Cryptocurrencies refer to complex cryptography that makes possible the development and processing of digital currencies as well as their transactions through decentralized systems.
Basically, Cryptocurrency is digital money that is not managed by a central bank system like the government, instead, it's based on blockchain technology.
It's a ledger that records and allows information, payments and data in a decentralized location without the need to go through a third party. It's called a blockchain because all transactions are sorted into blocks.
When most people hear the term "Crypto" or "Cryptocurrency" "Bitcoin" is usually what comes to mind, And rightly so because It's not just the most popular and valuable digital currency right now. It is mostly preferred by investors globally but it's highly volatile with insane price oscillations, This makes it a very risky asset to invest in. But aside Bitcoin, there are close to about 10,000 other Cryptocurrencies globally in the crypto market.
It's important to recognize and understand that Volatility or unpredictability makes crypto trading or investing risky, So before getting in to this insane world, know what you're getting yourself into and be armed and ready. Here are the Best 5 Cyptos to buy or invest in right now aside Bitcoin(BTC).
The Ethereum platform allows smart contracts and decentralized applications (Dapps) to be designed and function without the need for third party intervention, theft or control. ETH is the second largest Cryptocurrency in terms of Market Cap($482 Billion) It was created by Vitalik Buterin, It's not just a crypto, it's a network that allows developers create their own Cryptocurrencies.
ETH is far behind Bitcoin in value but because of it's unique technology it's far ahead of many other similar technologies. ETH has experienced tremendous growth and it's a favorite for crypto investors. In just about 6 years, it's price has gone from $11- over $3000. That's about 27,000%.
Ada is the internal cryptocurrency of Cardano, Cardano works almost similarly to ethereum, it enables smart contracts and Dapps. but most importantly it takes less energy to complete a transaction, faster and cheaper transactions makes it an appealing asset to investors.
In 2017 Cardano price was $0.02, But as at September 2021, It's price is at $2.10. This is a 10,500% increase.
Cardano has a market cap of $72 Billion. Charles Hoskinson is the founder of Cardano, and was co founder of ethereum.
Founded by Gavin Wood, Polkadot aims to create a crypto network that connects the various blockchain so they can work together. This crypto is focused on blockchain interoperability and integration.
Dot was launched in 2020(Sep.) Since then till now October 2021, it's price has exceeded $40.
Binance is one of the largest and most popular crypto exchange in the world, And BNB is a form of cryptocurrency you can use to trade and pay fees on the binance platform.
During the bull market of 2017, Unlike the other cryptocurrencies that declined and decreased in value, Binance coin continued a slow but consistent trend upward. Because of this performance, It poses fewer risks and is a stable investment option.
In 2017, BNB was at $0.10. But at Sept 30, 2021, It's Over $382, That's about 38,000%
One of the most important innovations Solana brings to the crypto table is the proof of history(POH) consensus. This concept allows for greater scalability. Solana has short processing time for transactions and low costs.
Created and launched in 2020 by Anatoly Yakovenko, Sol's price started at $0.77, By October of 2021, It's price is at the $160 range, About 20,000% gain.
There's no question or doubt about the fact that Cryptocurrencies are here to stay, But, will you continue to sit on the fence, or view crypto assets as a scam, pyramid scheme or whatever negative idea that makes sense to you. Instead of worrying and being fearful about the risks involved, Why not find the best Cryptocurrencies right now and start small. Cryptocurrencies will not get you rich quickly especially if you're starting small, But In the long-run it will. It should be considered as a long term investment.