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What are virtual currencies used for?
Most cryptocurrencies are created in order to make virtual payments smoother. They are often processed by banks or credit card companies, which charge a fee on all purchases. Creating an online currency avoids this middleman, not to mention eliminating the cost of printing physical money. The most famous are Bitcoin or Ethereum.
However, there are also, like many other creations throughout history, parodies of currencies that extend to the fashion of cryptocurrencies to make them humorous. We think in particular of Dogecoin and its famous symbol based on the doge itself, as well as its competitor, the Shiba Inu, which also features a dog in its logo. These projects, if not serious, exist, it's not for everyone. Air Next is an example of the use of the blockchain system for harmful purposes. The company has reflected airline tickets and train tickets at unbeatable prices, provided they pass through its virtual currency. But there was nothing behind it, and both customers and employees were scammed into losing significant amounts of money.
Investments in virtual currencies (Bitcoin, Ethereum, Ripple...) are becoming universal and becoming more common, whether through mining or buying directly, as cryptocurrency atomic swap. However, the question of their profitability should remain at the forefront. Cryptocurrencies mostly rely on speculation, so it is still difficult to know if investing will pay off in the long run. If you are wondering what to do, in this article we give you our opinion on these currencies of the future and whether it is profitable to invest your money in them.
What are the main cryptocurrencies?
Here are some of the major cryptocurrencies:
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Bitcoin: The most famous and widespread virtual currency. It mainly differs from others in its reliability, as well as the speed and transparency of online transactions (btc to ltc). It is currently used all over the world and in many virtual or physical companies.
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Ethereum: It closely follows bitcoin and offers a simpler mining algorithm that allows much less financial investment, especially compared to bitcoin, which requires more and more mining resources with the growth of the blockchain.
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Ripple: its main feature is open source code, allowing everyone to improve its work.
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Binance Coin: Launched by the Binance exchange platform, this currency is forced by the speed of its transactions (about 1.4 million transfers per second). In addition, it offers its users a 50% price reduction on financial investments on the Binance website.
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Monero: The strength of this currency lies in the protection of user data. Likewise, transactions are highly encrypted and therefore private. It stands out as more stable than many of its competitors.
What are the next cryptocurrencies to take off?
The answer to this question interests many, if not all, but it does not exist, at least we do not have it. Cryptocurrencies operate on speculation, just like the financial markets, and are still subject to a significant dose of risk. All movements are possible, positive and negative, and it is very difficult to predict with certainty how the currency will develop.
How to invest in cryptocurrencies?
To reiterate, the golden rule of investing in cryptocurrencies is to only invest what you are willing to lose. It is important to learn to better understand these currencies and how they work, but especially the risks of investing money in them. The next step is to look at the best investment platforms. These sites offer to buy bitcoins or other cryptocurrencies. However, as with any financial investment, especially online, be careful not to fall for a scam.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.