If you already know the answer to this question, then please skip the introduction and go to the investment part below, or you can read it just for fun. To the ones that have just come out of their penance from the Himalayas, hello is used for greeting each other, and cryptocurrencies are coins and tokens that are available on the internet. Jokes apart, cryptos are all currencies that are for, by, and of the people. No government, no king, no ruler, or any authority has any control. It’s based on blockchain technology which is decentralized is based on sending encrypted data packets for exchange. Now that you know what these coins are let us understand what they are worth and why it is necessary to invest in.
What are the factors that you need to think about when it comes to investing?
There are three main factors that you need to consider while investing in any type of crypto. These factors are mentioned in minor bullet points for better understanding (I guess there are still cavemen reading this so). These points are:
- Value: The most important thing that you need to consider while investing in any type of cryptocurrency is its worth in the market. Bitcoin started as being worth 30 dollars to now over 30 thousand, and constantly rising.
- Inflation: This is one of the fundamentals that you need to know while investing. You need to spend your time and money on only those which would be worth more in the future rather than being worth-less or worthless.
- Eminence: The more famous crypto is, the more chance it has of becoming the number one in the market. This happened with many cryptos, including Dogecoin, which is also one of the most essential points when investing.
Top 5 promising cryptocurrencies that you can buy in May 2021
- Bitcoin: Of course, the king should stay at the top. Although its value has fallen 50% in the last few months, it is still worth so much more than the rest that you would see in its value only. As I pen these words, it is worth 37,289.40 dollars. That’s an enormous amount for something that was worth just over 10 dollars when it started. So, just open an account get your investment going.
- Ethereum: Ethereum is like that character that rivals in power with the main character but has much deeper story. Ethereum was created with bigger and broader intentions that could potentially fix drawbacks that Bitcoin had. Ethereum is said to be used more than Bitcoins, as is token-based. Ethereum is worth 2888.37 USD.
- Binance: Binance was made as an internal currency by the Binance cryptocurrency exchange, which themselves used to exchange Bitcoins and Ethereum. But it has risen from 10 USD, and now it is priced at 419.07 USD.
- Tether: Tether is like the host of the show or the banker in poker. If you are into forex trading, then this coin would just be miraculous for you. The only contrast is that Tether is always and will be valued at just 1 USD.
- Pi: Let’s talk about something that isn’t worth any money. Pi is now the leading cryptocurrency and the fastest growing crypto in its development stage. Worth 0.0002 USD, but it would grow to 40 USD. You just have to click one button to mine Pi on your phone. If you want the invitation code to Pi, you can type @kureitamashi.
This was all to invest in cryptocurrencies. Also, note that this article isn’t investment advice, and in no way it advocates any crypto. Please comment your thoughts and your favorite currency right now that has the potential to cross Bitcoin.