I have a strong passion for cryptocurrency and investments. I have over 3 years worth of experience in it. I am not a financial advisor.
Virtually Thousands Of Cryptocurrencies Out There
What Are Cryptocurrencies?
Cryptocurrency are basically virtual currencies. One key benefit of cryptocurrencies is that they are decentralised. Decentralised means there are no entities which are controlling the asset.
Find out more about cryptocurrencies in this article.
5. Cardano (ADA)
Current Position: 5
Cardano is still in the development stage but it is one of the coins which have a really high potential. They are currently in the stage of making the blockchain fully decentralised. Approximately 75% is completed. We are now left with the remainder 25% which is scheduled for 31st March 2021 to be completed. This is currently done through staking.
It was originally created by IOHK (Input Output Hong Kong) and they own the majority of the network. Once the network has been fully decentralised, it will be the only cryptocurrency that offers a truly decentralised blockchain.
Proof of Work or Proof of Stake?
Cardano aims to solve problems which Ethereum has. Ethereum is currently running on Proof of Work which involves mining machines to verify whether the blocks are correct. This is good however it uses tons of electricity which is not ideal for the environment and even the users.
With Cardano, it is built on Proof of Stake which does not involve any expensive mining machines to generate coins. All the node master has to do is to set up node servers and users will then be able to select the nodes which they wish to stake with. Of course, different nodes will yield different rewards so choose wisely.
Certain Proof of Stake cryptocurrencies require you to stake a minimum sum. However, with Cardano, there is no minimum amount. You are free to decide the amount you are most comfortable to stake.
Cardano is currently in the process of getting listed on Coinbase. Coinbase is one of the largest exchange in the world at the moment. Getting your coins listed there will provide a substantial boost to the value of Cardano or any coin for that matter.
Well, at least that is the theory. So far, quite a number of cryptocurrency have seen increased value of their coins upon being listed on Coinbase.
4. Litecoin (LTC)
Current Position: 8
Litecoin is one of the earlier cryptocurrency. It is touted as the silver to Bitcoin‘s gold. When Bitcoin was first built, it had one issue which was the slow network transfer speed. With Litecoin, it aimed to solve this issue by providing quick transfers in the network.
Other than that, it has not seen much development. Even the founder of Litecoin has sold all his holdings when Litecoin reached it‘s ATH few years back.
Despite this, I still find that Litecoin has a good future ahead and should really be in your bags.
3. Crypto.com (CRO)
Current Position: 36
This may come as a shocker. Why is a coin positioned 36 in my top 5 list. Well, it’s because I believe in the company’s vision and what they are doing. I strongly believe this company will be able to bring cryptocurrency to the masses. A future where any joe and doe will be able to figure out how to pay, trade and earn using cryptocurrency.
They have a wide range of products already under their belt and also a very powerful domain. When you search for crypto on google, crypto.com is listed as the first search result.
In the past, the company used to not listen to it’s community but recently they have been listening carefully to what the community is saying and surely but surely, the community will gain back its trust.
At current prices, CRO is a steal. Be sure to add this into your portfolio.
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2. Ethereum (ETH)
Current Position: 2
This comes as no surprise. My number two and number one position is quite predictable. These two coins should always be in your portfolio if you are to ever be serious in cryptocurrency.
Ethereum is currently the second most popular cryptocurrency in the market right now. There are many developers who are building their own apps on the Ethereum blockchain. It has plenty of use cases.
The only down side at the moment is the ridiculously expensive gas fees. So, if you were to perform any transactions, it’s recommended to perform it during low peak periods to avoid such high gas fees.
They are also currently in the process of converting the Proof of Work into Proof of Stake. This will result in less electricity usage.
1. Bitcoin (BTC)
Again, it comes to no surprise that Bitcoin will be in the number one position. It was the first ever cryptocurrency to have been developed. It was first made known online in 2009 where some users are using their laptops to mine hundreds of Bitcoins per day. Yes, it was possible to mine hundreds of bitcoins back then due to the lower difficulty in mining.
There is nothing else to say about bitcoin. If you are really looking for cryptocurrency in the long term, then Bitcoin is a must to be in your portfolio. Whenever Bitcoin rises, there is a good chance the rest will follow suit since in a way, Bitcoin is the leader of cryptocurrency.
These Are Just My Recommendations
These are my top 5 recommendations to get you started. However, you decide which of these coins will fit your portfolio. Let us know in the comments below which coins you are invested in.
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- Cryptocurrency Prices, Charts And Market Capitalizations | CoinMarketCap
Top cryptocurrency prices and charts, listed by market capitalization. Free access to current and historic data for Bitcoin and thousands of altcoins.
- Is Cryptocurrency Worth The Hype?
The very first cryptocurrency known as Bitcoin was first created by Satoshi Nakaomoto who’s real identity remains unknown to this day. It started off with a few users mining the coin to now where it is accepted at certain merchants. With the recent p
This article is accurate and true to the best of the author’s knowledge. Content is for informational or entertainment purposes only and does not substitute for personal counsel or professional advice in business, financial, legal, or technical matters.
© 2021 Muhammad Shairazi