” CRYPTOCURRENCY IN 2020 “
Cryptocurrencies have changed the way business is done in the world today by the addition of a digital asset people and businesses can invest in. Although only a small part of the world’s population currently trades with digital money, there is a steady recorded growth in the number of investors all over the world.
Techrider looks into the advantages of investing in crypto and shows the best 5 options to invest in considering the market trends in the year 2020.
2. WHAT IS CRYPTOCURRENCY?
3. ARCHITECTURE: HOW DOES IT WORK
4. IS CRYPTOCURRENCY A SMART INVESTMENT CHOICE?
5. WHY INVEST IN CRYPTOCURRENCY
6. CRYPTOCURRENCY: MARKET TRENDS AND BEST BUYS
WHAT IS CRYPTOCURRENCY?
Digital assets designed to be a medium of trade wherein the records of individual owned coins are stored in a digital ledger or computerized database and strong cryptography is used in securing transaction details, control of additional digital coin records creation, and also to verify the transfer of coin ownership.
This is what cryptocurrencies are and today Techrider looks into how far they have come in influencing our daily activities today.
ARCHITECTURE: HOW DOES IT WORK
Cryptocurrencies are quite different from each other, some of them use decentralized control unlike centralized digital currency and central banking systems.When created prior to issuance or held on a centralized exchange, cryptos are considered centralized as opposed to when they are implemented with decentralized control, each one works through a distributed ledger, typically called a blockchain, these blockchains serve as a public financial transaction databases.
The first decentralized crypto was bitcoin allegedly created by Satoshi Nakamoto, it wasn’t the first attempt at making a digital currency but it became the most popular and it stuck. After bitcoin, thousands of altcoins(bitcoin alternatives)have been created.
IS CRYPTOCURRENCY A SMART INVESTMENT CHOICE?
Today the world of crypto has produced a lot of millionaires, especially early investors who took the risk to invest before it became so popular.
However, today, business persons willing to invest in crypto must be very careful, time must be put into research and evaluation of future trends in the field and that is not an easy task. It is always better to consult different sources and explore different opportunities before committing.
WHY INVEST IN CRYPTOCURRENCY
This is a fundamental question that we have decided to treat. We are presenting you with the best information concerning how and why you should invest your money in the crypto world. We have outlined a couple of reasons we think in this day and time crypto is one of the smartest options for you to sink your money in:
● Digital coins are widely accessible wherever and whenever the need may arise, they can be traded easily and converted into liquid cash in no time.
● It is also a secure Investment. in crypto money, there is no need to fear identity thefts or frauds.
● The costs of transaction for a cryptocurrency exchange is much lower than traditional transaction fees.
● Crypto Money is another way to diversify our investment portfolio.
● Faster transactions are a guarantee as operations here are conducted almost instantly, therefore no time is wasted at all when trying to access cash.
CRYPTOCURRENCY: MARKET TRENDS AND BEST BUYS
Following market trends this year, the world has been hit by an economic crippling menace ad that has affected all businesses mostly badly but not necessarily the case for crypto. There has been down and uptrends noticed this year in the market for crypto but mostly up in recent times unlike many other businesses affected by the COVID-19 virus. Some of the best performers in such a time are listed below
Ether or Ethereum as it is popularly known is based on a popular app processing platform and used as a reward to mining nodes for computations performed, this is where it derives its power from.
According to the live price tracker ether cost about $196 as of May 2020, this is a reflection of how the year has been knowing it has reached heights of about $270 before.
Ethereum prices fell due to the virus but have been on a rapid comeback gaining faster than every other coin this year. predictions for either are optimistic. Analysts claim that Ethereum can even reach Bitcoin although Techrider totally disagrees with the statement one thing is for sure though it has outperformed bitcoin this year considering the rate at which it has grown after falling badly.
There is no making a list of the most promising cryptocurrencies without a mention of bitcoin. It has been the frontier for a while now and has to lead the race in the cryptocurrency world after major ups and downs, Bitcoin finally stabilized for a while in 2019 but that was before falling again majorly.
Now the value is the rise again but at best we believe it’s a solution for investors who want to play safe. it promises and small long-term return on investments.
Litecoin is a much cheaper option to Bitcoin or Ethereum, but Techrider believes that it doesn’t reflect its full potential in the market. For this reason, we feel strongly about this coin’s potential and think investing in it could be a huge opportunity for clever business folks looking to make a lot of profit in the long term.
Firstly it costs right now is relatively low compared to ether and bitcoin, it cost around $43 right now although it has been affected by the great fall of 2020 due to the virus too we believe if will gain rapidly as in ethereum so it presents a low-risk opportunity with a high return.
Also, Litecoin has technical preconditions likely to turn it into a global transaction network, this alone should be more than enough reason for an investor to be interested.
Another cryptocurrency with huge potential to dominate the market. It is now worth barely $0.19, but things could change really quickly if Ripple grabs hold of the banking structure as it goes to coin. It has shown promise in the past and isn’t left out of the piece fall that has affected businesses everywhere but it is likely to rise again quickly with reports circulating about adoption by Visa and Western Union might as their under-the-hood technology.
Currently costing between $9 to $11 dollars, it was also affected by the COVID-19 syndrome but Techrider is sure it will grow significantly as soon as the market normalizes.
The coin’s infrastructure brims with potential and it has been teased that the Chinese government is thinking about joining the NEO game. If this happens the price will skyrocket and turn NEO into one of the most profitable cryptocurrencies available.
In conclusion cryptocurrencies have proven to be a high-profit margin business and a great business opportunity, but note it is important to keep up with the market trends as tides can shift quickly and money can be lost as quickly as it can be gained. You must know when and how to buy and also know the right time to sell and make maximum profits.