Over the past several years, the interest in cryptocurrencies has exploded. While virtually nobody understood the concept 10 years ago, millions of people have now used cryptocurrencies to buy, sell, and trade. It is estimated that billions of dollars globally are invested in one or more of the many cryptocurrencies on the market.
With another recent explosion in interest due to the Bitcoin market surge, another round of people is asking themselves whether investing in these currencies is a good move. Before you can make a decision, it is first a good idea to know about the options. Today, let’s look at Bitcoin and a few other cryptocurrencies that are gaining traction in the commodities market.
Inarguably the biggest cryptocurrency in existence, Bitcoin paved the way for the cryptocurrency market. Originally launched in 2009, Bitcoin operated without much fanfare for the first three to four years of its existence, largely attracting those interested in the concept as well as those who like to hide their online transactions.
Since then, Bitcoin has increased in price from $0.01 to nearly $20,000, in the process making a lot of people very wealthy. Even in the past year, Bitcoin has increased in price by nearly 10-fold. While many cry “speculation” and “bubble”, owners of Bitcoin who have held onto the currency for two or more years have never been let down in terms of increased value.
Another intriguing contender on the market these days is Ethereum. The invention of Bitcoin was largely a novelty, and while it included many security protocols, it failed to address issues that would later become prevalent as it grew.
Top social trading platforms such as those discussed on InvestinGoal have been buzzing about Ethereum for some time now. Not only does it provide investors with guaranteed compliance and enforcement, but it also utilizes a smart blockchain that Bitcoin simply cannot provide.
Arguably the second “big name” in cryptocurrencies to debut, Litecoin became the first legitimate alternative to Bitcoin in a world where volatility and deregulation was the game. Since then, the playing field has changed, but Litecoin remains a big attractor for those in the cryptocurrency markets.
Since becoming an alternative to Bitcoin during its first major surge back in 2013, Litecoin has taken on a dominance of its own. It recently settled around $200 on the markets during the latest cryptocurrency push, making a lot of people very rich in the process.
If anonymity is the name of the game, then investors will want to check out what Zcash can offer them. Designed as a completely confidential cryptocurrency, Zcash addresses some of the holes in other cryptocurrencies with respect to tracking down transactions and users.
Labeled as a more secure version of Bitcoin, Zcash provides complete protection when buying, selling, or trading. Still, it offers a public block-chain that allows each transaction to be identified and provides a certain level of trust and stability for the currency.
With multiple cryptocurrencies now maintaining market shares in the billions, it is impossible to ignore the effects and benefits of these instruments. Whether you choose to invest in Bitcoin or another currency, millions have already found benefit and functionality in these four cryptocurrencies and will continue to reap the rewards.