There have been dozens of cryptocurrencies in the market today since the release of Bitcoin. If you are new to e-currencies, you might find it hard to determine which coins to buy, invest in, or use for your transactions.
Cryptocurrencies are decentralized, borderless, digital currencies that are sent and received digitally. They do not follow the conventional banking system, where there are intermediaries and a central management system. They are now used in various e-commerce and gaming platforms around the world. Here are some of the best cryptocurrencies to consider in 2022.
Best cryptocurrencies to consider in 2022.
Bitcoin was created in 2009 by Satoshi Nakamoto. It was the first true cryptocurrency. Currently, the coin has a market cap of $377 billion. Like many other cryptocurrencies, it runs on a blockchain system, or a distributed ledger, where the transactions are distributed across a wide network of computers.
Over the years, the price of Bitcoin has gone up several thousand times the initial value. It has also become a household name for many cryptocurrency transactions. Many of the e-currency coins are made from the blockchain technology that was initially used to build Bitcoin.
If you are looking for a coin that is accepted by most vendors and casinos around the globe, this is your best choice. For gamers, PiratePlay is one casino that accepts the coin and offers amazing bonuses and games. It also attracts players from around the globe. Pirateplay reviewed by Mrs. Garcia, outlines these features to help you make an informed decision.
As for investment, many analysts believe that the era of two-to-four-digit growth is over. However, it may rebound if you are willing to wait long enough.
Read also: How to protect yourself from the most common bitcoin scams?
Ethereum combines a cryptocurrency and a blockchain platform, allowing it to be used for more than just completing transactions. It is a favorite programme for people who would like to create applications on the blockchain platform. Some of the applications include the creation of smart contracts that execute automatically when you meet the set conditions. It is also used in creating non-fungible tokens.
The coin has a market capitalization of $165 billion. It has shown fast growth, growing by a whopping 12,518% since it was released to the market. The coin is accepted by hundreds of casinos and vendors around the world. It is actually one of the most popular, just behind Bitcoin.
Investing in the coin is not a bad idea. However, the growth rate has slowed down in the recent past. This does not mean that in the future, the coin will not rise exponentially. Besides, Ethereum 2.0 promises to enhance trading with the coin with a focus on efficiency and not mining. Its blockchain platform may also be used in commodity trading.
Read our research if you want to know more about Ethereum (ETH). Why is the world moving towards investing in Ethereum?
Tether is also a blockchain-based cryptocurrency that is pegged to the US dollar. This is why it has an acronym, USDT. There are actual dollars, bonds and treasury bills at financial institutions that serve as collateral.
The coins that are pegged to the dollar are called stablecoins. These coins are more stable than conventional e-currencies due to the fact that the dollar rate does not fluctuate by a high margin. While the coin is not as widely used as the two discussed above, it is doing well due to its stability and being supported by real cash.
Its market capitalization has also been growing fast. However, due to its peg to the dollar, the value does not appreciate fast like the traditional cryptocurrencies. It has also been linked with several controversies in the past due to a lack of openness and breaking several antitrust laws.
Therefore, if you wish to invest in it, you have to weigh the risks against the possible benefits of the same. However, it is a good coin for making transactions at your favorite crypto casino or vendor.
Dogecoin is a cryptocurrency different from those that are discussed above. It was created in 2013 as a joke among cryptocurrency enthusiasts. It was also named after the popular meme that it was attached to, a Shiba Inu dog. In its early days, users picked the coin to fund gaming activities, such as sending teams to the Olympics or to NASCAR.
While Dogecoin runs on a similar blockchain as Bitcoin, it has an additional layer of security called proof of work consensus. Here, the network of computers solves complex equations in order to add the transaction to the blockchain. For the use of the resources to solve the equation, the network is offered free Dogecoins, which they can keep or sell.
You can use Dogecoin as a great way to buy goods and services. However, it is not a good store of value if you wish to invest. The coins mined on the platform do not have a cap and the miners get rewarded with many more. This creates an inflationary pressure on the coin’s market, making it hard for the value to grow.
Cardano is also a blockchain-based cryptocurrency that embraces proof of stake validation. In addition to completing transactions, this coin also serves as the Internet of Bitcoins. It acts as an ecosystem that allows interchangeability between various blockchains. In essence, it can be used with any other cryptocurrency.
This coin has a similar mechanism to that of Ethereum. It was built to improve on issues that Ethereum did not complete. The proof of stake validation on the coin makes it more efficient than most cryptocurrencies in the market today.
This coin is growing modestly, although it is not accepted by many outlets. However, you can always use its platform to change the coins you want to use. It is a good choice for investment if you are looking for long-term value.
Currently, the coin sells for less than $0.5, but it does not fluctuate, unlike many other coins in the market. It may grow steadily over the coming years and become a profitable venture.