Investing in Cryptocurrencies – A quick guide

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Investing in Cryptocurrencies – A quick guide

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The crypto boom may be over, but it’s still changed the face of online payments forever. Whether it’s the anonymity of paying through crypto or the extra security provided by blockchain – a technology some industries have begun to incorporate to provide more secure service – it’s something many have embraced as part of their financial lives.

Beyond anything else, it also represents an intriguing investment opportunity that many people have taken advantage of. We’ve all probably had about ten million “Get rich quick with this one simple Bitcoin purchase” spam emails over the last few years. This is paired with crypto’s relative notoriety amongst most of the public for its use making purchases on the dark web may instill a bit of doubt.

That’s sensible to an extent. Bitcoin’s economy famously exploded – reaching $19,783 per coin in December of 2017 – and is generally regarded as trickier to trade with as a short term investment.

Much has changed since 2017. However, there’s a ton of different cryptocurrencies available to pay with and invest in now, as countries and companies both seek to use the underlying blockchain technology to launch their own.

Bitcoin may be the poster child, and it may still hold the majority of the market, but it’s only a matter of time until it faces some sincere competition. It can be overwhelming, investing in crypto. There are so many choices, so many outright scams, or, more worryingly, convincing ones to navigate through. So what’s the best to invest in? Here are some of the biggest picks, with some tips, tricks, and information to help along the way.

It’s important to note that, as with any investment, crypto trading is risky. You should steer well clear of any get rich quick with Bitcoin ads, and take your time to learn about the technology involved beforehand.

Bitcoin

It’s the grandfather of cryptocurrency, first launching in 2009 with the aim of decentralizing finance, removing the need for government-issued currency and all of the regulations that come with it. Bitcoin remains an extremely accessible and promising investment pick, with prices stabilizing after some particularly wild highs and lows. As mentioned above, it reached almost twenty thousand dollars in December of 2017, plummeting to half of that a few weeks later.

It’s probably the safest bet, as there’s a wealth of resources and data to base your decisions on. The age of overnight bitcoin millionaires may have passed for now, but there’s still a hell of a lot of potential in the original crypto platform.

Litecoin

Bitcoin has several spin-offs, but Litecoin is amongst the most successful. It’s up to four times faster, the software is far more accessible for miners, and it’s less resource intensive. It has many things in common with Bitcoin, but the speed increase is the biggest draw – it makes paying with Litecoin as quick and easy as sending an instant message.

It’s currently worth just over $80, trending upwards since the beginning of November. Analysts say that Litecoin is typically a solid smaller investment to make, and the transaction speed makes it incredibly easy to get started.

Ethereum

Ethereum launched in 2015, and although the value of the currency itself still has a long way to go to catch up to BTC, it’s the second largest crypto in the market. The team is running up to the launch of Ethereum 2.0, which some predict will cause the price to finally push past $500 – so investing now could pay off.

The company is putting lots of work into making software development more secure and has some serious ambition as to their platform’s impact on the industry. It’s worth reading into Ethereum’s mission statement, because they could easily be the next big crypto “thing”, and are probably in the strongest position to dethrone Bitcoin.

Ethereum’s blockchain tech is being used by huge companies like Amazon, which is drawing in lots of attention – lots of experts expect Ethereum to trend solidly upwards for the next few years.

Obviously, there are a plethora of choices available, and the market is changing rapidly. But these three are as good a place as any to get started. Good luck!

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