Cryptocurrency is one of the hyped-up currencies in the 21st century that people find best for trading and investing. Its value has fluctuations as it increases at one moment and can suddenly downfall after that. So, finding out about the risks when trading in cryptocurrency is mandatory. If you are a beginner, you must know what type of currency is best for trading, which coin will advantage you more, and keep checking their price value in the market.
Moreover, as a beginner, you must look for the pros and cons of the coins which will benefit you for successful trading. Here are top crypto coins from which you will get to know the best coin for you to invest and trade as a beginner.
Bitcoin:
Bitcoin is one of the most original and well-known cryptocurrencies. It was the first cryptocurrency which is also known as digital gold. It runs on a blockchain and longs transactions that distribute across a network of thousands of people. Bitcoin is kept safe and secured under a cryptographic puzzle called ‘proof of work’.
Pros: It is without a doubt the most accessible cryptocurrency and the one that offers the most liquidity.
Cons: Is popularly volatile as it can put off beginner investors and traders.
Ethereum:
Ethereum is the second-largest cryptocurrency which is not digital gold. It is a platform that lets beginners develop crypto-oriented apps. One important aspect of Ethereum is that you can buy, bet, store, and trade in the Ethereum wallet for future security and usage. As a beginner, you must know the trading process if you are going for Ethereum.
Pros: Ethereum has the biggest support from major software and banking corporations for being the fastest network.
Cons: It has some forking issues, which can be resulted when disagreements arise about its use. This can lead to instability which put traders off.
Tether:
Tether (USD) is a type of cryptocurrency which is a stable coin. It aims to keep the value of cryptocurrency stable. It is generally used by crypto traders who want to avoid the volatility of other cryptocurrencies by keeping value in the market. It is used to remove transaction delays and costs that harm trade execution in the market.
Pros: As a beginner, you can stabilize your trading through the Tether wallet which will provide you with safe trading.
Cons: It allows you to open your account without confirming your identity.
Litecoin:
It was launched in 2011 and is an effective and faster version of bitcoin. It also works like bitcoin relies on ‘proof of work’ which means once the cryptocurrencies reach the highest limit, no further currency will be released into the system. If you are a beginner at trade, you can go for litecoin as it is an effective cryptocurrency and will benefit you in trading.
Pros: It is one of the oldest cryptocurrencies in the market. It has a long-lasting reputation in the top 10 crypto coins. Litecoin is famous for having low high speeds and transaction fees.
Cons: It is suffering some branding issues and has lost its credibility after its founder sold its holding.
As a writer, Ruben is an advocate of blockchain technology and cryptocurrency in general. He writes about all things from cryptography to economics, with a focus on how it applies to cryptocurrencies. He is also passionate about writing about topics such as decentralization, open-sourced software development, and copyright law.
