The cryptocurrency market is one of the most expanding financial industries, that refers to solving complicated math and cryptography tasks to find the virtual coins that are “hidden” in the crypto space. The first and the most popular cryptocurrency is named Bitcoin and it’s still a symbol of the digital finance industry, even though many other currencies exist and are valuable on the market.
Someone calculated that there are more than 5000 cryptocurrencies, and Bitcoin is still the most popular between all of them. But, that doesn’t mean that you can invest in another digital currency. If you want to start to know, we suggest you wait until the coronavirus crisis ends, because the market now is not that stable as it was before. But, if you already have some Bitcoins in your digital wallet, it’s best for you not to exchange them for real money now, but to wait for the crypto market to stabilize, so the price is higher than now.
What is the best cryptocurrency to invest in?
The first thing you need to do before you invest in cryptocurrencies is to check if this market is legal in your country and how can you withdraw the money in the future. Next, you need to decide which cryptocurrency to choose.
Even in the crisis, the Bitcoin kept the highest value between other currencies, so we can start with it:
This is the first decentralized virtual currency, that can be sent from one investor to another. Bitcoin transactions are verified through cryptography, and the logs are kept in the blockchain. The miners need to solve complex cryptography tasks so they can get the Bitcoins as a reward for their success. One of the problems is that this process needs high electricity to be completed. Many people are still skeptical about how the cryptocurrencies work, but the interest in this field is growing every day. Many financial experts thought that crypto money will “die” in a short time, but as we can see, mining is still a thing.
In March 2020, many people are trading their Bitcoins, because the price decreased as a result of the coronavirus pandemic crisis. Many miners and investors think that they need to exchange what they have because it’s too risky to wait for the price to increase in the future. Many platforms still offer good deals for your bitcoins, and thebitcoinrevival.com assures you that you can earn up to $890 per day from your transactions, even in a time of global crisis.
Right now, one Bitcoin equals around 6,900 USD. The highest price ever was in 2017 and one Bitcoin was worth $19,783. The price dropped a few times and has risen again, but it never came close to the peak.
Ethereum is the name of the blockchain-based operating system, and the cryptocurrency this platform has generated is named Ether. Miners get this virtual money as a reward of data mining, a process that is similar to Bitcoin’s mining. The founder Vitalik Buterin decided to name the platform Ethereum, because the word “ether” reminded him of something hypothetical, that still exist, just like the digital currencies.
If you want to invest in it, the first thing you need to know is that currency is named Ether, but the public mistakenly calls it Ethereum. Compared to the Bitcoin, this currency needs fewer power sources and the algorithms can be solved in less than a minute. The Ether’s price is much lower than Bitcoin’s. Today, one Ether equals to $159.22. This cryptocurrency had its highest value two years ago when one Ether was worth about $1400.
This is a peer-to-peer type of crypto money, and the transfer of coins is going through a cryptographic protocol. Litecoin is a Bitcoin spinoff, so they have a lot of similarities. It takes about 2 or 3 minutes to finish the mining, which is far less than the time needed to mine Bitcoins. But, this is what makes every other crypto coins less worth than the Bitcoin. Also, Litecoin is more complicated to create, because of the scripts that are used so the mining can be done.
Today, one Litecoin worth about $42.55 and its price dropped because of the coronavirus pandemic. This value is far lower than the peak in December 2017, when Litecoin reached $255.42, which is the highest price this digital currency ever had.
Bitcoin Cash (Bcash)
This is a spinoff of the initial Bitcoin, that later split into two new cryptocurrencies. The first kept the same name, and the second is named Bitcoin SV. Many people call these coins Bcash. The creators of Bcash wanted to make the exchange better, so they needed to make a distance from the Bitcoin’s heads. The next step was to create something new, but they decided to keep the popular name and to add another word that will make the difference, so the potential investors won’t get confused.
Many experts say that Bcash is the better and polished version of Bitcoin, but it never gained the same popularity. Today, in April 2020, one Bitcoin Cash equals to around $236. Just like the other cryptocurrencies, Bcash also peaked its highest price in December 2017, making the biggest jump in one day, from $2,918 on 19 December to $4,355 the next day.
Why invest in crypto money?
Even though today’s situation in the crypto market is not as bright as it used to be, we can hope that everything will be back to normal soon, after the coronavirus pandemic ends. People get more curious about this industry every day because it’s challenging and the risk makes it more interesting about potential investors. Maybe right now is not a good time to start investing, trading and exchanging, because of the great price drop. But as soon as the global economy gets to the stable stage, the crypto sector will shine again, attracting many people to start investing, so they can earn money when the price gets high enough. We hope this short list helped you to decide in which crypto money you want to invest soon.