What is the best cryptocurrency?

Best Cryptocurrency to Buy:

• Best for Retail Adoption: Bitcoin
• Holds Most Market Enthusiasm: Ethereum
• Best for High-speed Transfers: Ripple
• Best for Blockchain: EOS
• Best Alternative to Bitcoin: Bitcoin Cash
• Fast Transaction Time: Litecoin

Cryptocurrency Explained

The first cryptocurrency was Bitcoin, invented in 2009 by a pseudonymous developer named Satoshi Nakamoto. The market doesn’t know the true identity of Satoshi Nakamoto, but the groundwork laid by the invention of Bitcoin paved the way for other digital currencies.

To exchange Bitcoin, visit: bitcoin to visa

It also led to the growing acceptance of cryptocurrencies as both an investment opportunity and as a medium of exchange, a way to securely transfer money from one currency owner to another digitally and without the use of traditional banks or financial institutions.

Cryptocurrencies are designed to function as money, an alternative to the fiat currencies of the world, many of which are in various stages of erosion through inflation or are at risk of government seizure. Greece, a country with a 45% income tax rate, seizes over 900 bank accounts per day.

The island nation of Cyprus, a budding financial center, suffered the consequences of Greek debt defaults, forcing Cyprus’ government to seize depositor’s funds to remain solvent. Venezuela’s inflation rate is currently over 46,000%, which creates a financial crisis that threatens the survival of families in the country.

What is the Best Cryptocurrency?

The most daring investors can purchase new cryptocurrencies at the initial coin offering or shortly thereafter, following the example set by many of today’s Bitcoin millionaires. However, there may never be a “next Bitcoin”, and the estimated 1,000 cryptocurrencies that have vanished into the digital ether point to risks for early investors. Take a look at which coins made the list.

1. Bitcoin (BTC)

The granddaddy of all cryptocurrencies, Bitcoin was first and is the most well-known cryptocurrency on the market. It also benefits from the largest market cap and is among the most highly traded cryptocurrency, assuring liquidity in the short term. Bitcoin is the king when it comes to retail adoption, leading all other cryptocurrencies in terms of acceptance as a payment medium.

Down significantly from its all-time high of over $20,000 per Bitcoin, BTC may have plenty of room for growth despite an increasingly crowded field of competitors.

2. Ethereum (ETH)

As the currency and platform that made “smart contracts” part of the cryptocurrency market’s vocabulary, Ethereum has seen massive gains since its introduction in 2015. Currently trailing only Bitcoin in regard to market capitalization, Ethereum has become one of the most widely discussed cryptocurrency projects in the world.

A consortium of some of the biggest names in the business, including Microsoft, Intel, Chase, and J.P. Morgan are building business-ready versions of the software that drives Ethereum. With momentum and market enthusiasm behind the Ethereum project, there’s no reason to think Ethereum has run its course and investors should consider Ethereum as part of a cryptocurrency portfolio.

3. Ripple (XRP)

Ripple diverges from much of its cryptocurrency competitors in a number of ways. Ripple is an invention of Ripple Labs, and the Ripple token is being used in high-speed and low-cost money transfers worldwide.

Ripple Labs has announced a number of partnerships with leading money transfer services, with more financial market partnerships expected in the future.

Unlike many cryptocurrencies that trade on hopes and dreams, Ripple is being used in the real world today, showing signs of future adoption within the financial market community. Ripple rise in value over 36,000% in 2017, but similar gains may not be likely going forward.

4. EOS (EOS)

Another cryptocurrency with smart contracts like Ethereum, and which is gaining in popularity is EOS. EOS is credited with being the first blockchain operating system, offering decentralized applications that live on the blockchain and parallel processing, enabling faster transaction speeds and better scalability than some competitors. Transactions on the EOS network are free.

Many competitors, including Ethereum, have a transaction fee for transferring coins or tokens from one wallet address to another. EOS concluded its year-long ICO in May of this year, raising a total of $4 billion. The longer-duration ICO was done in an attempt to create an orderly market for EOS without the dramatic run-up and sudden crash common to cryptocurrencies when launched.

YTD performance for EOS is flat, with less volatility than has been seen with some competitors. Enthusiasm for the project remains high, and EOS is one of the most actively traded cryptocurrencies on exchanges.

5. Bitcoin Cash (BCH)

Bitcoin Cash, a fork of the original Bitcoin project, is one to watch, as it’s the fourth-largest cryptocurrency by market cap.

If forced to level criticism against Bitcoin in its current form, slow transaction speeds are among its primary challenges.

Bitcoin cash was developed using modified code from the Bitcoin project that allowed larger block sizes, promoting faster transaction times and better scalability.

Although not yet as widely accepted or as widely known as Bitcoin, Bitcoin Cash is still a promising alternative to Bitcoin with an enthusiastic market following.

6. Litecoin (LTC)

Now accepted as a payment method at Overstock, Litecoin may also have a bright future. Long-term investors in LTC have been rewarded with up to 20x returns, although a spike in late December 2017 sent the price of LTC to over $350.

Litecoin now trades at around $84 USD, and although showing signs of consolidation remains actively traded and is consistently one of the top 10 cryptocurrencies when measured by market cap. Litecoin boasts a faster transaction time than Bitcoin, largely attributed to its use of a different type of algorithm to add transactions to the blockchain. Increased transaction speed also enhances scalability.