With the bitcoin market fluctuating ever since its launch it has been a tricky market for long term investment. For young investors, it has been really difficult to analyze the bitcoin market without any expert recommendations. So how good it is to invest in bitcoin for long periods of time?
With some analysis and understanding of the market, you can invest in bitcoins without any second thoughts. You can reap high profits from your investments as the bitcoin market continues to expand. Since its launch in 2009, bitcoins are a source of attraction to all kinds of investors because of no applicable taxes on bitcoins and an exponential increase in the number of miners. There are several online Software that enables you to analyze the cryptocurrency market for a better understanding of investment opportunities. You get options for online trading with which you can easily start your career as an investor with loads of help.
However, there are several new cryptocurrencies other than bitcoin that are out there in the market that you can look into as an investment opportunity. This article will help you in determining the pros and cons of these altcoins as well.
So bitcoins with huge growth in the market are seen as the best investment opportunity. It is one of the oldest cryptocurrencies that dominates the market with a 40% share of the market. With its price volatility, you can witness a drastic change in its price over time. With bitcoin, you should keep yourself up to date with the tech market as the prices vary from time to time, making it tricky for beginners.
With 3000% growth in 2017 ethereum became the second-largest cryptocurrency. This is why it is considered to be one of the best investment options when it comes to cryptocurrency. However, the future of ethereum is still unpredictable but still holds the potential for an excellent investment option.
Unline bitcoin, ethereum offers many more options to its users. More advanced blockchain technology allows its users to create their own cryptocurrencies. This is why ethereum is preferred by developers and is an excellent choice for businesses.
Ripple or XRP is one of the best cryptocurrency for the year 2017. The main reason for ripple’s growth is the fact that it works as a payment system as well. With its blockchain technology, you get faster and more secure online transfers. Generally, it would take around 2-10 days to any bank to process overseas transfer, but with ripple, you can do this in an instant without any need for banks.
Several big companies are already using ripple’s technology making it an excellent option to invest in.
LTC or litecoin is another popular cryptocurrency that was launched in 2011. With a huge market cap of $11 billion, you get the 5th largest cryptocurrency. With a transaction speed 4 times faster than bitcoin this cryptocurrency was the first one to use lightning network transactions in 2017.
Before you start with your investment, you should be clear about your investment strategy, your goals, and the financial risk that are involved in your investment. Although cryptocurrencies are quite popular and can get you huge profits it is best that you look at all the risks and situations that you might encounter with this investment.