data, in August 2018, 1890 cryptocurrencies are registered in the world.
Of course, their value is different. And the destiny of the majority of small coins can develop differently. Some coins will fly up; some will disappear from the lists of exchanges. But nevertheless, the fact remains that blockchain technology allows creating an unlimited number of types of crypto money. Their capitalization depends on the exchange rate of the main currencies (bitcoin, ethereum, etc.) and it is approaching $ 300 billion point (at the moment of writing this material – this price always fluctuates).
At the same time, the cryptocurrency market is characterized by high volatility. And that means – strong fluctuations of the rate. In a matter of days or even hours, that same bitcoin can collapse or can grow by several hundred dollars.
Hence, the potential of each new coin is pretty high. It can increase 50, 100 and even 1000 times. This allows to move crypto markets and earn on them.
Each type of cryptocurrency has its pros and cons, its value and its potential for growth.
But in total:
• they are multipurpose,
• they can be exchanged either for other crypto money or fiat money,
• they can be saved up,
• they can pay for goods and services,
• their rate is subject to demand and supply.
What are the most popular currencies now? Which capitalization (the total value of all issued cryptocurrency coins) does exceed a billion dollars?
So far, the top 20 looks like this (data from August 2018):
Bitcoin (BTC) – the very first and most widespread digital currency. All subsequent ones appeared later n its basis.
Ethereum – the authorship of the coin is attributed to Vitalik Buterin. One of the most popular cryptocurrecies.
Ripple – global settlement system. Its basis is ledger in the form of a distributed database where all data about accounts and user transactions is stored. It uses the RPCA protocol – the Ripple Protocol consensus algorithm. Cryptocurrency (but many people do not consider it to be due to centralization). Ripple is a unique code, it does not copy any of the existing systems, it is constantly updated by a very strong development team – employees of the Ripple company. Since the beginning of 2018, it has been ranked third in terms of the cryptocurrency market capitalization, second only to Bitcoin and Ethereum.
Bitcoin Cash – cryptocurrency, fork of Bitcoin, separated from it. Branching took place on August 1, 2017.
EOS – relatively new cryptocurrency which was launched in 2017 by Block. one company. It works using the delegated proof of stake protocol (DPOS), which allows to quickly confirm transactions. The main developer of the project is Dan Larimer.
Stellar (XLM) – it is a fully decentralized consensus platform. It supports any type of currency and is equipped with an integrated decentralized exchange that can be used to trade any currency or asset.
Litecoin (LTC) – technology author is a programmer Charlie Lee. It is considered an equivalent of silver among a cryptocurrency (and bitcoin is an analog of gold).
Cardano – a decentralized public cryptocurrency project, a third generation platform developed on the Haskell programming language. The project solves the problem of quick and cheap creating of decentralized apps and smart contracts in a safe and scalable way. Entered the market in 2015.
IOTA – an open source cryptocurrency, DLT (distributed ledger)is based on the DAG (directed acyclic graph), is intended for secure and efficient data transfer and payments without fees between devices in the Internet of Things (IoT).
The next ten of the most popular cryptocurrency looks like this: Tether, TRON, Monero, NEO, Dash, Ethereum Classic, NEM, Tezos, Binance Coin, VeChain.
Is it easy to work on the cryptocurrency market?
The purpose of this book is to tell newbies about the crypto market and to show that everyone can earn in crypto. You do not need to have any special education; you do not need to buy a super-power computer.
To start working with cryptocurrency, you do not need too much money. Your first investment can be $ 100.
Judging by these criteria, then yes, it is easy to work on the market.
If you come just to play, and then, after losing your money, get out of here disappointed.
However, there is another possible way. It is easy to work on the market, but it is necessary to be patient and to start investing your time in learning the rules of the game.
But first, decide: what purposes do you need cryptocurrency for, what do you plan to do on the market? In general, it is useful to be determined with your goals every time you plan something new in your life.
What goals can be in working with crypto?
The goal is to save your own funds. Save them from inflation and denomination by the government. To do this, you can compile a portfolio from the top 5 leading cryptocurrencies, and do not worry when Bitcoin suddenly goes down.
The goal is to make quick money on cryptocurrency. This goal is both real and risky enough. Why? The market is lively, it has high volatility, the situation can change in a matter of hours on it, so you need to constantly watch and check the portfolio every day. It is also necessary to know the mathematical laws how you should invest in this or that currency. The chances that one or another coin will fly several dozen times up are small. It is the same as winning the lottery. Luck or unluck? The answer is: the lucky one is who professionally enter the market and professionally make a portfolio. At the same time, “quickly” can be from six months to a year. And not a month, for example, how some inexperienced “hamsters” dream about it.
The goal is to become a trader and manage other people’s portfolios. Thi is an excellent goal that allows you not to spend your money but immediately take control of other people’s assets. However, before you go into consulting and portfolio management, you need your own experience and successful cases.
Goals can change, and this is OK. You want to become a trader, you understand that this is not for you, but you will leave some of your assets in Bitcoins and Ethers just in case. Or you enter the market carefully to look around, but eventually you will get involved and learn a new profession.
They say that in order to become an ace, a pilot needs to fly 10,000 hours on a plane. It may take less time to become a professional in cryptocurrencies, but, at least, you have to begin to understand the market movements, keep abreast, see how the news in the media and Twitter can move the market – it takes several weeks or even months.
Your advantage, in comparison with what we were three years ago, is that you will get much knowledge many times faster than we did. Good luck!
Where can I quickly find information regarding crypto?
Do you want to be a successful crypto trader and eact quickly to all market movements?
The first and most important skill that you should obtain when working with cryptocurrency is the skill of dealing with information.
Working with information means being able to search, analyze, study and record everything that is connected directly or indirectly with your topic.
As well as the ability to verify the accuracy of the information.
For the evaluation