Cryptocurrency is the newest trend in the money market that
contains the elements of computer science and mathematical theory. Its primary
function is to secure communication as it converts legible information into an
unbreakable code. You can track your purchases and transfers with
cryptocurrency. Following are the top ten tips for investors to invest in
cryptocurrency.
It's Just Like Investing in
Commodities:
Investing in cryptocurrency is just like investing in any
other commodit
y. It has two faces - it can be used as an asset or as an
investment, which you can sell and exchange.
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Only an Absolute
Minority Uses Cryptocurrency:
Today, Bitcoin is the most common cryptocurrency in the
world of investment. In the United States, only 24% of the adults know about
it, and surprisingly only 2% Americans use it. It is good news for the
financial investors as the low usage represents a fruitful investment for the
future.
Usage is Growing:
The combined market cap of the cryptocurrencies is more than
60 billion American dollars. It includes all cryptocurrencies in existence including
hundreds of smaller and unknown ones. The real-time usage of the
cryptocurrencies has gone up, showing a rise in trend.
Usage is the Key Criteria:
As an investor, the usage must be the key for you. The
demand and supply data of cryptocurrencies exhibits a decent investment
opportunity right now. There exists a strong usage of the currencies for
facilitating payments between financial institutions and thus, pushing
transaction costs down meaningfully.
The Market Cycle:
Currently, the cryptocurrency
market is in euphoria. It is the point where the investment may not appear as a
golden opportunity to you but the values will go higher from here. Businesses,
governments, and society across the globe will soon be considering
cryptocurrencies.
It will Solve Problems for You:
Money is to solve problems, and so is the cryptocurrency.
The bigger problem it solves, the higher potential value it gets. The sweet
spot for possessing cryptocurrency is that it provides access to money and
basic bank functions including paying and wiring.
Future Growth
For all intents-and-purposes, "Bitcoin" is a spent
force.
The epic rally of December 2017 indicated mass adoption, and
whilst its price will likely continue to grow into the $20,000+ range, buying
one of the coins today will basically be a huge gamble that this will occur.
The smart money is already looking at the majority of
"alt" coins (Ethereum/Ripple etc) which have a relatively small
price, but are continually growing in price and adoption. The key thing to look
at in the modern "crypto" space
is the way in which the various "platform" systems are actually being
used.
Such is the fast-paced "technology" space;
Ethereum & Ripple are looking like the next "Bitcoin" - with a
focus on the way in which they're able to provide users with the ability to
actually utilize "decentralized applications" (DApps) on top of their
underlying networks to get functionality to work.
This means that if you're looking at the next level of
"crypto" growth, it's almost certainly going to come from the various
platforms you're able to identify out there.
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Crypto to Money:
Today, cryptocurrencies can be exchanged to conventional
paper money. Therefore, the lock-in risk that existed a while ago is gone now.
Create Your Portfolio:
Since cryptocurrencies are exchangeable, they have become
another way to build your portfolio. You can now store cash in the form of
crypto and exchange it for cash anytime you need the traditional money.
Read the Right Resources:
'Everyone and his uncle' becomes a guru during any hype. Be
very skeptical while selecting reading sources and people who do cryptocurrency
investment.
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What Are Top 5 Cryptocurrencies Other
Than Bitcoin?
Bitcoin has lead the crypto world for so long, and so
dominantly that the terms crypto and Bitcoin are often used interchangeably.
However, the truth is, the digital currency does not only comprise of Bitcoin.
There are numerous other crypto currencies that are part of the crypto world.
The purpose of this post is to educate our readers on cryptocurrencies other
than Bitcoin to provide them with a wide range of options to choose from - if
they intend on making crypto-investments.
So let's get started
with the first name on our list, that is:
Litecoin:
Litecoin Launched in
2011, Litecoin is often referred to as 'silver to Bitcoin's gold.' Charlie Lee
- MIT graduate and former engineer at Google - is the founder of Litecoin.
Similar to Bitcoin, Litecoin is a decentralized, open source
payment network which functions without a central authority.
Litecoin is similar to Bitcoin in many ways and often leads
people to think: "Why not go with Bitcoin? Both are similar!". Here's
a catch: the block generation of Litecoin is much faster than that of Bitcoin!
and this is the main reason why merchants around the world are becoming more
open to accepting Litecoin.
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Ethereum:
Another open source, decentralized software platform. The
currency was launched in 2015 and enables Smart Contracts and Distributed
Applications to be built and run without any downtime.
The applications on Ethereum
platform require a specific cryptographic token - Ether. According to the core
developers of Ethereum, the token can be used to trade, secure, and
decentralize just about anything.
Ethereum experienced an attack in 2016 which saw the
currency split into two parts: Ethereum and Ethereum Classic.
In the race of leading cryptocurrencies, Ethereum is second
most popular and is right behind Bitcoin.
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Zcash:
Zcash came out in the
later part of 2016. The currency defines itself as: "if Bitcoin is like http
for money, Zcash is https".
Zcash promises to provide transparency, security, and
privacy of transactions. The currency also offers the option of 'shielded'
transaction so the users can transfer data in the form of encrypted code.
Dash:
Dash is originally a
secretive version of Bitcoin. It is also known as 'Darkcoin' due to its
secretive nature.
Dash is popular for offering an expanded anonymity which
allows its users to make transactions impossible to trace.
The currency first appeared on the canvas of digital market
in the year 2014. Since then, it has experienced a large fan following over a
very short span of time.
Ripple:
Ripple With a market
capitalization of over $1bn, Ripple is the last name on our list. The currency
was launched in 2012 and offers instant, secure, and low-cost payments.
The consensus ledger of Ripple doesn't require mining, a
feature which makes it different from Bitcoin and other mainstream crypto
currencies.
The lack of mining reduces the computing power which
ultimately minimizes the latency and makes transactions faster.
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