By now everyone should have heard about cryptocurrency. Many people are still on the fence about it while others are getting out there and exploring the market. Whichever one of those categories you fall into you should start learning about it as it is becoming a major player in the financial market.
The most popular cryptocurrency out there is bitcoin. It is where most people start the journey and their understanding of what crypto is and how it works. While Bitcoin is still at the top of the crypto food chain, there are some other currencies you should definitely look into.
Cryptocurrencies You Can Invest In
A cryptocurrency is, basically, a form of currency that is either a token or coin that is distributed and exists on a decentralized system. The team at Tradewise noted that the world of crypto has grown and expanded exponentially over the last 10 years or so.
It is definitely something you’ll want to do more research into. It helps you to avoid making some big mistakes in the trading and cryptocurrency markets. Outside of Bitcoin, here are a few other popular cryptocurrencies that you can invest in.
1. Ethereum
The main goal behind Ethereum is to provide decentralized financial products that are accessible to anyone in the world regardless of location, race, religion, and background. This is one of the more appealing aspects of Ethereum as it gives those without access the ability to have a financial product that allows them to be able to get bank accounts, loans, insurance, and other financial products that are generally off-limits to them.
There are countries that simply don’t have the state infrastructure to support the needs of all of their citizens and so it is a great alternative to traditional finance.
2. Litecoin
Litecoin came about shortly after Bitcoin and is termed “the silver to Bitcoins gold”. It is like Bitcoin in many ways but offers a faster transaction confirmation time due to its fast blockchain generation rate.
A large number of merchants are now accepting Litecoin which is great for person-to-person transactions. Litecoin was created by Charlie Lee in 2011, and it has since grown to a market value of $10.1 million. It is the 6th largest cryptocurrency in the world with a coin value of $153.88
3. Stellar
Stellar is designed to support large transactions between financial institutions. These types of transactions generally take several days to process, go through several intermediaries, and cost a lot of money to complete. Stellar makes it where these transactions happen almost instantaneously and cost almost nothing to do. This makes it a much more profitable and time-effective solution.
There is so much to learn about the world of cryptocurrency and how to invest in it. It is where leading financial institutions are incorporating its use, and it is being used on a person-to-person scale for everyday transactions.
Bitcoin may still be the route you go or you may find something more appealing to you from this list. Remember to do your research before you invest and base your decisions on your own knowledge and education that you’ve garnered during your research.
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