Cryptocurrencies are a new and exciting world of finance, but they can be hard to understand. You can find a cryptocurrency being compared to almost anything from gold, cash, stocks, and shares, but it is their volatility that makes them unique.
In 2013 Bitcoin was worth just $150 per coin then after several months, it had risen to $1000 which meant many early adopters
What is crypto?
Crypto is a digital currency, which uses cryptography to control the creation and transfer of money. Cryptography is used to secure transactions and to verify transfers. This system allows users to carry out transactions anonymously, but it is the volatility that makes them unique.
Here are some basic pieces of information you need to understand about this new and exciting technology:
How Can You Gain Crypto?
There are several ways to get hold of cryptocurrency. One is through mining, which consists of solving complex cryptography problems that require significant computing power.
Another way is by directly buying it from someone who has already mined it or at an online currency exchange where you can buy and sell cryptocurrencies for fiat currency. You can also receive crypto in return for products or services you provide.
How Does Crypto Work?
The currency operates through the use of tokens that are unique to each platform and act as a store of value on the blockchain. The amount available is controlled by code, meaning that they cannot be more than is defined at any time. There are different types of cryptocurrency, including some that act like shares in a company, others that offer voting rights, or some that are used only for online purchases.
What Makes Crypto Different?
The fact that they are decentralized gives them several advantages over traditional currencies. For example, since there is no central authority you don’t have to wait three days for payments to clear. Some cryptocurrencies also work on the ‘proof of stake’ system, which means you won’t have to pay transaction fees.
What Does Decentralization Mean?
Decentralization refers to how a currency is produced. In centralized banking, the currency is provided centrally by a central bank. This differs from decentralized digital currencies where cryptography is used to control the creation of monetary units and verify transactions independently of a central authority.
One of the most notable examples is Bitcoin, which was the first cryptocurrency that started trading back in 2009. There are several other types of cryptocurrency that have since been created such as Litecoin, Ripple, and Ether, which use their system to generate the currency.
What Are Tokens?
Crypto tokens are a unit of currency in the digital asset class. This token is simply a unit used to classify specific types of cryptocurrencies, similar to how dollars or pounds are used for fiat currencies. Tokens can represent any assets that are valuable and tradeable, which include but are not limited to: coins, loyalty points, gold certificates, IOUs, in-game items, etc.
With so many cryptos currently on market, that’s where the Current Crypto Hall of Fame comes in. We will tell you the most expensive crypto, the most volatile, the most increased, and so on. We also give you information about what your investment will do for you over time.
Most Expensive Coin
Bitcoin is the most expensive coin. It started July 27, 2017, at a price of $2,434 and reached its all-time high on December 17th at a price of $19,140. Now, Bitcoin is at $65,992 as of October 20th, 2021.
– (Data collected from Coin Market Cap)
Most Volatile Coin
According to Freewallet.org, the most volatile crypto to date is Ethereum (ETH). Just from this year alone, it beats Bitcoin in terms of price fluctuations. The peak is in May topping at $4000, which is an increase of 4800% from just $730 at the beginning of 2021 in January.
Most Stable Coin
There is a specific name for cryptocurrency with the most stable growth and market value, it’s called a stable coin. Stablecoin can be considered as a low volatility version of cryptocurrency, which is backed by a real stable asset such as fiat currency or commodity asset like gold. The public seems to agree that the most popular stablecoin is Tether.
The reason behind it is due to strong backing from commodities such as gold, and traditional currency as well as cash reserves. Tether or more popularly known as USDT, has a value of close to $1, most of the time. There are still some fluctuations and decreases in value but it was never significant, therefore earning its title as the most stable coin.
The ups and downs of those cryptocurrencies are influenced by many factors. All and all, its future is still very promising as more and more use cases are being developed every day. Right now, there are about 15,000 businesses accepting crypto payment of some sort for their products and services. They were loved because it promises anonymity and security to whoever is involved in whatever the transaction is about. One of the more popular uses of crypto is for online betting. Due to its nature being unhackable -thanks to blockchain technology-, it becomes a safer alternative to the conventional methods of payment. It’s very easy to find bookmakers which accept bitcoin nowadays, and the experience is also hassle-free, just like any other form of digital payment. This is the perfect combination for both of the parties as the online betting industry will get deeper market penetration for crypto users, and crypto enthusiasts can have more diverse use cases for their coins. Sports events will always be one of the biggest events with the most loyal fans that are scattered around the world. Hence why it was a no brainer for any industry to join the crowd and have mutual collaboration.
Something to consider when investing is whether or not your investment is sustainable. Let us rephrase that, you’re going to need some serious capital to buy and hold any of these coins because that is their low. If you’re looking for a good investment then I suggest that you look into the stable coin.
As mentioned earlier, the Current Crypto Hall of Fame simply reports current events and trends in Cryptocurrency.
As cryptos are very volatile in terms of market cap and values, it is safe to say that this list will soon change. We will be able to witness new names entering the list and drop off from the list as well. This reason also makes this currency unique on its own. But this can also be a warning for new investors who are interested to join the boat, do your research as much as you can before deciding to put your money in any coin. don’t follow the hype nor fear of missing out (FOMO) as these two reasons are the most responsible for a lot of failed investors.
We hope that if you are looking into investing in crypto you will see this as valuable information, but not advice. There is no way to know what the price of any of these coins will be or if they’ll increase or decrease at all.
