You would think that money is money, right? Well, yes and no. You have different currencies to take into account, and they all have different exchange rates. Money is rarely just money in that viewpoint, and the same can be said for the ever-changing, ever-developing digital type of cash – cryptocurrency.
Cryptocurrency is not just one particular type of money, it is various different currencies which can all be used to trade, buy, and sell. There are of course new cryptocurrencies coming onto the market every single year, and some boom into serious popularity. Of course, some options are better than others, so you need to be aware of which ones are the most stable, in order to minimize your risk.
What Cryptocurrency Should I Buy?
If you are a beginner, having a safety net when it come to your new cryptocurrency hobby is vital, and this will help you branch out into perhaps lesser known currencies over time, which will then grow (hopefully), and bring you a huge profit as you invest and then sell or trade.
It’s important to get a really thorough overview of cryptocurrency before you begin, and sources of information such as Crypto Investing Pro are ideal for cluing you up on all the know how you need to begin and continue on with your digital cash journey.
What you need to know first of all however, is which cryptocurrency to buy in the first place. Anyone can start a cryptocurrency, which means there are many to choose from, but as we mentioned earlier, you need to make sure you start with a safe bet, to give you confidence, and to give you a solid platform to begin with. If you’re looking for popular, then it has to be Bitcoin.
Everyone has heard of Bitcoin, even if they don’t really know what it is. The cryptocurrency world started with the explosion of Bitcoin, and this is the currency which is now being offered more and more by businesses as a regular form of payment, just like currency you would usually spend, such as Dollars or Euros. For this reason, Bitcoin is a good starting point, but it doesn’t really give you the greatest investment potential gain.
The second most popular cryptocurrency is Ethereum, followed by Litecoin. These two are certainly catching up with Bitcoin, and are also being offered as methods of payment by big companies. These two are also very low in transaction fees, available mostly the world over, and offer good investment potential, although obviously not as great as the cryptocurrencies which are less well known – it’s about weighing up risk and gain. Of course, if you’re simply looking to buy, then you won’t really care too much about investment and trading.
Monero and Ripple are two other cryptocurrencies which are popular, however Ripple is slightly different in that it is centralized, which the others are not. You might be wondering why it is still classed as a cryptocurrency if it is centralized, with the very fact that ta cryptocurrency is not regulated being a key feature. Basically, Ripple is a slightly different kind of beast, but it is still classed as a cryptocurrency to a degree, and has actually been utilized by big named institutions, such as the Bank of America.
If you opt to buy a lesser known cryptocurrency, that is still a do-able thing, but it is one which has more risk. You don’t know that a currency is going to thrive until it gains a reputation and a lot of market clout; by buying currency which is relatively unknown, you are opting to purchase something with less value than the money you are actually spending on buying it. Of course, it could then experience a boom and be worth much more, and again, that is a risk that needs to be weighed up.
How do you feel about cryptocurrency now? Hopefully this will have cleared up the mystery which has long surrounded the issue, and you will be feeling much more excited and ‘up’ about making your first forage into the digital currency world. Be sure to check out Crypto Investing Pro for more information on everything you need to know, and putting you on the route towards what will hopefully be a very profitable hobby in the future.
With the cryptocurrency world growing year upon year, it’s only a matter of time before it gains much more mainstream recognition, with the rest of the currencies out there fast catching up with the popularity and value of Bitcoin.