The number of people investing in Cryptocurrencies is increasing day by day, and many people are also using it as a form of trading. Cryptocurrencies are becoming more popular investments than the stock market, and the prices of the top cryptocurrencies look to soon surpass Gold.
What are cryptocurrencies?
Cryptocurrencies are a new and emerging form of exchanging #Money. They are proving to be a threat to existing currencies due to their convenience. They are also used by the underworld and are becoming more popular day by day. The first ever cryptocurrency introduced into the market was the Bitcoin, which is getting the huge recognition due to its soaring prices.
Since then, many more cryptocurrencies have come into existence and have become a medium for exchange due to the convenience. It is proving to be a huge competitor to existing currencies.
About the Bitcoin
An unknown group or individual introduced #Bitcoin in 2008 and since then, many cryptocurrencies that have come into existence. Even though cryptocurrencies are more of a mode of exchange, people have invested money in it and made significant profits. Just nine years after coming into existence and starting from scratch, 1 Bitcoin is now worth approximately $2,800. Early investors in Bitcoin have earned hundreds or thousands of dollars over the time and still insist on holding on to Bitcoin to make bigger profits.
Over 6 billion dollars have been exchanged in bitcoin across an array of 7.5 million users.
What cryptocurrency to invest in?
In July 2015, a new cryptocurrency, the Ethereum was born. It has only followed a steep upward trend and keeps growing on an hourly basis. Today 1 Ethereum is worth approximately $265 and has increased by $170 in just the past month.
It is promising and looks to surpass the Bitcoin given its steep upward trend. People have only heard of Bitcoin, but given its high price now, people are not willing to invest. After doing some research in cryptocurrencies, it is seen that there are more promising currencies to invest in, namely Ripple, Ethereum, and Litecoin.
Even though it is illegal in some countries as it is seen as a threat to the existing currencies, it is entirely legal in the US and 29 more countries. A few people have given up their full-time jobs, just to invest in the cryptocurrency markets. Investing in Bitcoin, Ethereum and Litecoin is very easy and can be done through a portal called Coinbase. Investing in other cryptocurrencies requires some research but has several safe portals to invest through.
Investing in cryptocurrencies is very safe, easy and legal. Referring it to people can also earn you $10 in Bitcoin money which is another motivator to help spread the awareness.
