Cryptocurrencies have been hot topics over the past few years. Bitcoin was first introduced back in 2009, Ethereum followed in 2015 and Litecoin came out in 2011.
Since then, many more coins have been released. Because they are decentralized and operate outside any government control, many people want these assets due to their potential for long-term gains. However, just because they are not regulated does not mean investments in them are not risky. If you want some suggestions, here are my top 5 picks for cryptocurrency investment.
1 – RippleXRP (Ripple)
I am listing this at number 1 instead of using the number 2 spot due to the fact that it is the only coin that actually makes sense for day trading right now. Many day traders are looking for a stable currency to put their money into. Ripple provides that stability since it is fully backed by real estate around the world. This means that even if the market goes down, the owners of those buildings will receive payment. All ripple transactions take place in under 10 seconds, which means day traders can execute trades instantly. Plus, ripple’s transaction costs are much lower than other currencies, making ripple a great option for day traders.
2 – Dash (Dash)
A lot of people don’t know about dash and its amazing potential. Dash uses something called the blockchain technology to make instant payments free and seamless between two parties. What this means is that businesses no longer need to pay high fees each time someone pays them. Also, individuals can send money easily and securely across international borders without going though a bank. While it isn’t quite as big as bitcoin yet, it still holds a lot of promise. Not only do you get to keep your money safe, but you earn interest on your investment. Dash is currently ranked 9, but it could move up higher.
3 – Monero (Monero)
Unlike most digital currencies, monero is anonymous. So while you may be able to buy drugs online with bitcoin, you won’t be able to trace the transactions back to yourself. This makes it perfect for buying illicit goods. Another benefit is that you aren’t restricted to buying a single product. You can use monero to purchase anything online including items on websites like Amazon. In addition, it works in both directions; sending money AND receiving money. So even if you lose your wallet file, you’ll still be able to access your funds. A downside is that it takes a little bit longer to transfer money than fiat currencies like USD and EURO.
4 – Stratis (Stratis)
This is a brand new cryptocurrency and although it hasn’t hit the world stage yet, it is definitely worth mentioning. Stratis makes sure that users are completely happy before they start investing. Their team is extremely knowledgeable and committed to their success. They have partnered with Microsoft and IBM to ensure that the platform runs smoothly. The team is also already working on integrating smart contracts into the platform. That way, the user experience will be even smoother. There is a total supply limit of 100 million. Right now, there are about 50 million circulating.
5 – Zcash (ZEC)
You might think that zcash would go last because it doesn’t really offer anything different than other currencies listed here. But what it does provide is privacy. Unlike other currencies listed above, zcash is private. This means that you don’t have to worry about who sees what you’re doing online. And unlike other cryptos, you don’t have to share your identity to use zcash. Instead, your address is always hidden.
Bitcoin is the pioneer cryptocurrency and the first decentralized digital currency. Bitcoin was invented by Satoshi Nakamoto in 2008. It’s a peer-to-peer payment network that enables online payments to be sent directly without going through financial institutions. It uses cryptography to secure transactions while also providing a means of verifying them. In addition, Bitcoin provides a mechanism to control the creation of Bitcoins through mining.
Ethereum is a decentralized platform that runs smart contracts, meaning it’s programmable money. It enables users to create their own applications without any programming knowledge. As a result, developers can build and deploy decentralized apps (dApps) that perform sophisticated functionality. These apps are often referred to as Decentralized Autonomous Organizations (DAOs).
Ripple is a distributed open-source Internet protocol that serves as the backbone for banks and payment providers worldwide. It provides near real-time gross settlement and exchange messaging services across borders. Unlike traditional payment methods, Ripple is designed to work at scale and does not require trust between two parties. Instead, it relies upon decentralization, transparency, and consensus algorithms to validate transactions.