WHY INVEST IN BITCOIN AND OTHER CRYPTO COINS?
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There are two main reasons why people like to invest in Bitcoin and other cryptocurrencies. Firstly, there is potentially a lot of money that could be made out of it. When bitcoin first launched in 2009 it was worth just a few cents, but recently it reached a high of over $64,000 (£46,000).
The second reason is diversification. Cryptocurrencies tend to move in a different way to other investments like shares and property, so more and more investors are putting a small percentage of their cash in bitcoin and ethereum particularly, simply to spread their risk.
If you do decide to put your toe in the crypto waters, make sure you don’t put in any more than you could comfortably lose but added to an investment portfolio they can reap very high returns if you hold them longterm.
The first cryptocurrency invented and currently by far the most valuable. It was created in 2008 by Satoshi Nakamoto, a person (or persons) unknown. There is a finite number of 21 Million bitcoin although it is agreed that approx 4 million have been lost forever which reduces the supply and increases its scarcity enormously .
It’s decentralised and is operated by ‘bitcoin miners’ around the world that unlock the cryptography that secures bitcoin transactions through powerful computers.
Bitcoin is the Gorilla of the Crypto world in so much that where it moves the rest of the market follows
It has 12 years of history of staying at the Top, out lasting many competitors and fighting off attacks from government forces so much so that recently a country (El Salvador) has made it legal tender.
Most Crypto enthusiasts agree that The two ‘must-haves’ for any crypto investor are Bitcoin and Eth (Ethereum).
Bitcoin is considered a ‘store of value’, like gold, because there’s a limited amount of it in the world so the more popular it gets the more its price goes up.
The second biggest and best-known cryptocurrency after bitcoin. Unlike bitcoin, ethereum – or rather ‘ether’ which is the name of the coin as opposed to ‘ethereum’ the network – is not limited in number. It is programmable money and enables developers to create ‘dApps’ (decentralised applications) and to write ‘smart contracts’ which can create rules about how, when and where the coins can be spent.
Ethereum doesn’t have a limited supply per se but as of 05-08-2021 it has been updated to “Burn” tokens with every transaction which over time will actually be deflationary giving it similar properties to Bitcoin . also it is used a lot by developers to create other products and and buy items such as NFT’s
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Apart from bitcoin and ether there are literally thousands of ‘alternative coins’ or ‘altcoins’, some of which are gaining in popularity such as Polkadot (DOT), Solana (SOL), Compound (COMP)
here we will give a brief outline of some of the best but please bear in mind this is for information purposes only and not investment advice
Polkadot is a next-generation blockchain protocol connecting multiple specialized blockchains into one unified network. Designed as part of a broad vision for a web that returns control to individuals over internet monopolies, Polkadot builds on the revolutionary promise of previous blockchain networks while offering several fundamental advantages.
Commonly known as an “Ethereum Killer” Solana is a fast, secure, and censorship resistant blockchain providing the open infrastructure required for global adoption and the fastest growing ecosystem in crypto . not a coin so much as a protocol even so its native token (SOL) is touted to become very valuable as time progresses
for more info Goto their official webpage
Compound is a DApp that allows users to earn interest on their crypto holdings
Compound is a Defi protocol that has attracted a large number of new users since its launch in 2018. It is a decentralized application (DApp) that works on top of the Ethereum network. The platform works by letting users contribute or deposit crypto funds into a liquidity pool in order to earn interest on their assets. Users can currently use 14 different cryptocurrencies and the top three markets in Compound are USD Coin, Dai and Ether.
Compound allows users to seamlessly lend, borrow, and earn interest in cryptocurrency. If you lock in your crypto funds with the platform, you can pocket increasingly lucrative returns with compounding interest (hence the name). For example, if you lent ETH to Compound’s pool of funds, you would begin to see interest accrue in the form of ETH almost immediately. This idea is identical in nature to holding your funds in a high yield savings account at a bank. Yet instead of routing through banks, the system is entirely peer-to-peer
See more about this powerful decentralised lending and borrowing platform here: