When someone brings up cryptocurrency, very few words come to mind to seasoned investors before Bitcoin. That’s for good reason, as it has a market cap of over $68 billion.
Those new to the game are also best off investing in the cryptocurrencies that have been around the longest. Bitcoin is a safe bet in this case, as it celebrated its 10th birthday in January of 2019.
Users get to enjoy a variety of benefits with Bitcoin, including making payments without having to give up important banking information. The seller doesn’t need to know your debit or credit card details, which adds to your peace of mind.
You’ll also get to enjoy lower transaction fees than you would if you were buying items with your credit card. If you own a small business and are looking to avoid high costs, then this is an opportunity you should take advantage of.
Transaction fees for overseas purchases are also very low with Bitcoin. This makes it easy to buy items and do business with people from different parts of the world.
In the latest cryptonews, Bitcoin saw a 19% increase, an indicator of how many people are getting involved in the market. Experts in the cryptocurrency are also predicting that value to go up.
Sometimes, going with the most common choice in investments comes with more predictability, which can make holding money in something less fun at times. However, with something as new as cryptocurrency, it’s understandable for new players to go with safer routes.
If you want the best of both worlds, then we recommend Ethereum, a cryptocurrency that holds second place on the crypto market. The market cap for this option is currently over $14 billion.
Ethereum makes our top 4 list because of the industries that are giving it a shot. There are over 200 different organizations that are currently using this currency, coming from fields ranging from health to politics.
Those involved in Ethereum get to use “smart contracts” to buy or sell just about anything they want. This gives you more freedom and extra technology to have an easy time exchanging money.
Security is also a major perk of Ethereum, as the blockchain technology makes it hard for the search engines you use to store data. Large organizations should be motivated to keep customer information safe if they want to avoid a more complicated experience with it.
A lack of a central server also adds to security. This takes away targets for potential hackers.
While some cryptocurrencies work for both individuals and organizations, certain industries can benefit from particular options on the market. One example is Ripple, which is a reliable investment for banking and financial institutions.
This may sound contradictory to how cryptocurrencies operate, as they are often seen as a new alternative to banks as far as storing money. However, Ripple combines the best of both worlds by using blockchain technology to help traditional institutions keep their money safe.
UBS, Bank of America, and Santander are among the big names in the banking industry that use this top cryptocurrency. If you run a small bank and rely on popular trends for success, then you should jump on the train right away.
The coins (XRP) for Ripple also tend to be cheaper than those for Bitcoin and other big crypto names because a greater number of them have been issued. While this may affect their overall value, it helps organizations save money on investments.
Risks are a major part of investing, but it doesn’t hurt to play it safe once in a while. Because of the lower costs with XRP, you can enjoy the luxury of not losing too much if things go south.
Entrepreneurs are also likely to benefit from holding Ripple. With Co-Founder Chris Larsen’s recent donation of $25 million in XRP to San Francisco State University’s College of Business, organizations that help self-starters are sure to benefit from trying this option out.
Convenience is another major factor that investors consider when putting their money into digital currencies. Exchanging money online saves time and effort that is often required for purchases in the physical world.
Litecoin makes our list of cryptocurrencies to hold because of its emphasis on this factor. This cryptocurrency makes sure that your transactions are quick so that you can get on with your day.
Despite using similar blockchain technology as Bitcoin, Litecoin’s system allows it to operate at a quicker rate. While Bitcoin takes 10 minutes to confirm a transaction, Litecoin can do the same in 2.5 minutes.
This comes into play for those with their eyes set on long-term investments. If your company is looking to make money quick, it helps to have a currency that lets you provide and accept money at a fast rate so that you can focus on other parts of your business.
Having a reliable number of coins is another benefit of Litecoin. This comes in handy with certain trends in the market, such as using coins for different purposes.
Using a scrypt-hashing algorithm also allows Litecoin’s coins to get through the mining process. As a result, you can get or send money quickly.