Cryptocurrencies create a new opportunity for those who are looking for private, safe, easy to use, quick and highly valuable investments. Nowadays you can use best cryptocurrency as a transaction medium to anyone anywhere globally. The transaction fees is determined by the amount of data involved in the transaction. The transaction fee is not determined by amount like other currencies used for transaction purposes.
Since Cryptocurrencies are digitally online, there is a lot of debate going on by professional investors that is it safe to invest in cryptocurrencies? Is it secure? Because it is based on data which can be steal by the hackers if there is no proper security check. There are now more than 800 cryptocurrencies available in the market. Altogether known as Altcoins. Majority of them are scams; making solely to pump and dump, trying to cash in at the time of crypto-hype (when market is booming).
Due to this debate, the article provides you best cryptocurrency which are secure and do not reveal your identity to hackers and make your investment safe from stealing.
Best Cryptocurrency to Invest:
1. Bitcoin (BTC)
BTC is the most valuable and first decentralized digital currency. It is also most popular and relevant cryptocurrency, ranking 1’st in terms of highest market capitalization. It is consider as safest and secure cryptocurrencies. But according to cryptocurrencies experts, it still has some security and privacy-breaching issues which should be address. Although it is by far safest cryptocurrency to invest as compare to other cryptocurrencies in the market.
BTC consider as mother of all cryptocurrencies. It allows simple and easier online global transactions and also enhance financial inclusions. Thousands of individuals and organizations globally using BTC and accepting as well.
- It is the most accepted cryptocurrency in the present market.
- Reliable sources are available online for the starters to gain knowledge and learned about it.
- One of the safest and based on large community which proves BTC unlikely to disappear suddenly or consider as spams which have happen with majority of the cryptocurrencies.
- Max Supply is limited up to 21,000,000 BTC.
- Due to highly use for the transaction purposes, great amount of data is used which results high transaction fee and scaling issues.
- Blocks are limited to 1 MB which means only 3 transactions per second.
- High consensus problem: due to large BTC community, it is not easy reach on any agreement because of always different supporters. Due to this problem, BTC is known as Nokia of Cryptocurrencies World.
2. Ethereum (Ether, ETH)
Ethereum is known as unique cryptocurrency, very complex from others and initially, it wasn’t designed to become a digital currency. It is initially designed as a form of payment within a specific platform. It was created to decentralize the web by supporting turning complete smart contracts like for example Solidity.
Individuals mining this cryptocurrency in order to help the organizations those who required extra power for their systems and processes without going for costly servers. Like for example help to keep safe from power outages, hacks, and physical damages.
- Ethers will always require to construct or develop code on Ethereum. Nowadays majority of projects are develop on Ethereum which makes it one of the safest, secure potential long-term cryptocurrency to invest in.
- Value of Ethers based on the success of Ethereum. There is possibility that it can be changed by blockchain projects in future like for example NEM project.
- There is no limit to max supply which increases the probability of risk as compare to other cryptocurrencies which max supply is limited such as BTC
3. Bitcoin Cash (BCC)
Recognize as permanent fork of BTC, opportunity for those investors and supporters that don’t like SegWit. It means you will get the same value of BCC as the BTC you owned before the fork which was on 1st August 2017. It’s like BTC was cloned since that time.
- It attain the objective of its creation by resolving the scaling problem of BTC. It increases from 1 MB to 8 MB.
- Enhance the mining speed and lowering the transaction fee.
- Miner can mine BCC by using the same process as they mine BTC.
- Creating mining complexities as it adjust way faster than BTC which results hash rate of instability.
4. Ripple (XRP)
Ripple is develop for the purpose of peer to peer debit transaction. I am big fan of Ripple in terms of investment opportunity because it networks has made strong acquisitions with commercial banks which allows cross-border payments in real time. The technology use by Ripple prevents time delays and provides certainty of settlements which leads to lower transaction cost and increases profits for commercial banks and financial institutions.
The reason why I choose to invest in Ripple rather than other top cryptocurrencies is because it provides real-time transactions. Furthermore, due to acquisition with banks, it increases its privacy and security as well.
- The banking industry is huge and Ripple is accepted by majority of financial institutions. As compared to other cryptocurrencies due to adoption of Ripple by banking industry, the Ripple is secure.
- The successful of Ripple can be measured by the name of investors such as Standard Charted and Google Ventures.
