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Cryptocurrency has been around and many have been investing in it. The first question that pops up is why should you be investing. Why have people invested in crypto and why do they continue to invest?
There has been a lot of speculation and a lot of rises and falls of many cryptocurrencies. So why do people still bet their money on crypto instead of making Coca Cola 600 predictions?
Come with us on a journey to discover cryptocurrency and talk about a few that are hot on the current market.
Why Crypto?
Many have speculated that cryptocurrency is fast going to replace our current system of money. This is because there are many advantages to using cryptocurrencies such as their security, instant payments, and the ability to pay for things whenever and wherever.
Cryptocurrency seems versatile however what is cryptocurrency? Cryptocurrency is a digital currency that can be used as a form of exchange. It operates through a computer network and is decentralized. This means that the banks and government have little to no control over the currency.
However, some countries and governments see cryptocurrency as an asset and may want it to be taxed. This means that there may be people who are and will pay tax on their cryptocurrency.
There are different cryptocurrencies out there and if you’re looking to invest you need to ensure that you do your research. This is to ensure that the cryptocurrency you are investing in is legitimate.
There are many reasons why cryptocurrency is loved and one of them is that their information is safe. There has been a lot of debate on whether or not cryptocurrency allows the user to remain anonymous because there is no paper trail however recent discoveries have found this information false. Cryptocurrency can be linked to a user.
What Crypto is Available on the Market?
There are a lot of cryptocurrencies available on the market however there are a few that stand out. In this section, we take a look at a few cryptocurrencies on the market.
Bitcoin
Bitcoin is one of the most popular forms of cryptocurrency and has a market cap of $775 billion. Bitcoin uses the peer-to-peer model and was created in 2009. This form of cryptocurrency is the most trusted as it has been around for a long time.
Ether
Ether which is also called Ethereum has also taken the crypto world by storm. Unlike many of the cryptocurrencies out there ether received an upgrade and went from using the peer-to-peer method to using the proof-of-stake method. The facelift given to Ethereum was then called Ethereum 2.0.
The only disadvantage to Ethereum is that not a lot of places accept it as a form of payment such as online casinos.
Solana
Solana is a native of SOL and is a public blockchain platform that has contract functionality. It is directly in competition with Ether as it offers lower costs and quicker transaction times.
Solana is a more recent cryptocurrency that was launched in 2017 and has since grown.
Terra
Terra, also known as LUNA, is also a public blockchain technology. Blockchain technology uses a set of algorithmic decentralized stable coins. These are used to power the system and also make it Defi accessible to us as the general public.
Terra is a fairly new form of cryptocurrency and was created and launched in 2019.
Binance Coin
Binance coin has become very popular in the cryptocurrency world and was created and launched in July 2017. Unfortunately, Binance has a strict maximum of 200 million Binance tokens.
Binance currently has the largest exchange in the world when it comes to its daily trading volume.
What to Know Before Investing?
Before you invest your money in cryptocurrency you must understand that the market is very volatile and can change at any point. It’s important to look at rates and try to understand that not all cryptocurrency is good cryptocurrency.
Always do proper research and try to find information from those who are already within the market.
