to increase in the coming years.

It has been volatile for a while now on account on some incidents of stolen data, stolen coins and hacks. But even then it has been fairly stable at the $8000 mark on an average. The market cap for Bitcoin is $ 140 Billion, which is impressive considering its nascent stage relative to the older, traditional financial sector.

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With an approximate 17 million Bitcoins or BTC in circulation, you can’t go wrong in considering Bitcoin as a very strong candidate in the global stock market in virtual currencies. At 204k transactions happening daily, it is way ahead of its competition.

Bitcoin has some obvious advantages being the first in this sector. It has become somewhat of a brand and people believe in it. The term is immensely popular and a majority of the online populace is aware of its presence.

It has made it to the news a lot of times now, and that adds to its popularity. Suffice to say, Bitcoin is worthy of your attention and if this is the first time you are investing in cryptocurrency, then stick with Bitcoin.

Ethereum

Ethereum

This is one of the newest cryptocurrencies to hit the market in 2015. It is based on the same technology as Bitcoin, which is why it falls short of achieving the topmost position in terms of value in stock. But nonetheless, it is the next popular cryptocurrency to consider investing in.

The primary difference between the two is in the way they operate and the goals behind each. Ethereum consists of ‘Ethers’ as its currency unit. It actually does not have a market cap, unlike Bitcoin. There are more units of currency available for purchase and more can be generated as the need arises. Ethereum has also established a goal of achieving a mean transaction time of 12 seconds as opposed to Bitcoin’s 10 minutes.

But unlike Bitcoin, with Ethereum you have the ability to create your own cryptocurrencies and operate them on Ethereum as a platform. Besides that, you can create your own contracts for crowdsourcing and startups or new projects.

So Ethereum has essentially evolved into a platform. The team has made it possible to run any applications in the cloud without any manipulation from outside sources. Even then, the ‘Ethers’ are still predominantly used as tokens and considered to have monetary value just like Bitcoins, in exchange for real money, or hard cash.

As with any second fiddle, Ethereum continues to have lower effective value than Bitcoin. But it is still a worthy competitor to consider investing in, considering the long-term advantages as a platform.

Ripple

Ripple

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Even a year back, nobody would have really recommended this. Yet, what a turnaround did we have. Ripple is today the third largest in the market by ratio and is among the most promising ones you would see. From less than $0.2 it went to as much as $3.5 in just a couple of months. And while it sits pretty at around $1 now, we are sure it won’t be for long.

It’s also one of the most tested cryptocurrencies, in the sense that it’s among those few which is not actually anonymous. In fact, Ripple Inc. owner more than 80% of its shares and the company has been partnering with significant banks around the world, which are in turn using the technology Ripple as a cryptocurrency has to offer.

The last year saw it pull through some major partnerships including with Money gram that has got people talking. All of it makes it a worthwhile bet as your decision is based on sound business principles.

Alternatives

There are other new cryptocurrencies like Dash, Gopem, Litecoin and others. Their mode of operation is the same, but the implementation is different, with some of them offering increased anonymity and faster transactions.

But some of these are relatively new and some are not popular enough. Both factors make them very risky for investment.

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