This article was originally published at hoganinjury.com. It is being republished here with the publisher’s permission through syndication.
Since its development in 2009, cryptocurrency has been in the financial space as both a threat and an innovation to the business and economic scene. Budget investors have been swayed by the virtual monetary device that offers anonymity, easy international transactions, and feasibility as an investment instrument.
Its familiarity has bred numerous investors in the market. Their rising number has now been converted to the increased value of crypto coins and the addition of shops that credit virtual currency as payment.
Websites such as CoinMarketCap track cryptocurrencies that are hitting the market and show their current value in dollars. Among the top cryptocurrencies are Bitcoin, Ethereum, and Litecoin.
- Bitcoin (BTC). It remains to be the most popular form of cryptocurrency. Bitcoin price is at $6,573.69 per coin. Bitcoin’s decentralized nature paved the way for more cryptocurrencies to enter the market. It continues to be on top of the list of the best cryptocurrencies, not only because of its pioneer identity but also because of its increasing market cap in the virtual financial world.
- Ethereum (ETC). Bitcoin’s second-closest cryptocurrency competitor, Ethereum, lingers at $506.94 per coin and it prides itself on the processing of smart contracts. This cryptocurrency started out as a tool to monetize applications in the Ethereum network. Budget investors are urged to look into its ability to allow the creation of distributed applications without interference from another party. The ETC is also popular among initial coin offerings (ICOs), an aid for startup crypto junkies.
- Litecoin (LTC). Often considered as Bitcoin’s clone, Litecoin is at $98.07 per coin. Familiarity is one of the assets that Litecoin has to offer to its investors since it is one of the oldest cryptocurrencies in the market. Since 2011, its fast transaction speed and a close connection to Bitcoin continue to be its premium quality.
Automated trading is possible with the help of a cryptocurrency trading bot.
For budget investors, here are a few of the cheapest cryptocurrencies in the market now:
- Bitshare (BTS), currently trading at $0.086510, with an all-time high of $0.40.
- Lykke (LKK), trading at $0.36, with an expected price of $1.50 to $2.3.
- Verge (XVG), recommended for long-term portfolio addition as it trades at $0.006560.
- Digibyte (DGB), trading at $0.008941 with its highest point being $0.06
- SiaCoin (SC), trading at $0.000046
Protection from scams and fraud
As discussed in our previous article, Bitcoin and other Cryptocurrencies: Time to Regulate, US regulators have started to find ways to address the irregularities that surround cryptocurrencies and protect the public from scams and fraudulent activities.
Investors themselves must also take necessary precautions before investing in cryptocurrency. For starters, investors should research the concept of the blockchain, which serves as the facilitator for the financial transactions involving cryptocurrency. Transactions could revolve around financial contracts, real estate deeds, personal identification, bank transfers, and also insurance. After doing the necessary research on the blockchain, investors should also be mindful of ICOs. This type of networked funding, which is usually done to gather capital for startup companies, often turns out as fraudulent. Investors should take the time to know where they put their coins as one of the cryptocurrency’s disadvantages is its confusing nature. Its popularity often sways newbies into thinking that unrealistic amounts of money can be obtained in just a short investment span.
More on this topic: Japan’s LINE Launches Crypto Exchange BitBox