Cryptocurrencies have taken the whole world with a storm. Modern virtual currencies are in the news everywhere. Everyone is willing to invest in virtual currency and make quick gains. When it comes to cryptocurrency, bitcoin is the only name that comes into most people’s minds. You can visit here to know all about bitcoin blockchain if you are planning to invest in bitcoin. However, several other digital currencies have great potential, and some are as follows.
Monero is a cryptocurrency that is considered to be completely untraceable. Its features are quite identical to bitcoin as it also works on blockchain technology. But the major difference between it and bitcoin is that bitcoin is not full anonymous as bitcoin transactions can be traced to some extent. But Monero is impossible to be traced as it has no such public ledger in which it shares the public address. Monero is a cryptocurrency of the black market, and its present value is around $252.25. A year earlier, it was valued at $47, so it is a great growth within a year.
Is It A Good Investment?
Monero is irrefutable a promising cryptocurrency, but when it comes to investment, it may not be the right option as there are several security risks related to it. Monero is entirely an anonymous cryptocurrency that has positive as well as negative sides. It is not backed by any kind of financial institutions, which increases the risk of facing any fraud or scam while using it. So, it is better if you avoid investing your hard-earned money into it.
In the past few months, dogecoin has been all over the news and Internet. It is a low-price cryptocurrency, but its growth has made it a big competitor of taking the place of bitcoin. It has a small market capitalization of around $7 billion compared to bitcoin, as the latter has a market cap of a whopping $920 billion. Dogecoin was launched in the market in 2013, and 127 million of them can ever be mine, and out of the number, 113 million has already been mined.
Shall You Invest In It?
Now comes the most important questions that if dogecoin is a good investment or not. Dogecoin is a complete gamble as some believe that it may offer big returns in the future, whereas some think that it is merely hype. So, the last decision is yours if you want to invest in it or not. If you decide of investing in it, you must try to make only a small investment as it will keep you on the safe side. Dogecoin still needs a lot of time to reach the level of bitcoin, so it’s better if you give dogecoin a tiny portion in your portfolio.
When it comes to the alternative for bitcoin, you cannot miss Ethereum. It is the closest competitor of bitcoin and also the second most valuable cryptocurrency after bitcoins. However, it is also inspired by bitcoin, but it also has some features that make it different from bitcoin. Ethereum works through ‘smart contracts, which are converted in the form of a computer code added to the blockchain. It is an open-source network, which makes it similar to bitcoin. You can trade Ethereum and use it as a payment method on e-commerce websites and online platforms that accept it.
Invest it or not?
Cryptocurrency is the future of the monetary exchange, and it is the perfect time to invest in it. The cryptocurrency market is full of risks, but if you want to invest in a safe digital currency, Ethereum is one of them. Its price is quite stable compared to other cryptocurrencies, and in the next few years, its value is going to increase. If you cannot afford to buy bitcoins, Ethereum is the best option for you as it will fall in your budget and bring good returns in the long term. It has a total market cap of $200 billion, second to the world’s biggest cryptocurrency, Bitcoin. As the acceptance and adoption of cryptocurrency will increase, the price of Ethereum will also increase. So, it is a great investment for those who don’t want to invest in bitcoins.