As the world is adapting to the changing phases of finances and digitalism, we know an equal amount of risk and benefits are involved. People have developed a massive sense of skepticism towards the innovative concepts, making it harder for the businesses embedded in these areas to flourish. However, when life throws no more choices at them but to opt for one, the point of deviation occurs to simplify the day-to-day activities. One such technology that changed the fundamental theory of finance was the cryptocurrency.
A decade into the launch of Bitcoin, there still exists a trepidation regarding the product’s authenticity. But the numbers are rising, and the currency is becoming digital these days to a large extent that there are groups of people that do not use the fiat currency anymore. These changes are the initial steps to a more efficient future. Cryptocurrency has grown and changed as a concept from 2008 to the start of this new decade. Let us look at the best cryptocurrencies to invest in this year.
The name you were expecting to be on top is here again without creating an iota of surprise. Despite the decade-long, volatile run in the market, people incline to buy Bitcoin over any other cryptocurrency, mostly because it is the pioneer. When a product is tested and proven, the quality is brought out of the haze. Bitcoin has dominated the market since its advent and has been sailing smoothly. Although it faced multiple downfalls due to the market’s volatility, the comebacks have always been remarkable. Bitcoin, being the biggest name in cryptocurrency, must offer the best, and limitations are the last thing users expect. Offering the best wouldn’t be possible all the time, but the uncompromising services have helped Bitcoin in maintaining this position. All those factors have contributed to Bitcoin becoming the most popular and traded cryptocurrency.
As soon as Bitcoin was launched, an altcoin named Litecoin also entered the market. The biggest issue of using cryptocurrency was always the complex nature of the system. The nearly incomprehensible concept had to be learned for hours by every new trader to learn how it works. Litecoin came as the solution to this problem, and this “lite” version of Bitcoin developed into one of the most popular options. Bitcoin has certain limitations that may let down the users, but Litecoin fills those seams to make a nearly perfect experience. Some of Bitcoin’s best features were adopted in making Litecoin, enhancing them for a better transactional pattern. The latter performs such actions faster, while Bitcoin takes around 10 minutes to confirm a transaction.
The decentralization of currency made cryptocurrency the popular concept it is today. Ethereum further established the concept by decentralizing the internet by replacing all servers with nodes. A software platform was developed using blockchain technology to help the users exchange ether. However, it isn’t the name of the cryptocurrency that became popular, but the platform gained a whole lot of love and acceptance.