With the advancement in the digital world, the popularity of the cryptocurrencies is increasing rapidly amongst all. From big businessmen to small shopkeepers, cryptocurrency is everybody’s attraction. It has benefitted businessmen and potential investors at large. The involvement of middlemen has been abolished to a large extent after the invention of cryptocurrency. It has gained all the limelight in the digital world. There are a number of cryptocurrencies that are emerging in the crypto world. But which one is the best to invest in? This question is usually in everybody’s mind. Let’s figure it out in this blog!
The number of cryptocurrencies is still uncountable. There are thousands of them and hence commenting about all of them is impossible. There are some cryptocurrencies that has captured the market largely. Let us compare all the main cryptocurrencies to find out which one is the best.
The name of bitcoin always comes first when talking about the best cryptocurrency. Yes, bitcoin has been ruling the cryptocurrency world since years. Invented in 2009 by an anonymous developer, bitcoin was the first cryptocurrency that have brought revolution in the digital world. People have generally preferred to invest or trade in bitcoin for years. Bitcoin system is a peer-to-peer decentralised network that is designed in such a way that it allows transacting through digital units of exchange called bitcoins.
Dealing in bitcoin has benefitted various users as it has a unique user anonymity feature that enables the users to purchase bitcoins on discretion. No personal identity of the buyer or seller is revealed in the bitcoin address, hence preventing the hampering of your personal data. The peer-to-peer feature of the bitcoin system has eliminated the involvement of middlemen such as banks and other financial institutions that will prevent the freezing of your funds and other intermediary costs. You have to pay a very less fees while transacting in bitcoin, also no tax is implied on the purchase of the transactions.
Ethereum is an open-source public blockchain that is a distributed computing platform operating system and has drove the market crazy in 2017. Invented in the year of 2015, it has really grown fast and is competing with bitcoin tremendously. Business experts say that ethereum is a modified version of Nakamoto consensus. Having dealing with bitcoin all the time, people usually think that investing in ethereum is a good idea or not. It is definitely a good idea in putting your money in ethereum as it possesses a good intrinsic as well as industrial value. This is a unique feature of ethereum that is not in any of the cryptocurrency.
Ethereum is not only a peer-to-peer payment network but it also allows you to create your own ICO(Initial Coin Offering). Yes it is true you can create your own ICO while investing in ethereum. ICO is an online platform that helps in raising funds for the cryptocurrency ventures. Ethereum has a potential to benefit the users to a great extent. In the ethereum platform, the authority of the transaction is only with the dealing parties and hence no third party can make changes in the data. The users of ethereum have never faced any inconvenience while making the transactions by using the app as the applications are diligently protected against the hacking attacks and fraudulent activities. Also, the ethereum owners have said that they will be moving forward from mining to staking as it confirms your transactions in a better way. So, it can be said that investing in ethereum is also a good idea.
Being invented in the year of 2011, litecoin was considered as the ‘silver’ in the cryptocurrency world. Just like bitcoin, it is also a peer-to-peer decentralised payment network that enables the creation and transfer of coins. There is no central authority involved in the process of litecoin; it is an open-source cryptographic protocol. Experts say that litecoin is very much similar to bitcoin, but is also much quick and cheap than bitcoin. Litecoin faced boom in 2015 when it was in the third position of the market capitalisation race, but declined slowly and came down in the seventh position. However, it is trying to gain its position back as the less invasive feature is attracting users, which is a sign of improvement for litecoin in the upcoming years.
In the cryptocurrency system, these are the main cryptocurrencies that have largely captured the digital world. If you are also keen in investing with these cryptocurrencies, hop into BTC Monk with a hassle-free and secured trading experience.