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Digital Currency Review

Best Cryptocurrencies to Invest in 2020

Debatable performances by cryptocurrencies in the past two years have brought more confusion to the table. People are being agitated at the drop of rates, while the volatility clings onto for a longer time. Investors are waiting for the right opportunity to sell their coins to earn more money. The profits from this trade can never be predicted because of the unstable nature of the value. If you are only starting out on with the investments, you will need proper guidance on the methods and the best cryptocurrencies to invest in. Let us look at the most profitable cryptocurrency investment in 2020.

1.     Bitcoin

Being a beginner, you might have heard of only one cryptocurrency, Bitcoin. It comes as no surprise because Bitcoin was the first cryptocurrency to have been developed. Over a decade has passed since the launch of this idea, and the people have now adapted to the practice of making transactions using Bitcoin. Most users prefer this Bitcoin because it has been in the market for a longer time and seems to have a reputable position in the market. Although the value dropped drastically in the past few years, Bitcoin has started regaining its top position with the rise in market cap. Despite its age, relevance and dominancy aren’t lost.

You must check for the rates every month or week, depending on your frequency of trading. If a trend, like that of 2017, is being shown over the months, you can invest in Bitcoin this year. The price can vary within hours; so, using a bot to control your trade would be ideal. Since 2018, the rate of Bitcoin has been fluctuating from the point of $6000. With the splitting of Bitcoin came more talks about the rates, which are likely to increase in the coming months. Yieldnodes review can give you a better idea about trading Bitcoin. Learning more about it can give you a bigger picture of what goes into making a profitable investment.

2.     Ethereum

In 2017, the value of the Ethereum was only a bit higher than $270. But in 2018, the highest price recorded was $1423. Like every other cryptocurrency, Ethereum has also witnessed fluctuations in the past several months. It received an investment of around $150 million in 2016, pushing the price by $1. Since Ethereum is an advanced blockchain project more than a digital currency, the volatility and functioning would differ. Cryptocurrencies can be developed by using Ethereum’s platform. Although it has undergone various phases in the past five years, there seems to be a high potential for Ethereum to grow beyond its current status. Investing in Ethereum in 2020 is considered wise because speculations are in favor of the cryptocurrency.

3.     Ripple

The prime contender for the position of the best cryptocurrency, XRP, is the one that has had a growth of around 36,000% in 2017. But in the subsequent year, the price fell drastically to affect all the investors. Ripple is also a payment system that can be used for various business purposes. With the predictions for 2020, Ripple is also considered a good option to invest in.

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Digital Currency

A Tale of Digital Currency- Bitcoin

Long ago, but not so long, lived a mysterious man named Satoshi Nakamoto. He was known as a mystical man as his identity remains very absurd until now. His speciality was, he mined the legacy of the Bitcoin network and how blockchain drives it. It was on October 31st 2008, a white paper “Bitcoin: A Peer-to-Peer Electronic Cash System” got published, written by the same mystical man. The whitepaper mainly depicted the features and functions of the Bitcoin blockchain network. Bitcoin was born on January 3rd 2009 and Satoshi Nakamoto named his first mined block as the Genesis Block.

Crowning Bitcoin

Crowning Bitcoin

From its birth till May 2nd, 2010, Bitcoin was only possible to be mined and never traded as it was not possible to value the units of cryptocurrency. Things changed around in 2010, when Laszlo Hanyecz, a pizza lover, lends his 10,000 coins for two pizzas. Guess we have to think twice before making a decision about selling Bitcoin as its value can fluctuate.

How Does It Work?

Bitcoin, a cryptocurrency is known as internet money since it’s payment process is digitalized. You can buy or lend the Bitcoin as you wish to anyone. The most highlighted part is that it helps you to create a wallet through which you can make all kind of transactions. Each legal transaction is protected with an electronic signature.

Why Bitcoin?

Bitcoins proffers enormous advantages when compared to the drawbacks. The working of the Bitcoin protocol can entirely be trusted and is predictable, just like how GPay, Paytm, and other social, monetary platforms, irrespective of financial holidays, international issues, with no piracy and theft, one can make transactions via Bitcoin. Moreover, Bitcoin allows you to take full control of your money. It also doesn’t encourage any sorts of data or personal information collection. No one can forge your data as it is cryptographically secured.

Obstacles

Why Should I know About Its Obstacles?

Even though Bitcoin came into the picture in 2008, most people don’t know the concept of what it is and how it works. Primarily, while speaking of disadvantage, it is ignorance and negligence of people. People are ignorant to achieve information about Bitcoin as well as they are negligent about how online transaction work. We can also mark people not exposed to social media platforms under this category. All these will build a community where Bitcoins are not accepted. If not properly maintained, your wallet can crash, and data can be lost forever. Last but not least, Bitcoins value always fluctuates; it makes the users confuse and difficult to mine and transact.

End Story

If studied adequately, you can achieve great heights in this platform. It might not be prevalent now, but once its value increases, many people can benefit from it. People can make sure that they don’t have to change the currencies, as the value is internationally accepted. The leading platform, blockchain overall, is very secure. Undoubtedly, cryptocurrency will revolutionize the world, just like any other technology.