Top 5 Cryptocurrencies to Invest Essay
The global market of cryptocurrencies is developing at a fast pace creating perspective digital currencies with various features and unique qualities. Some of them are pretty famous, like Bitcoin, some are just making their way to the top. It is important to distinguish efficient currencies with positive perspectives and original features from simple duplicates. Using wise investment and a bit of luck, it is possible to earn the first million just by choosing the appropriate digital currency to invest in. If you are seriously thinking about investing in one of the many digital currencies, you should get familiar with peculiarities of the most popular and up-to-date ones. Here are the top 5 cryptocurrencies that can make you wealthier in a relatively short period.
Bitcoin has been on the market for the longest period, and it is complicated to surprise anyone with it – being the father of all cryptocurrencies, its price increased tremendously over the past few years and outperformed other investments into gold, real estate or the stock market. In 2017 it reached the highest value and is not going to slow down. New applications and features are expected to enter the market making it more understandable and attractive to the plausible audience. More and more countries are recognizing Bitcoin as a legal currency. The same with online shopping – in comparison with previous years, now it is possible to purchase goods in numerous shops all over the world using this digital currency. Bitcoin is also enjoying the network effect as it is the most known cryptocurrency and if people have heard something about digital money at all, that will be Bitcoin.
Current Market cap: $71,090,704,275
The speed of Ethereum development is remarkable – due to the system of smart contracts, which are equivalent to real-life contracts but in the digital form, more and more people are getting interested in Ethers as an investment source. It is a very useful payment system in terms of dealing with real estate and other considerable values exchange of which demands security and transparency to transfer the ownership rights from the seller to the buyer. It has been looking over Bitcoin’s back and is predicted to overtake Bitcoin in the near future. A lot of other digital currencies are using Ethereum platform to run their enterprise. This software has presented itself in a very professional way alluring many private investors from China, Canada, and Russia to back them up. It can be the mainstream currency of the future.
Current Market cap: $27,610,394,232
Despite being only three years old, Digibyte is a constantly growing service with an emphasis on secure transactions and lower transaction fees. The company consists of loyal and ardent developers whose primary aim is to enhance their cryptocurrency. And they have made one very smart move to promote their digital currency all over the world. Digibyte is now the partner of such tremendously popular online games as World of Warcraft, League of Legends, and Counter Strike – Global Offensive. The company has already announced that their next partner will be Minecraft. Of course, it can’t compete with monsters like Bitcoin but slowly it is reaching its goals and now is on the list of top cryptocurrencies 2017.
Current Market cap: $106,603,041
When this digital currency was launched in 2016, the marketing hype made its price even bigger than Bitcoin which triggered numerous investments. It turned out the expectations were over-optimistic and lacked justification. After a sudden crush, a lot of investors have lost their money, and that shook its position on the market. Nevertheless, the company learned its previous mistakes and continued to work on necessary amendments. It is known for its security protocols called zero-knowledge technology. It allows hiding information about the participants of the transaction and the sum of money being transferred from public view. Currently, Zcash restores its position, and recently the agreement was signed with JP Morgan Bank.
Current Market cap: $404,708,277
And the last best choice for investment is Ripple, a combination of gross settlement system (RTXP) with currency exchange and money transfer service also called the Ripple protocol invented in 2012. This is not a traditional digital currency. It revolutionizes the method through which people are used to sending and receiving money. It deals with any type of digital value – digital money, fiat currency, commodity, etc. Generally, it reminds a banking system. Such giants like UniCredit, SBI Bank, or UBS choose this platform for their financial business, which supports its firm position on the market. Combining a lot of features from the banking sector, it can be the answer to all transaction delays and other unpleasant things banks have to deal with.
Current Market cap: $6,397,861,737
Need essay sample on "Top 5 Cryptocurrencies to Invest"? We will write a custom essay sample specifically for you for only $ 13.90/page
The choice of digital currency to invest in depends on your own objectives and the outcomes you strive to achieve. Some of the currencies are good at making you quick profit, and other will be long-term investments. They all have some features that attract investors. The five of the abovementioned currencies are considered to be the finest choice due to their peculiarities, constant development, and firm position on the market. The choice is yours – select the one or two that suits you best.