Cryptocurrency is a digital currency that utilises encryption to generate and transfer funds.
It was first introduced as a decentralised form of payment to minimise the risk of fraud and embezzlement by central authorities, such as banks.
Aside from that, they are immune to hacker attacks since they are encrypted through cryptography.
If you're interested in investing in cryptocurrency, it will do you good to know that there are numerous variations in the market. Some of the top-performing options are listed below.
Bitcoin is the most recognised form of cryptocurrency and the first one ever created, with Bitcoin dating back to 2009.
Now, it's worth noting that, upon creation, cryptocurrencies have set parameters.
These parameters dictate the total number of units, the rules for purchasing and selling, and the process of including the cryptocurrency into different marketplaces.
Bitcoin has 21 million units in total. It cannot be duplicated, making Bitcoin a highly sought-after, scarce resource.
Additionally, Bitcoin is more transferrable than gold since you'll only need a crypto wallet, whereas gold will require several components for a secure transfer.
Currently, Bitcoin is on a downward trend and goes for $89,533.54, with an all-time high price of $94,298.18.
The market cap for Bitcoin is $1.7 trillion, amounting to 35 percent of the crypto market.
If Bitcoin is the most popular form of cryptocurrency, then Ethereum is a close second.
Vitalik Buterin created Ethereum in late 2013 with the help of some developers and entrepreneurs out of Toronto who had an interest in Bitcoin.
They wanted to create something far more than just currency.
Unlike Bitcoin, Ethereum has an unlimited supply, although the maximum per year is 118 million ETH (ether).
Another is its role in NFT Trading. See, NFTs or Non-Fungible Tokens represent anything with an independent value, such as artworks, event tickets, stocks, and bonds.
NFTs were created on the Ethereum blockchain and can be purchased with ethers, the native currency on the Ethereum network.
According to Coinbase, Ethereum is on the rise, with its current price at $6,489.77.
The ultimate high for Ethereum was slightly above that, at $6,662.67, and its market cap is at $767.6 billion, making up 16 percent of the crypto market.
So far, Ethereum is also the cryptocurrency with the fastest growth, as it outpaced Bitcoin in April 2021.
You'll need to sign up for an account on a cryptocurrency exchange or broker to buy cryptocurrency.
You also have to deposit fiat currency in your account (usually by bank transfer) and trade it with other cryptocurrencies you want at current market rates until you have the desired amount.
Afterward, withdraw newly-acquired coins into your crypto wallet to store them securely.
If you're looking for a cryptocurrency platform in Australia, you may want to consider B4biz.
We are an innovative online platform building a bridge between the real world and the new digital economy.
Our goal at B4biz is to help the everyday person embrace digital currencies and be part of the global digital economy.
In order to achieve this goal we have created an in-app marketplace for shopping, a stable currency for daily transacting, a crypto token with real world applications and are leveraging 30 years' worth of global business connections to bring our members the most robust user experience in the market today.
If you're not a member yet, then go and register your free account now!