It has been over 10 years since Bitcoin was created. Bitcoin became the most popular cryptocurrency and with this came imitations and spinoffs. As things stand, there are over 7000 different cryptocurrencies. With such a large number, how do investors choose the best one to invest in? Below, we will look at the best cryptocurrencies to buy in 2020, some very popular and some lesser-known.
Bitcoin
Bitcoin has dominated the market since 2009 but its history has been eventful, and sometimes worrying. Bitcoin has seen its value rise to almost $20,000 before collapsing to around $3000. However, Bitcoin has bounced back as it always does. Bitcoin accounts for over 55% of the cryptocurrency market and is used everywhere due to how well-known it is as well as it being universally accepted. Bitcoin is also very secure and offers transactional anonymity, which makes it great for things like anonymous donations and playing at bonus bitcoin casinos online.
Bitcoin might be volatile, but being the biggest name in the cryptocurrency market makes it one of the best cryptocurrency assets to invest in, especially if you are new to cryptocurrency investing.
Litecoin
Litecoin was created to help deal with the complex and obscure nature of bitcoin. Its founder Carlie Lee has admitted that Litecoin is the lite version of bitcoin.
Litecoin provides some improvements over bitcoin, including faster transactions and lower system requirements to mine. Users love it because of how easy it is to mine while investors love it for faster transactions and being as well-known as Bitcoin.
Ethereum
Ethereum is another popular Bitcoin alternative with a massive following and a large ecosystem in the cryptocurrency world. Ethereum is seen as the alt-coin with unlimited potential, and this is why it is well-liked by investors.
Ethereum has been performing really well since it entered the market and although its value has remained low over the years with occasional spikes, it is getting stronger and, much like Bitcoin, the best time to invest is just before a huge spike happens.
Bitcoin Cash
Bitcoin is built using blockchain technology that stores transactional information in blocks. As Bitcoin became popular, these blocks filled up and transactions became slower. A proposed solution was to reduce the amount of data needed for each block, but some thought this would compromise cryptocurrencies that do this.
This second group created Bitcoin Cash. The main advantage of this cryptocurrency is that it uses bigger blocks, meaning transactions are faster, more frequent, and often attract lower fees. The main advantage Bitcoin Cash has over its rivals is its scalability. This provides massive growth potential, making it a lucrative investment for anyone looking to invest in cryptocurrency.
NEO
NEO is an open-source cryptocurrency from China. NEO is designed to make the digitisation of real assets easier so as to promote the adoption of cryptocurrency in the world.
NEO’s value has been on the rise since March 2020 and has surpassed predictions set by market experts. It has already reported positive results in the first half of 2020, making it a worthy investment.
Investing in cryptocurrency is a lot different from traditional investing due to the sheer number of options available. However, if you look hard enough, you will find some cryptocurrencies worth investing in.