It comes as no surprise to hear that Cryptocurrency is the future of currency. This form of money is online-based and has been gaining value for over five years now. The first and most popular Cryptocurrency is Bitcoin. People have accepted as a mode of currency in many powerhouse countries, and it is expected that the others would follow suit in a short time.
Even though Bitcoin was the first, other cryptocurrencies have outperformed it in recent years, which begs the question “what then is the best Cryptocurrency in 2020?” In this article, we will introduce you to a little bit of the Cryptocurrency history, as well as the three best Cryptocurrencies right now.
History of This Great Currency, and Its Importance
As we mentioned earlier, the first Cryptocurrency was Bitcoin. It was made 11 years ago by a developer named Satoshi Nakamoto. When he announced his product to the public, it faced a lot of criticism. However, that did not stop Nakamoto. His creation, as we all know, would go on to become one of the leading forms of currency in 2020. What’s more, is that it also encouraged other developers to create different forms of digital currency.
Digital currencies are so beneficial to society, and a lot of businesses and people are beginning to understand that. Some of them are:
- Affordability: It can function as a medium of exchange without involving physical fees and high tax rates. You can send money to people at low rates. However, the cost depends on the speed you select the currency to be sent, the type of currency you send, and the type of transfer you make.
- Security: It also serves as a way for people to send money between themselves securely. Most digital currency developers created these currencies with protection against theft and hackers in mind. You can send this currency anonymously to another user.
- Scarcity: Cryptocurrencies are known for having limited currency in circulation. Bitcoin, as an example, has been programmed to only allow 21 million in value in circulation at all times. This means that in time, there would be a high demand for this digital currency with stagnant supply. This would thus make the currency highly valuable.
The Best Cryptocurrencies to Use In 2020
- Bitcoin: Bitcoin is abbreviated as BTC. It is an obvious choice, considering that it was the first Cryptocurrency, and currently worth $19098.24. It is also the most popular digital currency to date and benefits from the largest market cap.Even if it has fallen a bit from its highest value yet which is $20,000, it is still showing a lot of signs of development despite competition.
- Ethereum: It is abbreviated as ETH. Ethereum is a digital currency powerhouse that has seen its currency soar since its development in 2015. A lot of investors and other business enthusiasts have bought this currency, and projections indicate that its sales will continue to increase.Additionally, there are software providers that are providing accommodation for Ethereum as a payment option.
Some of these include Microsoft, Intel, and Chase. It is valued at $580.61, and with the momentum building on this currency, it is safe to say that it is a good investment option for entrepreneurs. It is also the first Cryptocurrency to introduce smart contracts, which has helped in a lot of ways.
- Litecoin: Litecoin is abbreviated as LTC. It has been accepted as a mode of payment on Overstock.com, and a few other places. This strongly suggests that Litecoin is developing at a rapid rate, with a lot of expansion plans. Its all-time high price is $350, and although it is valued at $80.51, forecasts have shown that it would surpass that figure in a short time.Its biggest selling point is its transaction speeds, boasting of the fastest transaction rates in all digital currencies.
This is due to the fact that it uses a different type of algorithm for transactions. This has given it a large edge over most digital currencies, as more and more individuals are patronizing them.
Digital currency is fast gaining popularity, and is already being used alongside physical currency fro expenditure and transfer purposes. If our estimations are correct, cryptocurrencies are going to be the main currency and mode of transaction in the nearest future.
That said, before you blindly buy Cryptocurrency and smash your device in frustration if the value drops, it is a good idea to understand its concept, market analysis, and other vital information.