- Ripple is private and centralized as compare to BitCoin and Ethereum which are decentralized. Ripple owns 70% of the coin, which implies the risk of manipulated inflation and deflation. Individuals don’t have full access of the ripple network.
- Cost of XRP on the network will NOT be given to anyone. It will disappear instead, so the ripple’s coin is only getting fewer. Nonetheless, the time the coin to be used up is said to be hundreds of years later.
5. Litecoin (LTC)
LTC was the first best cryptocurrency to use Scrypt hash algorithm. LTC initially consider as the clone of BTC. It provides the flexibility in order to improve technical advancements such as lighting network and SegWit. In order to understand LTC, it is recognize as improved version of BTC.
LTC has better efficiency in terms of storage and rapid transaction times. It is consider as peer to peer cryptocurrency which leads to low cost and fast online transactions. Due to these properties, it makes LTC unique and secure investment in the world of cryptocurrencies.
- Rapid and very low-cost transaction fee as compared to other cryptocurrencies.
- LTC mining is way easier as it uses a latest Proof of Work algorithm than BTC.
- The developer of LTC is former Google employee and present in the market for six years by now which grants LTC secure than many of other overnight Bitcoins.
- Recently SegWit is become a part of BTC which reduces the advantages of LTC over BTC.
- LTC is based on BTC which means it shares the similar idea without any creativity and purposes as compare to other cryptocurrencies. It means if the scaling issue of BTC resolved it surely damage the LTC market.
6. Dash (DASH)
Dash is also based o BTC which provides the feature of rapid transactions, personal transactions and decentralized governance and budgeting. The technology used by Dash is anonymously and automatically with CryptoNote which makes its network code error-free and lower developer cost. The main purpose of creating this cryptocurrency is to make friendly, secure and anonymous digital currency.
- It provides the facility of token which can be used to purchase trade commodities as compare to many other cryptocurrencies that can be only used for transaction within their network.
- Very low transaction charges.
- Dash is created for the general individuals in order to increase the awareness about cryptocurrencies among them. DASH-Digital Cash is very easy to use. It process is very simple and easy as compared to other cryptocurrencies.
- The majority of general public recognize Dash due to its instant verification of transactions (within one or two minutes)
- Provide the feature of anonymous transactions by using the concept of CoinJoin.
- Based on Proof of Work (PoW) which waste huge amount of electricity and system energy. Many of the cryptocurrencies thinks PoW is not an efficient algorithm because it create issues as the network grows.
- Similar BTC is has the same scalability issues, the block size of Dash is also 1 MB. This means it only allows small number of transactions per block. Although in near future the block size of Dash will increase but it also increases the transaction fee as well.
- Huge amount of tokens are already locked up which means the number of locked token is higher than the number of transferable token amount.
7. NEM (XEM)
Apart from being a popular and highly valued best cryptocurrency, it is a blockchain project that involves than only handling its native currency tokens. NEM is also a peer to peer platform that provides other interesting services like payments, asset making, messaging, and a naming system. This platform is mostly used and quite popular in Japan.
- It can handle 3000 transactions per second as compare to BTC which only allow 3 transactions per second.
- Provides the opportunities for business organizations with the name of “Namespace” which can be used to create a specific platform and subdomains for businesses.
- Based on highly advanced and improved Proof of Importance (PoI) algorithm as compared to PoW which takes consumers and waste high amount of electricity and system energy.
- Provides its own wallet facility (Nano) but not the user-friendly for the general public.
- The official website of NEM still not easily understandable for general public. Due to its structural complexity, the mass adoption is less likely to happen because still majority of individuals are not well educated with cryptocurrencies which makes them confused to take decision in terms of investment.
Conclusively, According to my research about best cryptocurrency, these are the top 7 cryptocurrencies which are the most secure, stable and provide privacy to being monitored by hackers. There are other cryptocurrencies which also provide high security and privacy features but considering them in top 7 is too early such as Zcash, Monero, Golem and etc.
You can analyze that there are three cryptocurrencies which are based on Bitcoin. The Ripple is the most unique from others. This indicates that individuals feel more secure in investing on those cryptocurrency which is widely accepted by the banks globally. There is a huge possibility that cryptocurrencies which ranks in top 7 today will be replaced by other altcoins in the market through improvements and technology enhancement.