The hype about cryptocurrencies increased after the value of Bitcoin shot from one cent to $20,940+ in 2017. Because there are only 21 million bitcoins available, its market value is increasing each day.
But the bitcoin we know today had a humble start. The value of bitcoin was limited among those who believed in it. Today, a large number of investors have started taking an interest in bitcoin, and as a result, the community has started expanding.
As they say, no written document states bitcoin’s value or even validates its existence. It is only the belief among community members that is triggering the expansion of bitcoin worldwide.
Bitcoins can either be mined or traded among community members. If you rig is powerful enough, they go ahead; there are lots of software available that would help you mine bitcoins from your computer system configuration itself.
But you need to have a really powerful configuration. Almost all of the cryptocurrencies require good configuration for mining purpose. Other than bitcoin, there are other Cryptocurrencies as well who are being triggered by different communities who believe in their value. Some of the best Cryptocurrencies to invest in India are ethreum, ripple, dash, litecoin, etc.
Benefits of owning cryptocurrencies
- Since no physical money is being sent or received, cryptocurrencies are said to save you from potential fraudulent cases. This digital money cannot be counterfeited, and hence, you are safe from cheats
- Many cryptocurrencies utilize blockchain technology that tracks and records cryptocurrency transaction. This blockchain technology is managed by a network of users instead of any specific authority.
- The value of cryptocurrency changes with its availability and time, hence it has no specific devised value in any form of world currency. This makes it a universal currency and can be used in the global level without many
These benefits make bitcoin the best cryptocurrency to invest. But with time, new alt coins are emerging which can compete for bitcoin.
But, you can play trade game with cryptocurrencies only with those people who believe in it. Till date the best cryptocurrency to invest is bitcoin, but the emerging cryptocurrency market has come up with various alternatives that you can use as well.
It’s an open source blockchain based distributed computing platform that has devised its cryptocurrency called “ether” for transaction worldwide. Investing in ethereum can be profitable as the hype about bitcoin has led to ethereum and other cryptocurrencies are silently growing up.
How to invest in ethereum
You can get your cryptocurrency by either mining or trading. To buy ether (ETH) follow these steps:
- Get your ether wallet
Getting a wallet is the first step to any cryptocurrency purchase. Even if you are a miner, you need to have a wallet to store your mined cryptocurrency. You can get your e-wallet through coinbase. All your transactions will happen through this wallet. Even if you are selling your cryptocurrency, you need the ETH to go from your wallet to receiver’s wallet.
- Purchase ether
The next step is to purchase this cryptocurrency. You can purchase this cryptocurrency from any miner or trader. But it is to be remembered that the value of the 1ETH is fixed. Hence, you need to pay only the required amount.
Soon after the transaction is successful, the amount of ETH you have bought will directly reflect in your ether wallet. You can purchase ETH depending upon the amount you are ready to invest. For example, if you have $200 to spend on cryptocurrency, then you can get ether worth $200. It can be 0.5ETH or 0.25ETH depending on its current value.
Now you need to wait and check the rise and fall of the value of your ETH. Judging by various parameters such as its availability and expansion of community, you can trade your ETH for physical currency whenever you are ready.
How to mine your ether (ETH)
Other than buying, if you have a powerful computer with good graphics or core, then it will suffice to mine your cryptocurrency. Mining can be difficult as more and more people are getting into this world and the amount of cryptocurrency is decreasing. But, if you have the powerful software you have nothing to worry.
1. Get your ethereum You can either get it from myetherwallet.com or coinbase.
2. Install your GPU on your computer. If your computer is already GPU enabled then proceed to step 3. If not, then install your GPU drivers. Make sure it is powerful. You can go for AMD radeon or nVIDIA quadro series; they are quite powerful. If you are on a budget, then GeForce GTX series can do the job but a bit slower. Make sure your VRAM is more than 2GB for better performance.
3. Install blockchain on your computer.
4. Install ethereum mining tool on your computer; there are lots of mining software that can be used to convert your computer’s algorithm into cryptocurrencies.
5. Link your wallet with your mining tool and the cryptocurrency that your rig will generate will directly show up in your wallet
You can wait for exchange or trade your ETH within the community. Ethereum can be considered as one of the best cryptocurrency to invest in 2018 as it is right next to bitcoins in value and increasing day by day.
Ripple is another open source cryptocurrency but with a twist. In case of bitcoin or ether, no centralized body can claim any control over this distribution or generation.
Ripple is privately owned technology that indicates no external body can verify or interfere with its transactions. Unlike bitcoins or ether, the ripple is widely used by many bank networks and hence can be used as payment for various transactions.
How to invest in ripple (XRP) currency
You can invest in ripple by following these steps
- Open an account
First, you need to open an account to buy your XRP. This can be done by using various exchange websites such as Bitstamp, Gatehub, etc. every website has its way of verifying your account. Hence follow their instructions and open your account
- Deposit your money
Set your currency that you would deal with and add the amount that you want to invest.
- Buy your XRP
After the amount has been deposited in your account, you can proceed to buy your ripple currency through these websites.
Since ripple is currently emerging, its value is quite less, i.e., 1XRP=$0.72. Nevertheless, the ripple has a lot of flexibility and recognition than any other cryptocurrency. Its value has been increasing rapidly in the past months and it is definitely worth spying.
It is another open source cryptocurrency platform that is considered as the second to bitcoin. Unlike bitcoin, there are 84 million litecoin that can be mined and traded. Hence investors are turning towards litecoin as it is a better alternative to the best cryptocurrency to invest in the world.
How to invest in Litecoin
You can buy your litecoin by following these steps:
- Get your wallet
You need a wallet before you start buying or trading. For wallet, you can use coinbase. This site will generate a wallet address for you. This is where you shall store all your litecoins.
- Trade for your litecoins
You can buy or sell you litecoins using the wallet.
Unlike bitcoin, the value of litecoin is very low, i.e., $40 for 1 Litecoin. Hence you can buy them. But it is to be remembered that investing in any cryptocurrency involves risk. Despite all of these Litecoin has emerged as the third best cryptocurrency to invest in 2018.
Mining of Litecoin is more complicated than Bitcoin or ether as it has set its software algorithm. This prevents any user to custom built any power system and starts mining. Hence we can deduce that mining is comparatively easier in case of ethereum or bitcoin than Litecoin.
The Dash coin A.K.A. dark coin is also an open source cryptocurrency. It doesn’t use scrypt or SHA-256 for its generation. It is considered as one of the legit and widely accepted cryptocurrency.
How to invest in Dashcoin
- Create a wallet
Without a wallet, you cannot continue with your trading process
After your wallet is all set up, add some money to your account and buy. You can use ethtrade trade ethereum like sites for buying or trading your dashcoins
Dashcoins may not have gained a lot of hype as litecoin or ethereum has, but it can certainly be considered for investment in future.
Cryptocurrency works on the principle of belief. If you believe in its existence as a currency, then you are good to go. If you are new to investing or mining cryptocurrencies, then it is recommended to understand how cryptocurrency works. It is not physical commodity hence don’t mistake it for one. There is not any one best cryptocurrency to invest which keeps your options diverse.