Cryptocurrencies are often considered to be the future of finances. With popular companies accepting them as a form of payment as well as with a huge number of individual supporters, these currencies are retaining their high spot as a valid, exciting, and profitable investment.
Taking the world by storm, cryptocurrencies have become established as highly desirable digital assets. This decentralized digital form of money has kept gaining traction across the globe, with a spectacular number of people joining in on this in recent years.
Investing in Crypto in 2023
Not being the latest and newest financial trend, you might be wondering if it is too late to join in on crypto investing. The short answer would be – no, it is definitely not too late to get into the game as more exciting developments and currencies are still ahead of us.
Given that cryptocurrencies require you to always stay on top of your information, it is advised to regularly stay up to speed on all relevant crypto news. This move will save you from potential headaches and, hopefully, have you making the right and profitable moves.
Is it Safe to Invest in Crypto?
Whether you are looking at Bitcoin or alternative coins, also called altcoins, the opportunities are numerous. While no investment comes as a completely risk-free option, neither with fiat money nor digital currencies, investing in several cryptocurrencies can boost your chances.
Before opting for a coin to invest in, we recommend that you do not keep all of your eggs in one basket. This universally applicable investment rule also applies to the world of digital currencies, which is why understanding the predictions for different coins is essential.
Bitcoin (BTC)
This crypto pioneer is not going anywhere. It’s been the leader and practically icon of cryptocurrencies since pretty much the start and so far that doesn’t seem to be changing at all. While its price has massively fluctuated over the past few years that doesn’t mean that it isn’t worth investing in as the volatility is half the fun of crypto trading. The fact that the risk is so high is also the reason for the potential profits being incredibly high as well, it just takes someone with enough knowledge to make use of such situations.
If you believe that you’ve got what it takes to predict such things then we highly recommend giving it a shot, but if you aren’t certain yet then maybe trying some other coins, for now, is a good idea. Either way, BTC will likely forever remain the first thing that people think of when you mention cryptocurrencies as it’s just become so culturally ingrained and intertwined with that word that it’s hard for the average person not to connect them like that.
Ethereum (ETH)
The other big name in the crypto world and one which has seen significant growth since its inception. It didn’t have the same power in its name that BTC did due to being the first, but it still managed to grow to such a degree that it rivals it and is considered second only to it. Considering the sheer number of places that accept ETH as payment and the massive number of trades that occur with it each day it’s no wonder why it’s so big.
Generally, if you’re looking to make purchases with cryptocurrencies it’s a pretty safe bet as its price generally fluctuates a little bit less, but as with any cryptocurrency, there is a large amount of variance when compared to traditional trades and things such as stocks so you still need to be wary of the risks before doing anything wild.
Litecoin (LTC)
Litecoin was also one of the earliest on the scene which is why it has had such a large amount of time to grow and improve upon all of the systems surrounding it. The early bird gets the worm and they wanted to ensure that. They were inspired by Bitcoin but of course, put their own spin on things to set themselves apart and it’s why they’ve become a popular alternative option when people don’t want to tackle the 2 giants.
While some people may disregard it because it isn’t nearly as big as the previous 2 it’s important to note that it can be seen as a positive thing for those who don’t have massive amounts of funds but don’t want to purchase fractions of coins. It ends up making crypto trading far more accessible for the average person and allows price conversions to be easier due to the smaller values.