Do you want to build your income through investments? Cryptocurrencies are the new oil and gold of the digital era with vast profitable investment opportunities. With over five hundred cryptocurrencies currently on the market, going into crypto investments can be overwhelming for a beginner. Below are the best cryptocurrencies experts selected, to buy for investment in 2021.
Cryptocurrencies are simply virtual or digital money in form of tokens and coins. They are intangible and can be used for transactions, investments and in the case of bitcoin, tax payment.
Bitcoin was released in 2009 by the anonymous Satoshi Nikomoto. It is the first cryptocurrency and is known as the gold of cryptocurrency. Bitcoin has had a lot of fluctuation in its price and market value; hence, it is not suitable for currency. That aside, bitcoin is a great investment opportunity. As of March 2020, as a result of the pandemic, its price dropped to $4000. It recovered and by November 2020 was at $16,000. This year, its price has grown to around $31,000. CitiBank's analysts predict that Bitcoin could hit $300,000 by the end of 2022.
Ethereum was released in 2015. It is the second most popular cryptocurrency after bitcoin. It uses smart contracts that allows for the building of decentralized applications (also known as Dapps) that run without any downsides, fraud, control or interference from a third party. One of the key features of Ethereum is that it is programmable, meaning that developers can use it as a market place for financial services, applications, etc. that are built on its platform. Ethereum was initially developed to complement Bitcoin with the same blockchain network, but it has grown to become bitcoin's competition. According to The Motley Fool, ethereum has arguably the best known blockchain network. An ether was sold for around $579 () as of November last year it's price is currently at $1,326 (28th January, 2021).
Litecoin was developed by Charlie Lee and launched in October, 2011. It was one of the first cryptocurrencies to copy bitcoin's structure. Litecoin is often refered to as the silver to bitcoin's gold. Although it is nearly identical to Bitcoin, Litecoin is has a shorter block generation time of 2 minutes against Bitcoin's 10 minutes which allows it to confirm transactions faster. Litecoin is a peer-to- peer cryptocurrency just like Bitcoin, it is an open-source decentralized payment network which means it is not controlled by a central authority. Litecoin has a supply limit of 84 million LTC coins which are estimated to finish in 2144 it has currently mined 77%. Lite coin sells at $130 and is estimated to reach $1260 at 2025.
Bitcoin Cash is a spin-off of Bit coin. It was designed to help Bitcoin resolve it's scalability problem and improve it's speed. It was created in 2017 with a bigger size limit of 32mb allowing more transactions to be processed and improving scalability. It's value is currently at $393 and predicted to rise to about $1100 per coin.
Phew, this has been a long ride. Investing in Cryptocurrency is a very attractive venture considering the rise of Cryptocurrencies relative to their initial start up price. But there is also the problem of their volatility; their value can fall at anytime. Also although Cryptocurrencies are being worked on, they are are vulnerable to hackers and there are no clear laws regarding cybercrimes involving cryptocurrencies. Also keep in mind that there aren't refunds for lost cryptocurrencies as a majority of the run on a decentralized network.
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