Cryptocurrency and How To Make Money With It
Written by: smm
At this point, you probably wouldn’t find anyone who hasn’t heard about cryptocurrency. However, hearing about it and understanding it is not the same.
Cryptocurrency is digital or virtual money used practically everywhere in the world to make quick and safe payments online.
Mind you, there are thousands of different cryptocurrencies right now.
Here’s what makes cryptocurrencies so popular:
— They are impossible to counterfeit
When being created, cryptocurrency gets encrypted and additionally protected by blockchain, the technology it’s based on. There’s simply no way you can release a fake digital coin.
— Decentralization
Cryptocurrencies have no central issuing authority. The users are the ones who acquire it, boost demand for it and decide what to do with it on their own.
There are various ways in which you can make money with it crypto:
— Investing
— Trading
— Crypto staking or landing
— Mining
— Purchase and sale of cryptocurrency
(Profiting from the difference between exchange rates)
— NFT
(Creating collectible items to be sold at an auction)
— AirDrops
The best cryptocurrencies to invest in include:
#1. Bitcoin (BTC)
This is the first and the most renowned cryptocurrency with a capitalization of over $500 billion. Bitcoin transformed into a cryptocurrency for traders; however, it still makes sense to use it as a long-term investment.
#2. Ethereum (ETH)
Having a capitalization of over $200 billion, Ethereum is the most popular Bitcoin alternative. This coin aims to create a decentralized set of financial products everyone can get access to regardless of their nationality, ethnicity, or faith.
#3. Litecoin (LTC)
Created by a former Google engineer, this cryptocurrency also followed Bitcoin’s path and uses the proof of work software algorithm. That being said, unlike the first cryptocurrency, Litecoin processes transactions faster. The capitalization of Litecoin is about $5 billion.
#4. Ripple (XRP)
This coin offers a low commission fee per transaction and high transaction speed. The company that released XRP is partnered with financial institutions. This is basically a money transfer network that operates instantly thereby driving down the exchange rate of the currencies. The banks utilize this technology to work faster. The capitalization of XRP is over $20 billion.
#5. US Dollar Coin (USDC)
This is a stablecoin whose value is pegged to the value of the U.S. dollar. It is backed by assets in dollars kept in separate accounts in U.S. institutions. Built on the Ethereum blockchain, USDC can be used to make transactions all over the globe. The capitalization of US Dollar Coin is over $50 billion.
#6. Tether (USDT)
This is a stablecoin whose price is supported by fiat money, i.e. regular paper money. This can be British Pounds, U.S. Dollars, or Euros. Hypothetically, the coin retains a value equal to one of these face values. Therefore, Tether’s price must be predictable. This is one of the reasons why it is preferred by investors who are scared of the unstable price of cryptocurrencies. The capitalization of USDT is over $75 billion.
#7. Dogecoin (DOGE)
This is one of the coins whose price is affected by what Elon Musk says and does. Here’s an example: when he decided to acquire Twitter, the coin’s value spiked by 30%. Dallas Mavericks, Kronos, SpaceX, and other companies currently accept this coin as payment. The capitalization of Dogecoin is over $11 billion.
#8. Shiba Inu (SHIB)
This is one of the most promising cryptocurrencies. The most prominent event associated with the coin is the announcement of a Metaverse where people would be able to buy plots of land in the Sheba Lands. This means that the price of this cryptocurrency will only go up. Meanwhile, its capitalization is over $6 billion.
#9. Binance Coin (BNB)
This cryptocurrency is supported by Binance, the largest cryptocurrency exchange. With BNB, users of the crypto exchange are able to pay lower commissions.
#10. Bitcoin Cash (BCH)
Bitcoin Cash enables peer-to-peer online transactions. Its mission is to make cryptocurrency payments as simple and cheap as possible. With further growth of the cryptocurrency market, Bitcoin may become less and less fit for regular transactions. In this scenario, Bitcoin Cash will replace it. This is why it can be a very smart investment choice. The capitalization of Bitcoin Cash is about $4 billion.
If you make the right investment decision, you will be able to double and even triple the money you’ve invested!