Are you thinking of investing in cryptocurrencies to change your fortunes? If so, you need to choose the right coins to invest in because there are an overwhelmingly large number of crypto assets around and not all are equally dependable. Cryptocurrency is digital money that is founded on blockchain technology. Since it is not regulated or issued by governments, financial institutions, or banks, cryptocurrency appeals to investors. But, the crypto market is known to be notoriously volatile, and you should be prepared for price swings when you trade in these.
5 cryptocurrencies that can make you rich in 2021:
- Bitcoin: Bitcoin was founded in 2009 by Satoshi Nakamoto and has been there for the longest period with the highest market cap. While many cryptos may have come out after the Bitcoin, it still contributes 40% of the total crypto market cap. Bitcoin may have retained its position of dominance but its ride has been far from smooth; there have been major crashes in 2018 but the coin managed to bounce back and is currently hovering around a whopping $50,000. Given its recent price surge and continued hold over the crypto sphere, it seems to be a safe bet for newcomers. Many modern businesses have also started accepting Bitcoins as payment, thereby enhancing its value. The young investors can employ trading bots to execute the trade autonomously. Check this crypto bank 2021 review for more details.
- Bitcoin Cash: Cryptos like Bitcoin have been founded on the blockchain technology that records data of transactions inside “blocks” containing data worth1 megabyte. With the currency gaining popularity, data blocks started to get filled up and this automatically slowed down transaction speeds, heightening transaction fees in the process. So, Bitcoin developers sought a solution which would cut down the amount of data for every block without compromising its integrity. This led to emergence of the Bitcoin Cash in 2017. BCH can store 8 megabyte of data and allows speedier and frequent transactions compared to the Bitcoin. Its scalability reveals its potential for future growth and makes it one of the most reliable cryptos to make you rich.
- Litecoin: This was founded by Charlie Lee in order to produce the “lite” version for the Bitcoin that was to play a second fiddle to it. The crypto that was launched in 2011 by Lee adopts most of Bitcoin’s features along with some tweaks. Compared to Bitcoin transactions that need 10 minutes for verification, Litecoin transactions need 3 minutes or less. Bitcoin mining demands specialized hardware and a colossal amount of computing power but Litecoin mining is easier, less energy-intensive, and can be done using standard PCs.
- Ethereum: Ethereum has a goal to decentralize the Internet; to this effect, it replaces servers using a global network of nodes. The software is based on blockchain technology whereby users can exchange Ether. Its market cap is second only to the Bitcoin and the platform is the biggest attraction for crypto enthusiasts because of smart contracts. Ether appeals to investors not simply for profit reasons but because of its wider uses.
- Binance Coin: This is one of the few cryptos that attained a peak in 2017 when others suffered hits and were declining in value. This has witnesses a slow but steady growth since 2017 and proved to be one of the most stable cryptos so far. It was originally launched on the Ethereum platform and later the DEX or Binance decentralized exchange took over. This platform not only allows you to sell and buy Binance coins but use BNB for converting other cryptos. No surprises then why Binance DEX is currently one of the largest exchanges in terms of volume.