Financialcentre broker Andy Tutcher says crypto traders are making money with cryptocurrency. There’s no other way to put it, volatility is high, and risks are significant, but this doesn’t stop experienced investors who know how to make their fortunes in the crypto world!
Sparsely populated the massive potential for growth yet. Absolutely – that’s what makes these markets so exciting; they’re ripe ground waiting (precisely like any good investment should be) for those willing enough stomach wherewithal capsize themselves on top-notch ideas before everyone else does just that!
Of course, that’s not to say you can pick any random cryptocurrency and hope for the best; if this were true, everybody would be doing it. How do I know? Because there are more than 1500 cryptos out there already – all are competing for greater or lesser fathoms of their slice of crypto pie (values).
Things are looking up in the crypto markets even though BTC prices have dropped considerably after peaking at $20K in January this year (2021). Still, price fluctuations notwithstanding, most cryptos will see value increases over time – even if some more than others.
Taking a cue from the analyst community, there are several cryptocurrencies to watch out for going into 2022. For starters, the bitcoin cash / BCH ticker has been growing in value recently, and many analysts believe that it’s going to gain ground over its more famous cousin, bitcoin/BTC, which had surged considerably during late 2017-early 2018 already.
Bitcoin (BTC) is the original cryptocurrency. Bitcoins are created by someone using an algorithm to split up a number into smaller units, which then gets encrypted for safety reasons and stored in what’s called SatoshiDice or bit gold wallets on your phone!
To get started with buying some bitcoin today, there’s no better time than right now because it has never been easier – all you need to do is open up any wallet app like Coinbase & type out “buy bitcoins”, followed by how much money you want to send over from bank account (or credit card in the US only).
Bitcoin was created as a decentralized electronic currency that uses cryptography to secure and verify transactions. It operates on what’s known as the blockchain, which is made up of ledgers distributed across many computers worldwide, so no one person can control it without Abe Lincoln’s signature (we’re not going there). Bitcoin has skyrocketed in popularity over recent years mainly due to its high degree of security features – five years ago, you could buy Bitcoins for $500. Still, today each coin goes for upwards of US$43K!
Mining bitcoins currently takes about 10 minutes per block solved by miners competing against each other with their skills at stake- this means they have every incentive to protect themselves from capture and grow rich off any profits generated through trading’ cryptos.
Ripple is a real-time global settlement network that offers instant, certain, and low-cost international payments. Unlike some high-profile cryptocurrencies, which are starting to be seen as not exactly accessible for the average joe, Ripple wants to make it possible for everyone with access to ordinary currency to use XRP – currently priced at US$0.66.
Ripple’s goal is to make big banks more efficient by making transactions faster & cheaper by removing intermediaries within their systems; Ripple works directly with banks because its system is built on an open-source foundation which ensures scalability across many payment networks that would otherwise compete against each other if they didn’t have a central authority.
Digital cash you can spend anywhere with instant, safe, and private transactions. Dash is an open-source, peer-to-peer cryptocurrency created in January 2014 by Evan Duffield. A software developer from Arizona – but unlike most cryptocurrencies out there, it uses more than one mining algorithm to increase the security of the network & ensure the adoption of more modern mining CPUs. It’s also unique in that it utilizes master nodes that receive payments for validating transactions while simultaneously allowing owners to reinvest profits back into their node instead of cashing out straight away! Just imagine if you could do something similar with your own company or business? Say goodbye to traditional IPO!
Ethereum is a favourite of program developers due to its potential applications, including so-called smart contracts that automatically execute when conditions are met. With the price increasing by more than 2700% in just five years from about US$11 (in 2014) up to nearly $3k today, many people see this cryptocurrency having excellent growth potential even further into 2021 and beyond!
Tether is a stable coin that’s supposed to be backed 1:1 with USD. Unlike some other cryptocurrencies, it doesn’t fluctuate in value based on supply and demand like bitcoin does – instead, its price remains constant at US$1 per tether token because they are always held by someone who has bought them through an exchange or Patreon donation system (or whatever). The advantage here for users/investors alike? You don’t need extra equipment beyond what’s already built into your wallet; if things go south, then they’ll still come out ahead even after losing money when using a credit card.
Disclaimer: Our content is intended to be used for informational purposes only. It is very important to do your own research before making any investment based on your own personal circumstances. You should take independent financial advice from a professional in connection with, or independently research and verify, any information that you find on this article and wish to rely upon, whether for the purpose of making an investment decision or otherwise.