Cryptocurrency has been on the radar since a while now. You may be watching it making headlines every day. Just how rapid its prices fall, they climb as quickly the next day. However, what is the story behind cryptocurrency, and which types are best to invest in. Let us find out in the article below.
What is Cryptocurrency?
Cryptocurrency is a form of digital currency that acts as a medium of exchange between two parties. It has no value for itself and cannot be redeemable for any commodity like gold or silver. They work on a block chain mechanism where each transaction is recorded using encryption. These digital currencies are not controlled by any central bank unlike the physical currency we use nowadays.
Therefore, every detail of the transaction you make is anonymous so does the holders of each cryptocurrency because there is no identifiable record of who holds what amount. In a way everything is fully decentralized.
Best Cryptocurrency to Invest In
As the prices have spiked every passing day, the popularity of cryptocurrencies has also increased. People have been intrigued by this new trend, and just to make more money, suddenly everyone has starting investing. However, you must keep in mind the ups and downs are highly unregulated and can occur anytime.
The best cryptocurrency that have made to our list are listed below:
The first and by far the largest decentralized form of digital currency to hit the market. It has a peer-to-peer concept where transactions take place directly without any intermediary.
Bitcoin mining is a process of adding records of each transaction to the Bitcoin’s public ledger or block chain. Miners use special software or a bitcoin mining rig to solve complex math problems in exchange of bitcoins. This helps to keep the network secure and ensure fairness. You can also download the Bitcoin Wonder Machine game on your PC or Phone to earn bitcoin rewards. However, Bitcoin did suffer a Bitcoin crash recently after a massive price drop, but we hope it will gain back momentum in 2018.
Ethereum was launched in 2015. It saw an immense growth of over 13,000% last year making it a phenomenal investment for purchase, sell and trade in 2018.
VeChain, a Chinese production and one of the most under-rated cryptocurrencies launched last year. This makes it an extremely attractive option for investors in 2018.
Ripple has recently been making headlines after its widespread adoption by companies. Many of them have started to use Ripple as a form of payment including MIT.
Zcash is the best new cryptocurrency and its recent upsurge makes it a strong competitor in 2018. It was founded in 2016 and just within a year, has 21 million coins in circulation. Offers complete trust and anonymity.
Best Cryptocurrency Market
A cryptocurrency market comprises of exchanges where you can buy and sell coins. It serves as an intermediary between a seller and a trader. The biggest exchange ever formed is Coinbase that supports over 32 countries with exchanges available for Bitcoin, Litecoin and Ethereum. It also has a coinbase app to help you make purchases online. Coinbase offers a mobile cryptocurrency wallet, offline storage and insurance protection. Besides, it supports physical currencies including Pounds, US Dollars, Euros, Australian and Singapore Dollars.