The altcoins have introduced itself with a lot of options in the market. Now in the large ocean, how are you going to find your bunch of coins which will generate wealth for you? Investors who earn their major incomes from cryptocurrencies have invested mainly in bitcoins. Once bitcoins achieved success and popularity, there were entries of other alternative cryptocurrencies.
There are different ways to trade a cryptocurrency with the help of numerous algorithms. Always look for 5 factors before purchasing any cryptocurrency.
Retail validity: Know where your cryptocurrency is purchased as well as accepted. Know if you can exchange it too
Consensus Method: Verification methods are supposed to be double checked all the time
Trading volume: Daily trading volumes are very important.
Financial freedom is what the whole world is craving for. The achievement for this golden trophy is proper planning and investments. You might decide to stick with one stream or go forward with having multiple stream incomes. To choose the right option you need to analyze the economic challenges and choose the right thing.
- Cryptocurrencies or altcoins are digital money. it is in form of coins or tokens and is stored in digital wallets.
- The world of cryptocurrencies has expanded to such an extent that it has taken over the world of finance. After bitcoins, people are flooding to invest or create something with cryptocurrencies.
- Bitcoins is still the leader of this pack.
- Ethereums and altcoins like these are used for other enterprise solutions as well.
The market consists of more than four thousand altcoins and if you want to invest in something other than bitcoin then studying each an every cryptocurrency is going to take you your whole life. Hence this article will clear out some of the best cryptocurrencies found out by reading major expert analysis and research.
Bitcoin standing at the top of the chain, Ethereum backs the second spot. It is a widely known cryptocurrency. The recent FUD issues around this currency did not make the currency take a dip. There is no reason for you have doubt while investing in this currency. The platform is void of any centralized power or control. There is absolutely no chance of attack on the cryptocurrency or its users. Censorship, fraud or third party issues do not exist with ETH.
Vitalik Buterin had placed the path of Ethereums in the market. A bunch of developers were also behind the development of this currency. He was of the view that blockchains could be used for more than just making a payment. He leveraged the technology and taught the world that, applications can be created THROUGH blockchains. After the DAO issue, ethereum has broken down into 2 parts which are Ethereum and Ethereum classic.
Ethereum has graced the blockchain ecosystem by its presence. Smart contacts like ETH Futures has attracted a major crowd of app developers and interested a flock of investors globally. Its tender policies make sure that this is going to hit the charts high up.
- RIPPLE (XRP)
Ripple is also one of the best choices your finance dairies could witness. Ripple networks have instant offers and low-cost international payments. Ripple is one of the few cryptocurrencies that permits banks to settle cross border payments in real-time. This step was taken to encourage transparency.
Ripple holds a very unique consensus ledger. The Tokes owned by this cryptocurrency were pre-mined which indicates that there was no creation of Ripple coins but rather a dazzling and dynamic introduction directly into the markets. Ripple has built its popularity and has set itself a considerable position away from bitcoins and other altcoins.
So far, Ripple has only witnessed success in its journey. It has made itself the most enticing digital currency the market could offer. When it comes to ranking, it is the third-largest cryptocurrency in the overall market cap. It had a market cap of I.2 million dollars.
However Ripple holds a very unrefined settlement scheme in its payment networks. There are two payment modes which are Ripple transaction protocol and Ripple protocol.
- MONERO (XMR)
Monero is one of the untraceable altcoin. It is a focused cryptocurrency. It is private and highly secure. The cryptocurrency was launched in April 2014 and spiked great interest among the markets. Monera has developed its reputation and fame in the markets due to its security assurances. Monera had a market cap of $994 million. Ripple follows a ring signature technology for security.
There are more than thousand altcoins in the cryptocurrency markets. All of them are looking to expand the boundaries of the markets and take it to another level. Altcoins are one of the most influential currencies which are used to achieve this goal.
The crypto currency market is down and that is not surprising news for everyone. But the market has been down for a pretty long time. Therefore, it is expected that people would feel that there is no actual real value in this, which, is not actually true. Crypto currency is not backed by anything. However, this is not the real reason why the market is crashing. The sector faces significant growing pains and considerable public opinion crisis and fraud issues. But there must be certain main reasons why the crypto currency is down for such a long time. Here is a list of five main reasons why the crypto currency is down.
1) Public’s opinion that the crypto currency is a short term investments
Let’s face it. It is not a straightforward way to make money in this sector. Now, this can raise some concern about how genuine this whole thing is. But as for investments, people want to invest in sector that are more straightforward and feels genuine and safe. Because of Institutional investing in crypto currency, most investors are millennial who view crypto as a short term investment. This is the reason why unlike other assert classes, people typically don’t include crypto currency in their potential retirement plan. When people want quick returns, they get in and out of the market, thus making it volatile.
2) Widespread market manipulation
The “pump and dump” scheme by the major part of the investors is one of the major reasons for the market crash. This means inflating a crypto currency’s value only to sell it off at its peak. This does makes quick profit for the investor, but does affect the market. It is easier to accomplice especially with smaller market cap crypto currencies. Exchanged have different levels of liquidity which in turn impacts how they price their crypto. Crypto currency is decentralized which means it is not a centralized entity like a bank or one which the government can control. Only supply and demand determines its price and it differs widely. However, this manipulation is not limited to small cap companies.
3) Making money Is less straight forward
Crypto currency adopters used to either capitalize on ICOs (Initial Coin Offerings). This was done by getting in early and getting out, mining and holding crypto currency for long periods of time or by day trading. However, these days, none of these methods can guarantee you a fortune. Because of more competition and difficulties in the Bitcoin mining, hash rate required to mine isn’t always worth the high electricity bill. Day trading is much more difficult in a bear market which is as unpredictable as the crypto currency market.
4) Raising cost of mining
Bitcoin is dependent on a system of miners. This verifies transactions and records them on a digital ledger which is called the block chain. The miners are rewarded in Bitcoin as a reward for their time and energy involved. However, the price of mining keeps increasing with the increasing work. With the heavy price and high electricity bill, mining operations re shutting down as bitcoin’s declining value has made mining less profitable.
5) Security concerns
With hacks, exit scams and Ponzi schemes, bitcoins have gained a negative press image. Some even go to the extremes of calling ICOs frauds. This is the reason why investors have a meek trust in the crypto currency. Stealing funds from exchanges is rather easier. Exchanges cannot be trusted across the board.
Crypto currency just needs a round of innovations for the investors to trust it more. …