As many people embrace and continue using a digital trading model, they experience one setback; the inflexibility of fiat currencies and their high exchange rates. Cryptocurrency helps solve this issue. It makes it easy and fast to complete a transaction without worrying about the maximum amount required to transfer in a given time.
Some important facts you need to know about crypto
It is easy to make transactions using crypto. Transactions are done in a secure and transparent network. There are no middlemen involved, just you and the buyer or seller.
The fees involved are at a minimum. Compared to transacting using fiat, you tend to incur high costs. Every transaction you make using fiat currency attracts a fee. Even holding money in your account attracts a fee too.
Cryptocurrency is decentralized, and no authority can claim ownership. It is not governed by the central bank of a specific country, and no one monitors how you are trading or imposes limits on how much you can transact in a day.
When trading, use a secure app. An app can make it easy to buy crypto when the market is favorable and sell when it is in a meltdown. Choose an app that is always available and ready to help their users. Bitcoin Up is an app that has checked all these boxes. It ensures that your money is safe and secure. You only need to signup and fund your account.
The crypto market is volatile, and the market prices change rapidly. For example, Bitcoin can be trading at $55112.48, fall to $55102, then rise to $55149.12; all these happen in 3 seconds. A volatile market means that profits are not 100% guaranteed, and losses can occur too.
As Bitcoin and other altcoins continue to gain recognition, the market price might continue rising. For example, Tesla purchased $1.5B in cryptocurrency as part of its cash reserve. It also released a statement last month saying it can accept Bitcoin as a payment mode, so did Mastercard and Uber. Jack Dorsey, Twitter CEO, and Billionaire rapper Jay z announced their plan to establish a bitcoin development fund.
4 Best cryptocurrency to trade in April 2021
Bitcoin was created in 2009 by a developer using the alias Satoshi Nakamoto who is believed to be a Japanese Nationalist. It can be divided into small parts of a Bitcoin called satoshis. It is a digital currency stored in a digital wallet. It means that you cannot physically touch Bitcoin since it is digital. It is not a physical form of money that you store in your purse and can count physically like USD, British pound, or any other currency you use in your country. It is stored in a digital wallet.
Bitcoin is currently trading at $58,969.63 as I write this on 18th March 2021. It has a total market cap of $1 Trillion and a circulating supply of 19 million BTCs . It is predicted that by the end of 2021, the price might reach as high as $ 100,000.
How you can use Bitcoin is to purchase goods and services. As most renowned companies like Microsoft, Amazon, Tesla, iTunes, and Bloomberg start accepting Bitcoin as a payment means, more companies might add BTC to their system.
Ethereum makes it easy for traders to exchange or transact in crypto at a small fee. It also provides open access to excellent quality services and digital currency. It makes it easy to make transactions without the need for go-betweens. Since it is a decentralized form of money, no government can censor or control Ethereum. It provides guarantees that funds can only move from one digital wallet to the other if conditions for the transactions are met.
Ethereum is used for payments. Programmers can also use Ethereum to code a game and apps that are unhackable.
Ethereum was created by Vitalik Buterin and released on 30th July 2015. It is currently trading at $1,821.86 on 18th March 2021. It has a market cap of $209.8B and a circulating supply of 115.1 M. It is predicted that by the end of 2021, the price might reach as high as $ 3968.
Bitcoin Cash (BCH) is a hard fork of Bitcoin, and it adds more transaction capacity. It is currently trading at $538.71. It has a market cap of $10.1B and a circulating supply of 19M. While using Bitcoin Cash, the wait times are short, and it can handle more transactions than Bitcoin. BCH was designed to be spent, not held. It is predicted that by the end of 2021, the price might reach as high as $ 6700.
You can make a direct transaction to a digital wallet or bank account at a lesser fee than Bitcoin charges typically. Bitcoin cash does not require you to verify your personal information or provide a lot of personal details like the way the fiat banking system does.
Bitcoin Cash has displayed little volatility compared to other cryptos making it a stable crypto to invest in. However, since the crypto trading world is still young and growing, you should always expect some volatility here and there.
Binance Coin (BNB)
It is one of the cryptos that is growing and at a fast rate. It is currently trading at $275.51 with a market cap of $42.5 B, a maximum capacity of 200 Million, and a circulating Supply of $155M. It is used as means of paying fees and trade crypto on the Binance Cryptocurrency trading platform. Binance is the largest cryptocurrency trading platform created by Changpeng Zhao.
As people continue to trade in crypto while using the Binance platform, it can lead to an increased market price of BNB. In 2021 alone, the market price has so far risen by 300%. It is predicted that by the end of 2021, it might be at a high of $804.
It would help if you always kept in mind that the crypto market is volatile. You can predict prices, but there is a probability that the year can not end at that specific price. It might be higher, slightly lower, or even much much lower. Try to avoid putting all your eggs in one basket, like investing in one crypto alone; diversify your investment and minimize the risk of losses.