Cryptocurrencies, according to the Oxford Learner's Dictionary, are defined as digital currencies in which transactions are verified and records are maintained by a decentralized system using cryptography, rather than by a centralized authority.
In simple terms, cryptocurrency is a digital currency that you can’t see or touch but can be transferred from one holder to another via a register in which records of transactions are recorded and verified.
I was introduced to the world of cryptocurrency in one of my lectures on Monetary Economics at the masters’ level in the university when our lecturers gave a public lecture about the world of cryptocurrency titled "Bitcoin: All You Need to Know About This Digital Currency".
I remember him shouting, "Bitcoin! Bitcoin!! Bitcoin!!!".
"There’s something coming and it is going to impact us greatly," he continued. He explained what it meant, the benefits and drawbacks of this new currency.
At the end of his lecture, he encouraged governments, big institutions, and wealthy individuals to embrace it as he saw it taking over the way we do business.
Bitcoin: Bitcoin was the first cryptocurrency to open the door for several others, and it is still every investor's favorite.
Just recently, the price of the altcoin fell to below $45,000, providing an opportunity for people to jump in and buy the dip. “If there’s something I like about this coin, it's that it always gives you an opportunity to make the biggest profit in the shortest possible time,” says a currency analyst who works for investorking.com.
Another major reason why you should join the Bitcoin revolution now is that of growing government acceptance, such as El Salvador, Zimbabwe, Kenya, and many others, creating regulations to adopt this cryptocurrency.
This consideration also takes into cognizance the wide acceptance by large corporations such as MasterCard, Visa, and some of the big investment banks.
Bitcoin has been projected to reach $100,000 before the end of April 2022, so why don’t you take advantage of the current dip in price to buy a piece of your security?
The current price is $41,000, making it a good time to buy or wait to buy once it picks up some steam.
Etheruem: Is the second most powerful and most bought cryptocurrency, a distant second by market capitalization to Bitcoin. It was founded by Vitalik Buletin and a host of several others.
According to money.usnews.com, Ethereum is also destined to become far more energy-efficient than Bitcoin when it transfers from the proof-of-work to proof-of-stake protocol, eliminating the far more energy-intensive need to validate transactions on the blockchain through elaborate computational efforts. The current price is $3,162.24.
Apparently, Ethereum is closely tied to Bitcoin, so when the price of Bitcoin picks up, expect the Ethereum price to follow suit. Analysts project the price to reach $6,000 before April 1, 2022.
Solana: According to a report from money.usnews.com, "Solana has addressed one of the biggest issues with Ethereum; transaction fees. These "gas fees" make modest Ethereum transactions financially unfeasible, but Solana's fees are a tiny fraction of ETH fees.
"Like Ethereum, Solana was built to be a top-notch platform for decentralized finance, or DeFi, which cuts out financial middlemen and traditional financial gatekeepers and institutions like banks, brokers, and centralized exchanges."
“Solana has a small but growing share of the market, with the coin's value soaring from $1.51 at the beginning of 2021 to more than $160.”
The astronomical growth of Solana makes it a coin to own. Analysts project the coin to grow further to a great height this year.
I advise you to add it to your portfolio of cryptocurrency investments.