Types of Cryptocurrency and Its Advantages

Types of Cryptocurrency and Its Advantages

  • Author : Flora
  • Published : June 29, 2020

 

Bitcoin is among the most popular cryptocurrency, and it needs no introduction. The coin was introduced in the year 2009 and went like a wildfire due to its decentralized nature, technical innovations, and excellent Blockchain technology. Bitcoin inspired many individuals to accumulate profit in no time, and its emergence also allows many other cryptocurrencies to follow the same path. Types of Cryptocurrency and Its Advantages…

Ethereum

Ethereum is another virtual currency announced in 2015 is an open-source and blockchain-based computing platform. Ether is its cryptocurrency token and used as a regular currency as well as a medium for running various applications and service payments.

Ethereum

Litecoin

Litecoin is somehow similar to Bitcoin but with the slightest change in technicality. It allows various transactions at the same time, along with the least possible time. This cryptocurrency was introduced in 2011.

 

Ripple

Ripple is another cryptocurrency available for trading in the market and primarily a decentralized and peer-to-peer platform for buying digital currency. It also works likes a bridge currency in between fiat and cryptocurrency.

ripple

Benefits of trading Cryptocurrency

Cryptocurrency is one of the most popular and exciting instruments in the global financial market for sure. We can say it has the potential to rise over time. Hence many traders choose this virtual currency for trading through CFDs or Forex brokers. It helps them to enjoy features like tight spreads, no expiration dates, and free training on cryptocurrency training. There is speculation that such type of trading is stressful and addictive, but if you have the skills and put it in the right way, then it can be a delightful affair without any doubt. 

 

Let’s dive into some of the key advantages

No fixed business hour

The cryptocurrency trading market is open round the clock as any government authority does not control it. It helps the buyers and sellers do transactions across the world at any time of the day. However, you may come across some downtimes because of much-needed upgradations. 

Better illiquidity

Cryptocurrency trading offers better liquidity for sure. This digital currency comes with faster transaction times, better accuracy, and reasonable pricing. 

Exposure

It offers you excellent exposure for accumulating benefits and to the cryptocurrency market without putting much of your hard-earned money. In this, if you opt for trading on margin, then you can avail of huge benefits irrespective of the money you invest. A low investment can also gain substantial profit in this.

You can be the next Millionaire

 Yes, you heard right, you can be the next Millionaire like Santhanam. He was a regular trader in the stock market and had sound knowledge of trading. But Santhanam was quite insecure towards cryptocurrency trading; hence he had not put his shoes into this. Over time he got inspiration from his friends and put all his trading money on Ethereum. 

However, he had done extensive research on this cryptocurrency beforehand. His fortune took the front seat and let him enjoy the success with both hands only after six months. Now he is a regular trader of this digital currency and inspires his friends and colleagues to live their dream.

 

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