Investing in cryptocurrency is a very controversial topic. For some, it may be a way to build their retirement fund, while some have lost all their money in these volatile markets. Grand Pacific Trade broker, Jack Roberts, will explore some of the best cryptocurrencies you can currently invest in and some that you should avoid at all costs!
The 3 Best Cryptocurrency to Invest In:
- Bitcoin (BTC)
The first and probably the most popular cryptocurrency globally is Bitcoin, and it operates on a blockchain that handles transactions from peer to peer without going through a third party or bank. This means that you get full control over your money and absorb some of the pain if your account gets hacked. Over the past few years, Bitcoin has gained much popularity, and its value has risen considerably. At the time of this article, you can purchase one BTC for $47,704.40!
Bitcoin was created by an anonymous person or group of people under Satoshi Nakamoto in 2009. The idea behind Bitcoin was to create a completely decentralized currency and not regulated by any government or financial institution. Transactions would be handled between users without the need for a middleman. Bitcoin grew in popularity, and by 2011, it was worth $1 per coin.
In 2017, Bitcoin’s value exploded, and it reached its peak price of $19,783.21 on December 17th. However, its value has decreased since then, and as of July 10th, 2018, one BTC is worth $6,532.02. While some investors have made a fortune from Bitcoin, many others have lost money due to its volatility. This has not stopped investors from pouring money into the cryptocurrency, and its value is expected to rise in 2019.
- Ethereum (ETH
Ethereum is almost like Bitcoin in that it runs on its blockchain, but transactions are made via smart contracts, which means that your money is brought straight to you without the need of a third party. Ethereum has experienced insane growth in recent months, and as such, its value has also increased immensely! One ETH can be purchased for $3,775.20 when this article is published.
- Neo (NEO)
Neo is one of China’s largest coins and its youngest cryptocurrency. What separates Neo from every other crypto in the world is that it runs on a unique blockchain known as the “Smart Economy.” This makes transactions faster, cheaper and eliminates third parties within smart contracts. One NEO can be purchased for $26.56 when this article was written.
Why Should You Buy the Above Cryptocurrency?
You should buy the above cryptocurrencies to invest in because they are all still very new, so their values will likely rise. It can be difficult to know which cryptocurrency is fundamentally different from the others, but you can reduce your risk by buying these 3.
Which Cryptocurrency Should You Avoid?
- Ripple (XRP)
Ripple is a system built for banks and allows them to make transactions across the globe with low fees and high speeds. One XRP can be purchased for $67.57 when this article was written. While it may seem like a great idea at first, many of its investors were only in it for the quick buck. As such, there are too many Ripple coins in circulation, so its value continues to drop while others rise. It also doesn’t help that it’s centralized, making many investors angry. It’s good for banks but not for regular people looking to make money on the side.
- Dash (DASH)
Dash is a privacy coin that allows users to send and receive funds anonymously. One DASH can be purchased for $134.77 when this article was written. This seems great, but the truth is that Dash was created by a team of very shady characters who have conned many people into buying their cryptocurrency. It’s best to stay away from this one unless you can get in touch with someone in their development team.
- Monero (XMR)
Monero is built on a blockchain that’s quite like Bitcoin but has one key difference; you’re able to send and receive funds anonymously! Many of its investors only got into it because of the hype around anonymity, and as such, its value has been dropping over time. One XMR can be purchased for $209.12 when this article was written. It’s a coin that was made for one reason and, as such, is ripe for people looking to make some money on the side.
Why Should You Not Invest in The Above Cryptocurrency?
Besides the fact that some of these cryptocurrencies may be scams in and out, there are several reasons why you shouldn’t invest in them. One of which is that they do not run on a blockchain and, therefore, don’t function the same way as Bitcoin and other popular cryptocurrencies. Some people even argue that buying any cryptocurrency besides BTC or ETH is bad. In the end, it’s up to you, but all we can say is that there are many scams out there, and it’s best to stay away from them until you learn more about what makes a cryptocurrency good or not!
Disclaimer: Our content is intended to be used for informational purposes only. It is very important to do your own research before making any investment based on your own personal circumstances. You should take independent financial advice from a professional in connection with, or independently research and verify, any information that you find on this article and wish to rely upon, whether for the purpose of making an investment decision or otherwise.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Truth Classified journalist was involved in the writing and production of this article.