Which cryptocurrency should I buy?
The age of digitalization has completely innovated every aspect of our lives. We know longer have to wait for things to be accessible. Due to technological advancements, many things have become accessible. The world is filled with endless possibilities thanks to the internet. Blockchain was introduced a couple of years ago because of the innovation In the business world. No matter which field you belong to, you’ve definitely heard about the use of cryptocurrency everywhere.
So what exactly is cryptocurrency?
In the simplest of words, cryptocurrency is digital money. Because of digitalization, the concept of blockchain produced the use of cryptocurrency as a payment method. Digital wallets and cash can be counted as cryptocurrency. Instead of coins, money or bills to carry, everything is stored in blocks electronically. There’s no hassle of carrying anything around.
With cryptocurrency becoming popular every day, many people believe switching to it can do wonders. Let’s see some of the differences between regular currency and cryptocurrency.
- Just like the government issues regular currency, cryptocurrency is a network of terminals implementing open-source code.
- The availability of cryptocurrency completely depends on different factors like demand, popularity, usability, accessibility and etc, while the regular currency is accessible to everyone since it is issued by the government
- Cryptocurrency is the most secure form of currency since every transaction is recorded and verified by the internet. Government and banks control the security of the regular currency.
The most popular cryptocurrency currently is Bitcoin. It was introduced back in 2008. Since its digital, it is much easier to divide, store, transfer and secure. Compared to gold, it is in limited supply. Only 21 million Bitcoins will be produced. It’s the oldest form of cryptocurrency to ever exist. Litecoin is also another cryptocurrency. All cryptocurrencies have different purposes or different ways of processing transactions. Some cryptocurrency can create contracts and be run on applications and platforms.
Why is cryptocurrency becoming popular?
The introduction of this form of currency has changed the way the exchange takes place all over the world. It’s the fastest, cheapest, safest and easiest way to trade value. No matter where you live, reside or were born, you have access to equal opportunity of enjoying it. All you need is a robust and fast internet connection and a smartphone. That’s it. You’re free to use cryptocurrency as you like it.
Crypto enthusiasts have been growing in numbers since the introduction of Bitcoin. Mainly because there’s no involvement of any third party for any transaction to be processed. No banks and credit cards needed for any transaction to take place. Because of blockchain technology new innovations have been created to improve the world. Blockchains help a lot in verifying and securing information. From verifying health records, validating sole proprietorship to catalyzing research and establishing business relationships, blockchain technology has had an impact on every process.
Because of cryptocurrency, many people have been aware of the shortcomings that are derived from our current financial stability. Economic equality, identity theft, and hidden charges have been an obvious result of our current system and crypto technology has definitely eliminated or raised awareness on that.
Many people wonder if crypto is legal. If you’re someone who wants to buy crypto but worries about the legality of the situation, then you don’t need to anymore. It is legal to buy, sell and transfer crypto in most countries. The USA, the UK completely supports the use of cryptocurrency. Knowing which crypto to buy can be a challenge, since its not anonymous. Transactions are available to the public and can be traced back to you which is why whichever cryptocurrency you decide to invest or buy needs to be researched upon.
On Binaryx, you have options to buy Bitcoin, Bitcoin Cash, Litecoin, Ethereum, and Ethereum classic. Here are some things you need to consider before finalizing any decision. No crypto is better than the other though. It all depends on how you intend to use it. The best way to know what you want is by buying some of each. This way you’ll have access to each one and experience what every crypto has to offer.
It also depends on what you want to do with the currency. If you’re planning to go shopping and buy clothes, then Bitcoin is the way to go since it’s the most widely accepted form of cryptocurrency. If you’re into digital games, then Ethereum can prove to be very helpful.
The best part about Binaryx is that you don’t need to buy a whole coin or a whole bunch of coins. You can invest in increments for as low as 2 pounds, Dollars or Euros. Now you might be wondering when is the right time to buy crypto. Well, that depends on a number of factors as well. It depends on which crypto you’re going to buy, how financially stable you are, the quality of the crypto market currently and the reason you want to buy it. Always conduct your own research before investing in anything. These factors change for everyone on a daily basis. Your financial situation isn’t necessarily the same as everyone else’s. You can always seek the help of a financial advisor.
Bitcoin and Ethereum have become increasingly popular for a while. Because of their global acceptance and potential stability, these two are the best investment options for the year 2020. They both have a very high liquidity rate. Which means they can easily be sold at the market price, the fastest. They both have the biggest market capitalizations currently. Always choose to diversify your portfolio with whichever you choose to buy.
This article is intended as a news item to inform our readers of various events and developments that affect, or that might in the future affect, the value of the cryptocurrency described above. The information contained herein is not intended to provide, and it does not provide, sufficient information to form the basis for an investment decision, and you should not rely on this information for that purpose.