2019’s coming to a close, and we’re all faced with the imminent prospect of Christmas on the horizon. If like many workers in the UK you’re expecting to receive a Christmas bonus, what is it this year you’re planning on spending it on? Perhaps you’re looking for the ideal new estate car, or perhaps you’re going to take a winter holiday or invest in a new cinema-style system for movies and games at home?
But perhaps, like an increasing number of people, you’re thinking of investing in Cryptocurrency with that bonus you earned. Is it still a sound investment, and which of the main currencies is your best bet?
Bitcoin is the most widely used cryptocurrency to date. It is often referred to as the king of cryptocurrencies, and its primary goal is to act as global, peer to peer, digital cash.
Litecoin is one of the first cryptocurrencies to come after Bitcoin, and one of the hottest cryptocurrencies of the decade. Using Bitcoin’s source-code, it is a fork of Bitcoin with some technical changes to the code, making it one of the fastest cryptocurrencies. Its mission is also to be a global, peer to peer currency.
Ethereum was the first major project to introduce smart contracts, which allow developers to launch mobile and desktop decentralized applications (dApps) on top of the blockchain. 1,000s of tokens run on the Ethereum network, and these tokens were what spurred the initial coin offering (ICO) movement.
There are now dozens of Cryptocurrencies and Digital Coin Tokens, but if you’re a beginner and looking to play it safe I would definitely advise sticking to one of the major and most established Cryptos, such as the three listed above.
Generally speaking, Ethereum is widely seen as the safest bet to continue to rise and is the most recommended by Crypto investment experts. But really, is you’re just starting out, you need to settle into some long hours of research – perhaps given the time of year accompanied by a Pumpkin Spice Latte or two, while you learn everything you can about the complex yet rewarding world of Cryptocurrency trading.
Be prepared to spend more than a few hours looking into this – after all, it’s your very hard-earned money we’re talking about – and look for reputable bloggers / advisors / investors who have a good following of their works and a good relationship with followers who ask questions. Finally, as in all these things – seek out professional advice from a real financial advisor, just make sure you do find one who specialises in Cryptocurrencies and who can discuss their changing values and trends with you.