Cryptocurrency prices are constantly changing. This volatility creates opportunities to either go long or short. Please consider that volatility increases risk.
Cryptocurrencies are open 24/7, meaning you can trade them anytime.
Cryptocurrencies are becoming ever more popular, with their worth now close to $100 billion.
Cryptocurrencies are a digital currency that acts as an alternative to traditional money. However, they are decentralised and can be speculated on or exchanged to make a profit as they can be traded like any other instrument. Cryptocurrencies have been around since the late ’90s but became popularised due to the unlikely emergence of bitcoins and their value surpassing expectations.
This is the world’s most widely recognised cryptocurrency. Bitcoin was created back in 2009 by a group/person going under the pseudonym of Satoshi Nakamoto. The virtual currency employs the use of blockchain. This is a public ledger that records bitcoin transactions without the need for intermediaries. Bitcoin has been praised for its use as an international currency but also has been criticised for its volatility. However, this has offered traders an opportunity to gain profit by speculating on these big price movements. Volatility may bring opportunities, but it also increases risk, and many traders have lost money trading Bitcoin
Ether is a relatively new Cryptocurrency which runs on the Ethereum digital platform. The digital currency only went live in 2015 after being funded through an online crowdfunding campaign. Initially, when the currency debuted, 72 million coins had been ‘premined’; this now accounts for around 70% of the total currency circulating in 2018. Ethereum allows people to send and receive credits via an open network, operating similarly to Bitcoin. The currency is used predominantly as a smart contract instead of a conventional form of payment. Ethereum runs as an open software platform utilising blockchain technology, the blockchain is where records of transactions are stored and these are stationed on computers from all around the world. This is essential in making it decentralised.
Litecoin dubbed as an ‘altcoin’ was designed to be a replica of Bitcoin with some moderate changes. It was to excel in certain areas such as the ability to be used for smaller transactions, as well as being easier to use daily, making it more accessible. Litecoin made its blocks process up to four times faster than Bitcoin. However, it required more sophisticated technology to mine. Litecoin is one of the most traded cryptocurrencies but in terms of market cap, much smaller than Bitcoin. It isn’t currently used by mainstream corporations as a form of payment but it has the potential to be widely embraced in the future.
Ripple is both a digital currency (Ripple XRP) and a platform (Ripple Net) that is used for the electronic transfer of currencies. The platform exchanges all types of currencies including fiat currencies (USD, GBP, EUR, etc.) and cryptocurrencies (Bitcoin, Litecoin, etc.). Ripple is slightly different to the more popular cryptocurrencies because instead of using blockchain technology, it is reliant on its own technological algorithm. Ripple was designed to be faster, more reliable and less volatile. Its process of handling transactions is far superior to that of Bitcoin as it has the ability to handle 1,500 transactions per second. Relatively, Bitcoin can transaction between 3-6 per second.
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