If you would like to buy Bitcoin, Ethereum, Litecoin or Ripple I suggest that you use Etoro. You can sign up to buy Bitcoin, Ethereum and Litecoin here. You can buy Ripple here.
With Cryptomania capturing the attention of the world I think it is time to briefly explain the top 4 currencies, let you know where to buy them and also give you a little bit of insight into how I am trading them.
If you are new to Cryptocurrency then in basic terms they are a form of digital currency that is created and held electronically. They are not printed like pounds, dollars and euros.
Bitcoin is one of the original Cryptocurrencies and more than likely the one you are already aware of. No one controls Bitcoins, they are produced by people, using software that solves mathematical problems. This means Bitcoin is independent of any central authority.
If you bought 1 Bitcoin on January 1st 2017 for $1000, you would be able to sell it today for $18000. The reason for the rise is up for debate however increasing amounts of corporates and governments are accepting Bitcoins use.
There will only ever be 21 million Bitcoins in circulation, these can broken down by one hundred millionth of a bitcoin. If you would like to buy Bitcoin, you do not have to spend $18000 you can buy as much as little as $10.
At the moment with the market being so volatile I am trading Bitcoin, Ethereum and Litecoin via professional traders on a social copy trading network – Etoro. Basically I “copy” professional traders on Etoro and add funds to them, Etoro then copies every trade they make, you can see the traders history to be sure that they are making profits. You can see a snapshot of my current open copy trades below:
If you would like to copy the same professional traders I suggest using a practise account first. You can sign up to one here. If you sign up feel free to comment on my blog it would be good to see your progress.
The only position I have open myself at the moment is Ripple. I will be holding on to these into the new year as I believe the price will double by the end of January. You can see below the two positions I opened yesterday.
If you would like to chat about trading you can instant message me via Skype: innovseo or to receive my monthly updates and any new coin ICOs that I think will do well sign up here.
The first thing about Ethereum is that it is not just a digital currency. It is a blockchain-based platform with many aspects. It features smart contracts, the Ethereum Virtual Machine (EVM) and it uses its currency called ether for peer-to-peer contracts.
Ethereum’s smart contracts use blockchain stored applications for contract negotiation and facilitation. The benefit of these contracts is that the blockchain provides a decentralized way to verify and enforce them. The decentralized aspect makes it incredibly difficult for fraud or censorship. Ethereum’s smart contracts aim to provide greater security than traditional contracts and bring down the associated costs.
The smart contract applications are powered by ether, Ethereum’s blockchain based cryptocurrency. Ether, as well as other crypto-assets, are held in the Ethereum Wallet, which allows you to create and use smart contracts. The system has been described by the New York Times as:
“a single shared computer that is run by the network of users and on which resources are parceled out and paid for by ether.”
One of the several clone cryptocurrencies that stemmed from Bitcoin, Litecoin “forked” off the Bitcoin ledger in late 2011. It was intended to be the silver to Bitcoin’s gold: a faster, more lightweight version of the Satoshi Nakamoto-created cryptocurrency. Instead of the approximately 10 minutes it takes for a Bitcoin transaction, a Litecoin transaction only takes 2.5 minutes.
While making transactions four times faster, Litecoin’s creator also Charlie Lee quadrupled the maximum number of coins that can be mined. While bitcoin has a total of 21 million, Litecoin totals 84 million. And the total market value of Litecoin is currently lower: $18 billion to Bitcoin’s $291 billion. It is the fourth largest Cryptocurrency market behind Bitcoin, Ethereum, and Bitcoin cash.
While it wasn’t released until 2012, Ripple is actually older than Bitcoin. The original version of the company was created in 2004, according to Bitcoin Magazine. It never really went anywhere, though, until it put a professional management team in place, which included E-Loan co-founder Chris Larsen and Jed McCaleb, founder of MtGox.
Ripple’s Cryptocurrency has been adopted by banks and other financial institutions. Those companies believe Ripple’s system offers both better prices and is more secure than other digital currencies, including Bitcoin. It allows users to send, receive, and hold any currency in a decentralised way via the Ripple network. The company is cash-flow positive and holds a vast store of XRP, which it periodically releases into the market.
But the real appeal of Ripple’s XRP for banks is its liquidity.
“The liquidity needs of banks today is managed with literally ten trillion of float that sits in these nostro and vostro accounts. We believe very strong this is an inefficient model. You can use digital assets to fund liquidity, and Ripple is uniquely positioned to capitalize on that. Bitcoin takes four hours to settle a transaction. XRP takes 3.6 seconds,” Ripple CEO Brad Garlinghouse told Fortune earlier this year.
Ok so that’s a round up of the top 4 Cryptocurrencies right now. If you are interesting in investing I strongly recommend you use a trusted network such as Etoro. If you would like to receive monthly updates on how my trades are performing you can enter your email below.