The popularity of cryptocurrencies is growing day by day, and so is the number of different cryptocurrencies that can be found in this market. As time goes on, this digital money opens up more and more opportunities for us – we can pay bills in restaurants, schooling, holidays, and even bills in certain companies. It is assumed that their application will continue to grow.
Even those uninformed have heard of bitcoin. It is the most popular cryptocurrency that has survived on the market for a full 12 years. It was created by a group of people under the pseudonym Satoshi Nakamoto and is considered the most popular and most valuable currency. What characterizes this type of money is the fact that it is decentralized, ie there is no central authority.
However, what makes it safe is the fact that it is based on blockchain technology, a technology that does not require the presence of a third party in the transaction and whose records are kept in several books, so it is impossible to abuse.
Although the cryptocurrency market recorded an unprecedented drop in prices in February, and due to the coronavirus pandemic, that affected the entire country, we can say that it has now almost completely recovered and is ready to record further growth in value. When we talk about investments, you can invest cryptocurrencies in stocks, you can trade them or you can mine. Trading is the most common form of turning earnings on these currencies, although a large part also opts for mining. Still, we feel that mining is reserved for a little “more experienced and patient” players because more time needs to be invested before earnings come. You will also increase your chances if you join one of the so-called mining poles.
Recently, there are more and more online platforms, which, thanks to the created applications, users can install on their phones and have access at any time. It is especially useful that your applications save time, because in case you do not want to spend your free time in front of a small screen, the application will, thanks to artificial intelligence, do the job perfectly for you. This means that you will be able to relax while Good Crypto does all the work.
Many people have a prejudice that bitcoin is the only one worth investing in. It indeed has the greatest value, but others should not be underestimated, and these are just some of them.
1. Ethereum (ETH)
This is one of those currencies that is constantly taking steps forward. There are many similarities between this currency and bitcoin, and one of the biggest is that both are based on bitcoin technology. Although it was put into circulation relatively recently (5 years ago), its progress was already visible in the first year, which is not the case with most currencies.
Thus, Ethereum recorded an increase in the value of as much as 5000% in the next two years. The fact is that Ethereum is perfectly safe, but what bothers investors is the possibility of a period of high volatility. However, it is up to investors to learn how to manage risk effectively.
2. Ripple (XRP)
The emergence of this currency has shaken the market quite a bit. Ripple has its currency and is known for its efficient payment method. The payment system is designed similarly to the blockchain, which in addition to cryptocurrencies works with fiat currencies and commodities. Ripple differs from other currencies in that it allows its customers to integrate the protocol into their systems, allowing customers to transfer funds in real-time. Those who plan to mine will have to look for another currency because with this it is not possible.
The reason for this is that the currency has started with a fixed number which, according to the protocol, will not increase, so there is no need for mining. The future of Ripple is very bright because this network, thanks to its speed, is suitable for making payments, and this is exactly the reason for partnering with many global companies.
The next currency to which the bright future smiles is Litecoin. It was created with the same idea as bitcoin, but it has other characteristics and values. Moreover, after the bitcoin, this currency holds the largest share of the market. Litecoin is a peer-to-peer currency and is a very popular choice. According to estimates, in the last three years, the price of this currency has risen much more than the price of bitcoin. Many argue that this cryptocurrency is a powerful political and economic weapon that anyone in the world may use.
4. Bitcoin Cash
A relatively new currency, launched in 2017. The size of the transaction block and its adaptability has always been considered one of the biggest problems of cryptocurrencies, as it is limited to 1MB. Litecoin moved the boundaries and allowed the block size to increase to 8MB. Since its release, bitcoin cash has become the most successful part of the bitcoin company. Although it has not been on the market for long, it is considered worth investing in this currency. According to some statistics, it is in the fourth place of currencies in terms of the total value. In front of it are bitcoin, ethereum, and ripple.
5. Tether (USDT)
It is believed that there are over a thousand different currencies in the world, and this – tether (USDT) has found its place under the sun. The creators of this currency claim to have a cover of $ 1, and it is known that each should have cover, whether in monetary value or gold. This is exactly what provides price stability because no one wants to pay more or sell it for less. How is tether different from other cryptocurrencies? Let’s just say that, in addition to having $ 1 coverage, it holds that value, unlike others for which the value is variable. The best example of this is bitcoin – in the last three years, its value has jumped from $ 1,000 to $ 20,000 and then dropped to $ 7,000.