Cryptocurrencies are digital assets that are verified and maintained by a decentralized system rather than by a central authority. To buy cryptocurrency online or on your mobile device, look no further than Crypto.com.
Bitcoin vs. Altcoins
Before you can understand the difference between Bitcoin and altcoins, you must 1st understand the differences between coins and tokens:
- A coin is a cryptocurrency that powers a blockchain.
- A token is a cryptocurrency that is issued on another blockchain.
A blockchain is a form of decentralized technology that distributes power across a network, the most popular example being Bitcoin. Bitcoin is referred to as a coin because it powers its blockchain. In general, coins tend to be safer due to being built independently of other projects.
Altcoins are any cryptocurrencies other than Bitcoin. Some altcoins have their own blockchains, while others use a blockchain platform like Ethereum to secure their tokens. Most commonly tokens are issued on the Ethereum network, using the ERC-20 token standard.
Altcoins are generally riskier because they have smaller market capitalizations and less adoption than blue-chip currencies like Bitcoin and Ethereum.
Make sure to do your own research on cryptocurrency before buying to determine whether it is the right choice for you.
Best Cryptocurrencies on Crypto.com
Fundamentally strong cryptocurrencies usually tend to have a larger market cap. A larger market cap means more resources allocated, which generally increases the strength and support of a project. On the other hand, a unique use-case or functionality may also be a factor when determining if a cryptocurrency is good.
- Bitcoin (BTC): Bitcoin was launched in 2009 by a mysterious individual known as Satoshi Nakamoto. Bitcoin has managed to influence an entire industry of decentralization. These ideas derive from peer-to-peer transactions independent of 3rd-party facilitation, like banks. Bitcoin’s market cap is roughly $900 billion, making it the largest cryptocurrency by market cap in the world.
- Ethereum (ETH): The Ethereum blockchain was created in 2015 by Vitalik Buterin. The main goal for the Ethereum network is to provide a platform on which other decentralized applications can be built. Ethereum quickly became the blockchain to host the majority of new cryptocurrencies as well as decentralized applications. Ethereum holds the 2nd highest market cap at slightly over $400 billion.
- Cardano (ADA): Cardano was launched in 2017 by founder Charles Hoskinson. Cardano is a blockchain platform that aims to become a host for decentralized applications. Cardano’s value is widely due to speculation, as its smart contract ecosystem has yet to be built out. The market cap for Cardano is roughly $75 billion.
- Binance Coin (BNB): Binance Coin was launched in 2017 by founder Changpeng Zhao. Binance is an exchange for cryptocurrencies, meaning individuals can buy, sell and exchange cryptocurrencies on the platform. Unlike most other DeFi projects Binance Coin is centralized, 40% of BNB was allocated to the team during ICO. Binance Coin’s market cap is about $70 billion.
- Solana (SOL): Solana was launched in 2020 by founder Anatoly Yakovenko. Solana is a highly functional open-source blockchain designed to facilitate decentralized applications. Solana implemented a new mechanism called proof-of-history, which provides chronological data for smart contracts. This makes it much faster to approve transactions as well as improved scalability on the platform. Solana’s market cap is about $45 billion.
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Earn Free Crypto with the Crypto.com Credit Card
With most traditional credit cards, you open a line of credit and you can earn rewards based on how much you spend. With the crypto.com credit card, there is no fixed payment schedule as well as no monthly late fees or deadlines.
To get started, you will need to deposit one of the many cryptocurrencies available into the crypto.com wallet as collateral. Once confirmed, the loan sum will be credited and you will be able to spend immediately.
Also, you are now able to earn Crypto.com Coin (CRO) as a reward. You can earn a higher APR based on the amount of CRO you stake in your crypto.com wallet, earning as high as 8% APR. “Stake” or “staking” means the holding of CRO in the wallet for a period of 6 months.
The Crypto.com credit card is available to all users except for citizens and residents of France, Germany, Hong Kong SAR, Malta, Singapore, Switzerland, United Kingdom and the U.S. Efforts are underway to make the card available in these jurisdictions.
Store your Crypto Safely
There are 2 different types of wallets where you can store your digital assets: software wallets and hardware wallets. A software wallet is an application either on your computer or mobile device. A hardware wallet stores user’s private keys on an external device — keeping your private key information off your computer and not on the internet.
Best hardware wallet: Ledger
Ledger is the most recognized and most credited hardware wallet currently available. The device is primarily an offline hardware wallet. Ledger also connects to Bluetooth and USB depending on if you want to use your computer or mobile phone. Ledger also has an app to make it much easier to secure, store and manage your assets.
Best software wallet: ZenGo
ZenGo is a mobile software wallet, excellent for beginners looking to invest in cryptocurrency. The wallet also removes the worry of keeping private keys and seed phrases because of the facial biometric feature.
Cryptocurrency Price Movements
The global crypto market cap continues to grow as bullish sentiment in the market continues. Top-performing assets like Bitcoin and Ethereum continue to make a push toward previous resistance. Unlike traditional markets, the cryptocurrency market does not close. It’s often a good idea to set up notifications on your smartphone via a cryptocurrency portfolio tracker.
Other Cryptocurrency Exchanges Available in the US
When looking to buy a cryptocurrency, it’s always good to consider multiple exchanges, primarily because some exchanges don’t list certain cryptocurrencies. A centralized exchange like Coinbase or eToro is a great way for individuals to start investing.
Investing in cryptocurrency and digital assets can be highly risky; do not invest more than you can afford to lose. Make sure to always do your own research on projects before investing.
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