Introduction
If you’re wondering what the future holds for Bitcoin and other cryptocurrencies, there are few people better to ask than Elon Musk, who recently stated in an interview that he believes the three most likely to succeed over the long run are Bitcoin, Ethereum, and DOGE (otherwise known as Dogecoin). The list also reaffirms Musk’s support for the cryptocurrency community as he announced in February that he had purchased $10,000 worth of Bitcoin and has since expanded on his venture into digital currency. Here’s how each of these top three cryptocurrencies stacks up.
1) Bitcoin
The first cryptocurrency, Bitcoin was created in 2009 by an anonymous person or group of people who use the name, Satoshi Nakamoto. He or she wanted to create a way to bypass government currency controls and have a currency that could be used anywhere in the world. Bitcoin is traded on exchanges and can be bought with other currencies on those exchanges, like Euros, US dollars, Yen, and others. It can also be purchased from what is called Bitcoin ATMs or Bitcoin exchanges. The price of Bitcoin fluctuates wildly as it is not yet regulated by any government.
2) Ethereum
There is no denying that Elon Musk is a billionaire. What’s more, he is one of the only high-profile people to support cryptocurrencies. He has invested in companies like Tesla, SpaceX, and Neuralink. These investments have helped him earn billions of dollars and maintain a net worth of over $20 billion as of early 2018. His latest investment was an unknown amount in Bitcoin (BTC) back in December 2017. A few months later, he invested an unknown amount in Ethereum (ETH) and revealed his Ethereum cold wallet on Twitter.
3) DOGE
DOGE is a decentralized cryptocurrency that was created in 2013. It is popular among those who are looking to make transactions with low transaction fees and it has a fast transaction time, in comparison to other cryptocurrencies. DOGE is also one of Elon Musk’s favorite cryptocurrencies, and he even tweeted about it in 2013 saying Dogecoin might be his fav cryptocurrency. It’s pretty cool.
There are three ways to store your DOGE: hot wallet (online), cold wallet (offline), or paper wallet (offline). Hot wallets can be accessed online, but they require more frequent access than cold wallets or paper wallets, as they are connected to an online network.
Conclusion
When asked about his top three cryptocurrencies, Elon Musk reaffirmed his support for Bitcoin, Ethereum, and DOGE. He also noted that he sees a future in these three cryptocurrencies. People were eager to hear what he had to say after being outspoken about cryptocurrency before. The billionaire said that although others might not have a future, these three do. For those who want to invest in cryptocurrency but are still unsure which one they should be investing in, this list is a good start.
If you’re looking for more information on how to use cryptocurrencies and create your own cold wallet, Elon musk has created an online course called Crypto Basics: What You Need To Know About Crypto-Assets with Udacity.
Originally published at read.cash