The economy is in recession. Again. You might want to divest now or even put your money somewhere more stable as the naira is not the most reliable of currencies even by local standards. There are 7000 or so cryptocurrencies in the space and it may be tricky knowing which ones to put money in. So here some of the best performing cryptocurrencies in the internet space today.
Read more about Business
This is the flagship of sorts for cryptocurrency out there. It has been the most valued and most valuable of cryptos. Created by Satoshi Nakamoto in 2009, the bitcoin has largely shaped the world‘s understanding of the bitcoin. Currently trading at almost $18k, it is the most reliable currency there is in crypto. If you are new to crypto, bitcoin should be it for-if you can afford it.
Bitcoin Cash (BCH)
“Bitcoin Cash has blocks that can store 8MB of data, allowing for faster and more frequent transactions with lower fees”, it may not be as valuable as bitcoin but it has incredible growth potential and scaling is on-going as investors look to diversify from bitcoin.
When Charlie Lee created the litecoin, he wanted to dumb down the complex currency that was bitcoin. The litecoin has distilled all the best qualities of bitcoin while removing some of the bottlenecks. According to USNews.com,
“For instance, while bitcoin transactions take about 10 minutes to confirm, litecoin transactions are far faster, taking under three minutes”
Sign up to the Connect Nigeria daily newsletter
Ethereum is the currency that seems to have shut up just right behind bitcoin. Ethereum is the software that runs on blockchain wherein users exchange a currency called ether. The beauty in ethereum is that it is a platform that allows other currencies to be traded asides ether. Ether in itself is right up there next to bitcoin with a $40b market cap these days.
TRON is a block-chain based system that is intended for sharing content. So the system allows you to monetize content, gather data while protecting users. Founder Justin Sun describes it as the Android of crypto-currency where bitcoin is the iOS of crypto. Mr Tron’s controversial image may cast a dodgy shadow on the system but it has lent itself to investors looking to diversify off bitcoin.
The system leverages real-world information to guarantee those contracts that blockchain is all about. When contracts are guaranteed, a link is used to effect payment in any given transaction. Personally, I find chain-link very interesting because of it’s relatively novel. I have it on a reliable source that it is trading now at around $12. It is worth the punt.
Crypto is something that many are only just getting used to but in the light of Nigeria’s crippling economic problems, you would be wise to consider your options and crypto would, in my opinion, be the low-hanging fruit here. Money is supposed to be a store of value but the naira does not inspire much in the way of confidence especially when one considers how import-dependent we are in this country.
Featured Image Source: Equity Trust Company
Got a suggestion? Contact us: firstname.lastname@example.org