The advancements in modern technology paved the way for the emergence of various investment vehicles, including digital assets and cryptocurrencies powered by blockchain technology. Over a recent couple of years, Bitcoin emerged as the most popular cryptocurrency that enticed various investors to consider. While Bitcoin is still a viable investment option, its value has somehow stabilized.
In this case, looking into other cryptocurrencies on the verge of emerging proves to be a smart move because you will be able to buy these digital assets at a lower market value, bringing forth a wider margin of profit. In line with this, below are some of the other types of cryptocurrencies that you can invest in.
Ripple was launched in 2012 with the primary intent to enable banks to settle cross-border payments in real-time. Unlike Bitcoin, its method of conformation is through the use of a ledger, and you don’t need to mine Ripple because all of its tokens were already “pre-mined” before it was launched. In this case, you can already buy XRP with a credit card in Australia, in the US, as well as in several countries in Europe and Asia. Rest assured that you are putting your money into one of the largest cryptocurrency in the world.
Ethereum can be used to decentralize, secure, and trade several different types of commodities through its smart contracts, as well as decentralized applications. All the applications running behind this cryptocurrency happen on its platform-specific cryptographic token which is referred to as ether. In case you are a developer looking into developing applications for Ethereum, or simply an investor seeking to make other digital currency purchases, then you need to leverage ether.
Litecoin was launched in 2011, a couple of years before Ripple and Ethereum. It was created by a former Google engineer and it is based on an open-source global payment network. However, this network is not controlled by any central authority, rather, it utilizes script as a proof of work. Even though this digital asset is very much similar to the model of Bitcoin, it has a faster block generation rate.
Tether aims to reduce the volatility that comes with various cryptocurrencies by smoothing out price fluctuations that leave the more cautious investors hesitant to invest in digital assets. Thus, Tether leveraged fiat currencies in a digital manner, which means that it allows users to utilize the blockchain network while transacting traditional currencies. It is noteworthy to mention that Tether also belongs to a group of stablecoins that aim to peg its market value to avoid periods of dramatic volatility.
To wrap things up, the cryptocurrencies mentioned above are only some of the digital assets that you can look into if you want to grow your money using this investment vehicle. There are other cryptocurrencies in the market worth looking into such as Libra, Monero (XMR), as well as EOS. The key is in ensuring that you diversify your portfolio and make sure that you don’t put all your eggs in one basket.
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