Some Facts You Really Need To Know About The Famous Crytocurrency.
Now what Is Crypto currency ? Cryptocurrency is a digital currency that can be used to buy goods and services. But Cryptocurrency uses an online ledger with strong cryptography to secure online transactions. Cryptocurrency is unregulated but people use it to trade for profit speculators with Cryptocurrency at times drive prices upwards.
How Many Types Of Cryptocurrencies Do We Have?
Research has shown that there are more than 6,700 cryptocurrencies that are traded publicly. And there is a continuous proliferation of cryptocurrencies raising money through initial coin offering. The total value of cryptocurrencies as at 27, 2021 was more than $897.3 billion according to coin market capitalisation.
The total value of all Bitcoins, most popular digital currency, was pegged at about $563.8 billion. Current trading price of Bitcoin is $38,798.80=1BTC.
Below are 10 best cryptocurrencies based on market capitalisation
1. Bitcoin $563.8 billion
2.Ethereum $142.9 billion
3. Tether $252 billion
4. Polkadot $13.9 billion
5. XRP $11.4 billion
6. Cardano $9.7 billion
7. Chain link $8.3 billion
8. Litecoin $8.1 billion
9. Bitcoin Cash $7 billion
10. Binance $6.2 billion
Is It Good To Invest In Cryptocurrencies?
We will examine closely four things you need to consider before you invest in cryptocurrencies:
Firstly, many experts have agreed that in cryptocurrencies is risky. Even though, all investing carries some degree of risk, one should not take unnecessary risks, when it comes to your hard earned money. Don” t gamble with your financial future.
Secondly, there are a lot of uncertainties and a lot remain unknown about cryptocurrencies. A lot needs to be ironed out with how cryptocurrencies work. For instance, nobody knows who the real founder of Bitcoin is Only a negligible percentage of people in the world understand the system and how it operates.
Thirdly, it can be used for fraudulent activity. Cryptocurrencies want to remain anonymous and avoid regulation from banks or the government, it is easy to make shady deals using it. A major problem in the Cryptocurrency world is money laundering
The fourth thing is the uncertain rate. Trading in Cryptocurrency is tantamount to gambling. It has no pattern to the rise and fall of its value and no regulatory standards. Changes regarding cryptocurrencies are unpredictable. Returns cannot be calculated as is done stork mutual funds. Odogwublog.com
From the above facts, it is safe to say that investing in cryptocurrencies is not a very good choice for investment.
I hope these facts will help you to make informed decisions concerning cryptocurrencies.