Cryptocurrency is a digital asset designed to work as a medium of exchange that uses cryptography to secure its transactions, control the creation of additional units, and verify the transfer of assets. Cryptocurrencies are classified as a subset of digital currencies and are also classified as a subset of alternative currencies.
Your home computer could be used for mining coins which can bring in an extra income on top of your regular job or business. The more powerful your hardware (CPU) is the higher your chance of success in this venture.
The following five cryptocurrencies are excellent investments with high potential.
- Bitcoin
This is the first and most well-known of all digital currencies. It’s a decentralized peer-to-peer payment system, which means that you can use it any way you want without needing an intermediary, such as a bank or other financial institution.
This currency has been around since 2009 but had one big price surge in 2017 where people became very rich from investing at the right time. Bitcoin X is a top trading platform that you must use for trading bitcoins.
- Ethereum
Ethereum is a very popular and widely traded cryptocurrency. Ethereum has one of the largest market caps all-time at over 40 billion dollars as of this writing. It’s also considered Bitcoin’s biggest rival within the crypto space since it offers smart contract capabilities (like payments on autopilot).
- Litcoin
Litecoin is a peer-to-peer cryptocurrency and open source software project released under the MIT/X11 license. The creation and transfer of coins are based on an open-source cryptographic protocol and are not managed by any central authority. Litecoin is one of the first altcoins, created in October 2011 by Charlie Lee.
Litecoin allows for faster transactions, has a higher maximum supply, and uses a different hashing algorithm. These differences make Litecoin more suited to everyday transactions than Bitcoin.
- Polygon
Polygon is a cryptocurrency that focuses on privacy and security. It uses ring signatures and stealth addresses to keep transactions private. Polygon has a very active development team that constantly works on new features and improvements. The price of Polygon has been steadily increasing, making it a good investment option.
- Binance Coin
Binance coin is the native token of the Binance exchange. It’s a utility token that can pay transaction fees on the Binance platform. BNB also gives its holders a 50% discount on all trading fees. BNB is currently the seventh-largest cryptocurrency by market cap, and it has experienced significant growth in recent months. BNB will continue to grow in value as more people start using the Binance exchange.
The Bottom Line
Cryptocurrency has the potential to change how we view money, but it’s still in its infancy. There are many different types of cryptocurrencies, and not all will survive. Businesses need to be careful when deciding which cryptocurrency they want to invest in or adopt as a payment method because this market is very volatile at the moment.
Cryptocurrency can potentially do good for businesses by eliminating third parties that charge processing fees with little transparency; however there needs to be more education around these currencies before major adoption occurs within companies globally.
