What is Cryptocurrency?
Cryptocurrency is a form of money that can be used to transact in any business or entity. It is an approved form of currency by the government in many industries and this is the reason people are now planning to invest in Cryptocurrency. There is a huge lot that has already invested and the current market capital of cryptocurrency is close to $200 billion which is like crazy. People are blindly investing in it and waiting to ripe the fruits of their investments. The currency is digital in nature and used the decentralized ledger to record and validate the transactions using blockchain method.
What is the Scope?
Frankly there is very little scope in investment in Bitcoin as a cryptocurrency. But you can try your hand at another cryptocurrency such as Ripple which is now booming up. There are many other cryptocurrencies depending on the location that you are situated at. People who had initially invested in Bitcoin as a cryptocurrency have reaped the fruits of it and have seen a huge profit margin in terms of investment. This is when the world got a jolt on the kind of investment cryptocurrency can be. In today’s times, if you are ready to take the risk and have the knack to play well in the investment market then it is time you start investment in cryptocurrency. Below points shall help you to grow your investments.
- Know when to invest in the market so that the time is right to buy any kind of currency.
- Exit when you have achieved your profit margin and do not leech more on the profits as it can be risky after a point in time.
- You should have the holding capacity as compared to the other investors so that you can sell it when the time is right.
- Invest more when the rates go down so that you can make the most of this opportunity.
Other Types of Cryptocurrency
Litecoin is headed by the ex Googler Charlie Lee and he has made it easy to buy this cryptocurrency. It is an alternative to Bitcoin and has made it a transparent deal to show whatever is going on with such a currency. This puts a trust factor for the investors and they can rely on the investment options offered by this cryptocurrency.
Ethereum is a much better cryptocurrency as compared to Bitcoin and it can do almost everything that the latter can. It works on the platform where decentralised applications are used to transfer funds. It is a more advanced and complex version when it comes to the scripts and language used. It is a great currency to invest in when you wish to find digital options.
There are many other types of cryptocurrency such as Monero, Zcash, Bancor, EOS, Tezos, to name a few. But it is difficult to comment if they are the best source of investment. As we all know that investment comes with a huge amount of risk and one should not look at options that may leave you in a lurch. If you look at earning handsome returns the Cryptocurrency is for you but if you are not sure on the returns component then find safe investment options and keep your money secured.
You cannot predict which cryptocurrency would fetch handsome returns in the future. It all depends on the number of users for that currency. The more number of users the better the returns would be. It totally is dependent on the luck factor and one should look at all the avenues before investing in any cryptocurrency.