Less than a decade ago, if you had asked someone which cryptocurrency to buy, you more than likely would have received a confused look or shrug of the shoulders in return. Aside from some little-known chat rooms or forums, there was little knowledge of cryptocurrency or digital tokens among the general public.
As the blockchain revolution threatens to replace the current marketplace structure, it is essential to know and understand the best cryptocurrency to buy, where to buy cryptocurrency, and which cryptocurrency to mine. Listed below are a few of the more significant players in the cryptocurrency market, along with ways to buy them.
Bitcoin
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Nowadays, it’s nearly impossible to have a conversation around which cryptocurrency to buy without discussing Bitcoin. As the original cryptocurrency, Bitcoin has gained significant market traction, and now boasts a $7100 price tag for a single token. While this is a hefty price tag for cryptocurrency, it is possible to buy pieces and fractions of Bitcoin to alleviate the cost.
The benefit of Bitcoin is that the currency carries a certain cache with it that other digital currencies do not have. For the time being, the public associates cryptocurrency with Bitcoin, and as long as that it the case, Bitcoin will be the gold standard among cryptocurrencies, and the best cryptocurrency to buy.
Ethereum
There are those in the finance world that will suggest to you that if you aren’t the winner, then you’re the first loser. And if this is the case in the cryptocurrency industry, Ethereum is embracing the role with a fiery passion. Market capitalization marks Ethereum as the second-ranked cryptocurrency, and investing in this digital currency now can show significant gains in the future.
Keep Ethereum in mind when choosing which cryptocurrency to buy, as it solves some of the problems that Bitcoin has been unable to address. Where Bitcoin addresses the financial issue of needing a third-party intermediary, Ethereum goes a step further and uses the blockchain to provide cloud security, via a “smart contract.”
Litecoin
best cryptocurrency to buy
Those within the cryptocurrency industry refer to Litecoin as the silver version of Bitcoin gold. While many credit this nickname to the valuation of the cryptocurrency, there is more to the comparison than just an arbitrary industry ranking.
Litecoin provides a quicker verification speeds through use of the same blockchain architecture employed by Bitcoin. Because it offers speedier authentication, Litecoin cryptocurrency can handle a larger volume of transactions. When choosing which cryptocurrency to buy, keep Litecoin in mind for everyday general transactions. While it isn’t as commonly known as Ethereum or Bitcoin, it is still the only digital token between the three of them to be priced in the double-digit range
Ripple
which cryptocurrency to mineRipple cryptocurrency is considered by many to be the cryptocurrency of choice for bankers and financial institutions. While other currencies are viewed as a threat and disruption to the finance industry, Ripple aims to work with and alongside banks. Doing so allows for a smoother path for international payments.
By cooperating with banks, Ripple inserts itself into the conversation around which cryptocurrency to buy. The key to Ripple is its ability to provide the best of both worlds: low-cost transaction fees along with the security and integrity associated with blockchain payments. Perhaps the most appealing aspect of Ripple is its ability to scale and expand with an influx of higher transaction volume.
Why Buy Cryptocurrency?
There are many financial experts that suggest cryptocurrency is the next logical step in the industry. Thanks in large part due to blockchain technology, digital currency is monitored closely, and with its control and encrypted transactions, it makes sense that it would be a way to handle money in the future.
Perhaps the most intriguing reason to buy cryptocurrency is the elimination of third-party involvement with finances. Whether it’s buying a car, a home, or a piece of property, there is always the need for a third-party. This third-party could be a lawyer, a financial advisor, or a loan officer. Cryptocurrency allows for the removal of the third-party and aims to become decentralized through the ability to complete financial transactions at any time and any place in the world.
A second and perhaps more appealing benefit is the universality of cryptocurrency. What are we forced to do with our money when traveling abroad? We must convert it to the local currency. Even with all of our technological advances, we still have trouble completing transactions across the globe. This is not the case with cryptocurrency, and a considerable benefit when deciding which cryptocurrency to buy.
The beauty of cryptocurrency is that it is not restricted by international transaction fees, exchange rates, or interest rates applied to other currencies. Cryptocurrency can be used at any time and with any international standard. This international platform makes currency transactions much easier, and much simpler than the typical global transaction.
Where to Buy Cryptocurrency?
Once you have made up your mind that you want to purchase cryptocurrency, and which cryptocurrency to buy, it is time to determine the best method for purchasing cryptocurrency. Just a few years ago, it would have required a map and a compass to buy cryptocurrencies, but today it is as easy as pointing your browser to the right URL.
The safest and most common way which you can purchase cryptocurrency is through an exchange site. Choose a reputable exchange site, so you can be sure that your transactions are secured. Register an account, upload your funds, and you’re off and running. Select which cryptocurrency you want to buy, how much you want, and the price you want to pay.
A few of the more reputable cryptocurrency exchange sites that help in choosing which cryptocurrency to buy, include Coinbase, Bittrex, and Poloniex.
Blockchain and cryptocurrency are still considered new despite the use of millions of people. Deciding which cryptocurrency to buy can be a tough decision to make, especially given the volatility of the market. But even amongst the uncertainty, the investment can be well worth it with high returns in just a few years, not to mention the fun of being part of a new and exciting economic marketplace.
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