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Business News of Friday, 16 October 2020

Source: The Nation

Is Bitcoin the Best Cryptocurrency to Invest in?

There are several cryptocurrencies available today apart from Bitcoin, and this includes Ethereum, Ripple, Litecoin, Tether, Bitcoin Cash, Libra, Monero, and EOS. However, regardless of these many cryptocurrencies, some of which have been making waves in recent years, bitcoin still stays on top of the game as the first and most popular.

Since its invention in 2009 by the anonymous Satoshi Nakamoto, Bitcoin has gradually climbed up the ladder to be the digital currency many people would love to be associated with today. In the second quarter of 2020, about 18.42 million Bitcoins were in global circulation, which makes it stand tall as king of all cryptocurrencies, among other factors.

However, as much as bitcoin might have taken over the news especially with its upsurge recently, how do we tell that it is the best to invest in? While it’s easy to get carried away with the publicity and media attention that bitcoin has gotten, it is also important to note that this is a cryptocurrency that literally “walks the talk”. It isn’t just about what the media says about it but what it truly is.

Bitcoin currently has a 40% share in the total cryptocurrency market cap. It is not only the oldest but it dominates the market in all spheres. It also records the highest number of investors and traders in cryptocurrency worldwide.

Although its price has fluctuated over the years, it remains one of the best investment options with promising returns, which assures most people of years to come.

If you are a beginner in crypto investment, you should opt for bitcoin as your first option before delving into other currencies. This is not only because of its popularity but also because of its authority in the crypto market and the reputation it has gained over the years.

It is also easier to navigate, as there are several resources available on the internet to guide you. You are also more likely to get someone who would willingly teach you from scratch than you would for an unfamiliar currency. The goal is to make returns on your investment and you can’t afford to play games with it as a beginner.

How Do You Invest in Bitcoin?

Investing in bitcoin is quite simple, as it involves a simple process. Start by getting a bitcoin wallet to store your funds and there are several options you can choose from. The advanced technology today has enabled us to have effective software and apps available such as bitcoin up to make the process seamless, especially for beginners who are just trying to trace their steps in the bitcoin journey.

With an effective app that serves as your wallet, you can also stay abreast of recent information and data to help you make informed decisions. When choosing a wallet, ensure you opt for one that makes transactions seamless for you and most importantly, has a good reputation and a tight security system.

Bitcoin may be the oldest crypto around today but it’s also not slacking and is a great option to start with as a beginner.

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