Cryptocurrency today has become a respectable system of payment. Now, you’ll come across over 8,000 cryptocurrencies which proves how popular it has become. Some companies and establishments such as AT&T, Travala, PayPal and so on have already been open to the idea of accepting it as a form of payment. So it’s no surprise why tons of people decide to invest in it.
With thousands of existing cryptocurrencies, most starting investors will likely have a tough time deciding what crypto to get into. If you’re among these people, Casino Days has created a guide that’ll help you choose the ideal cryptocurrency for you. Check it out below!
Know the market
Before you go into the realm of investing, you should first understand the market. Learn all that makes it work, from the charts and their technical indicators to the people involved in its community.
Remember that cryptocurrency, in nature, is volatile and your chances of gaining and losing money in its markets are unknown. So it’s best to know the environment you’re in since this will help you make better choices when it comes to choosing which coin to invest in.
Be part of the community
What better way to know the market than being part of its community? This is one way to know the ins and outs of cryptocurrency. By connecting with fellow crypto enthusiasts and exchanging thoughts and ideas, you’ll easily grasp essential things there is to know about it. Plus, you’re getting information from people with real-life experiences.
This is also a great place to learn about the dos and don’ts of investing, so if you’re a beginner, join a community, whether it’s a Facebook group, a group chat on Whatsapp, or something else entirely. Who knows, you could even make friends through the process!
Do your research
Doing your in-depth research is always vital when investing in crypto if you want to make the most informed and rewarding decisions. So before hitting the purchase button, do a little snooping around about the crypto you’re going to be investing in.
Aspects to consider include the company’s reputation, credibility, milestones, roadblocks, vision and everything there is to do with its history. Get to know the people behind the cryptocurrency since they’re the ones who have the power to make changes to the network
Aside from that, learn about the coin’s purpose and rationale. Know the blockchain’s consensus mechanism and governance system the network follows so you know if you have any say on voting and if you can stake coins for increased profits.
Knowing these key pieces of information will make choosing crypto easier since you’re given something to weigh it out with.
Judge the technology they use
One of the things that contribute to a cryptocurrency’s success is the technology it uses. These technologies can contribute to the efficiency of growth, process and stability. So when picking out a cryptocurrency to invest in, make sure to consider how innovative they are with their technology.
A good example is Etherum’s smart contracts which assist the automatic exchange of any asset. Having this unique great technology makes Ethereum an ideal option for investing.
See how socially active they are
Another thing to be on the lookout for is the crypto company’s social engagement. Successful crypto companies usually have a great sense of engagement and connection with their investors. So when scouting, consider one that reaches out to you, connects with you and overall gives you a sense of trust.
Try checking their platforms such as Facebook, Twitter, Instagram, Discord and so on to check their social status. Choosing to invest in cryptos like this will make communicating and investing easier.
Best cryptocurrencies to invest in
Now you know how to choose the right cryptocurrency, it’s time to put that newfound knowledge to good use. Knowing the top cryptocurrencies to invest in will narrow down your choices and will make picking the right one for you much easier!
Without further ado, here’s a list of the best cryptocurrencies to consider:
Bitcoin is the most well-known cryptocurrency today and is also ranked at the top of the charts when it comes to value, having over $900 billion worth of market cap. It is currently 13 years old today and is still deemed reliable and holds over 40% of the total value of the entire crypto market. So if you’re looking for the crypto with the highest value on the market, then you can consider investing in Bitcoin.
Ethereum is ranked second on the market charts and is also one of the most popular cryptos around. If you’re not into the whole Bitcoin craze, you can consider investing in Ethereum.
This holds over 20% of the entire crypto market and is a tad bit closer to reaching Bitcoin’s relevance. Plus, Ethereum now has the best technologies around such as their nonfungible tokens, smart contracts and so on. This is one of the greatest cryptocurrencies you’ll ever come across, so it’s worth looking into.
Another cryptocurrency to consider is Binance, the 4th largest crypto in market capitalisation and deemed the most liquid of all cryptos around.
While it was mostly used to lessen exchange fees in Binance, it has now extended its use for a lot of things such as investing in stocks, exchanging or trading funds, making payments, getting financial services and even arranging travel arrangements.
Considering its large userbase and a market cap of $73 billion, this is a reliable and stable cryptocurrency you can consider investing in.
Solana is great crypto to consider investing in since unlike the rest, it has considerable fees. Though it’s the rookie of the list after only launching in 2020, it caught the eyes of many as it quickly made it in the 5th spot with a market cap of $44 billion.
From only valuing $1.51 back then, it has now risen to a whopping $160. This is great crypto to invest in as a beginner since it’s more affordable than others and is showing progress through time.