These days, research shows that there may be as many as 2,000 cryptocurrencies. Not only that, but the crypto network counts around 7 million people and many more are joining daily. People are extremely fond of these digital assets as they use them to make a profit or to pay for services/products online.
2021 has been quite a successful year for all cryptocurrencies, which is why they remained a trending topic in the global financial industry. We wanted to join the bandwagon by naming several things that you should know about them. Without any further ado, let’s check the details.
The only option when it comes to trading cryptocurrencies is trading sites and platforms for automated crypto trading.
There Are Two Types of Cryptocurrencies
There is not just one type of crypto on the market. They are divided into stablecoins and highly volatile cryptocurrencies. Highly volatile cryptocurrencies are mostly used for making a profit as they can spike in value in a short period. The best example of a highly volatile cryptocurrency is Bitcoin.
On the other hand, stablecoins are tied to an outside asset, which in most cases is a FIAT currency. They are often used for trading and as the name itself suggests, they are extremely stable and are not subject to changes in their price. The best example of a stablecoin is Tether. Ever since it was established, Tether managed to maintain a value of $1.
Where Can You Trade Them?
The only option when it comes to trading cryptocurrencies is trading sites. These platforms can connect you with thousands of other traders from every part of the world. Here’s a small tip on how to choose the best trading site. First, you need to check the profitability rate of the platform. The better the rate is; the more people use it, hence the more reputable it is.
Secondly, resort to reading expert and user reviews as they can provide you with vital information on how the trading site performs. One of the world’s most reputable platforms of this character is the Immediate Edge app. It has a high profitability rate and its services are used by people from all around the world.
Cryptocurrencies Are Superior To Regular Payment Methods
Apart from using them to make a profit, cryptocurrencies can also be used as a payment method at companies that accept them. Moreover, they have tons of advantages over regular payment methods. Cryptocurrencies are far more secure thanks to the online anonymity that users receive.
Not only that, but thanks to the fact that they are not under the control of banks, they boast two more advantages. First, users void all fees that are usually imposed by banks and save money on transactions. Secondly, every online transaction with cryptocurrencies is instant. Just to compare, online transactions made with regular payment methods such as debit cards may take up to 5 business days to be processed and cleared.
They Do Not Have A Physical Form
Every FIAT currency has a physical form (dollar, peso, denar, British pound, Euro, etc.). Even credit and debit cards are physical as they are a piece of plastic. But, that is not the case with cryptocurrencies. They are digital currencies, which means that they do not have a physical form. Hence, they can only be used for e-transactions.
The Most Dominant Cryptocurrencies on the Market
Finally, we wanted to share a word or two concerning the most dominant cryptocurrencies on the market. The top three picks are Bitcoin, Ethereum, and Tether. Bitcoin and Ethereum are highly volatile cryptocurrencies and their values are $40,000 and $2,000. On the other hand, Tether is a stablecoin whose value is $1.