While everyone was distracted by Twitter being purchased by the world’s wealthiest individual, nobody anticipated the cryptocurrency meltdown that took investors by surprise. Digital wallets lost their values as some of them collapsed 100%! However, millennials aren’t any less enthralled by cryptocurrency than they were before.
These decentralized, computer-based, and blockchain-powered currencies have now become mainstream, with companies such as Tesla envisioning transactions in the form of bitcoins. Long gone are the days when Reddit-using nonconformists, dominated computer-based investments. So, what’s next for crypto? Do digital currencies have the potential to become the next big thing?
The rise of bitcoins
What made people invest in bitcoins? Reviewing the advantages of cryptocurrency enables you to realize the popularity of this concept. Since digital currencies are decentralized, nobody controls them. Crafted on blockchain technology and protected by cryptography, these currencies provide secure peer-to-peer transactions without any central banking institution.
Created by an anonymous computer engineer named Satoshi Nakamoto, bitcoin reached parity with the US dollar in 2011. It continued being popular among meme-sharing mavericks and achieved the milestone of exceeding $68,000 in November 2021. So, how do folks obtain this currency? It’s simple; you can mine bitcoins or buy them online.
Experts describe bitcoin mining as creating more bitcoins and putting them into circulation. So, you must solve complex math problems to generate these coins. It takes an hour to produce 6 BTC, so miners must dedicate entire computer systems solely to mining bitcoins. You can also purchase cryptocurrencies.
So, search online to discover the best place to buy cryptocurrency. Find some secure, reliable, and cutting-edge platforms for trading US dollars with digital wallets while staying compliant with the country’s laws. Since the market crashed recently, it seems like the right time to purchase this currency. So, which cryptocurrencies have the potential to overwhelm the market now? Let’s discuss this in-depth.
The fall of bitcoins
Laymen often consider bitcoins as the only digital currency worth their investment. However, several variations in the market may become the mainstream cryptocurrency in the future. It’s said that people shouldn’t place all their eggs in the same basket. Learning about different cryptocurrencies can help you realize whether you’re okay with investing in BTC or wish to explore other options. Hence, here’s a breakdown of some of the popular digital wallets besides bitcoin after the crash this month:
- ETC: Created in 2013, Ethereum was released in 2015 as an open-source blockchain. Since then, Ethereum has served as a potential alternative to bitcoin. Regarded as the second-largest digital wallet globally, ETC has even outperformed bitcoin on several occasions. Ethereum isn’t just a cryptocurrency either; it’s an infrastructure to make applications and other digital currencies. ETC has risen in value as the crypto market rebounds, showing potency.
- LTC: A former Google developer designed this open-source software project to emulate bitcoin. It’s almost identical to bitcoin, so experts generally compare it with Ethereum. A comparison shows that Litecoin offers transactions faster than BTC, but ETC outperforms it when it comes to speed. It takes 2.5 minutes to mine Litecoin, while you can generate one block of ETC in just 12 seconds. But LTC can serve as a better option if speed’s what you’re after here now.
- BNB: Binance Coin’s arguably one of the largest digital currencies in the world. It was issued by the cryptocurrency exchange Binance, based on Ethereum, after which it switched to a platform of its own. Like BTC, BNB restricts itself to a limited number of tokens, some 165,116,760. Binance Coin is more regulator-friendly because it has two blockchains. At times, this currency has outperformed both BTC, and ETC. As a result, investors should consider investing in it right now.
- DOGE- Created as a parody of the bitcoin frenzy, the world’s first “meme-coin” became famous when Elon Musk started backing this currency. Using a Shiba Inu as its avatar, DOGE’s value skyrocketed in 2021 when SpaceX accepted payments in this currency. Even though DOGE isn’t powerful enough to beat BTC/ETC, it’s still regarded as one of the 20 strongest cryptocurrencies today. However, the crypto crash didn’t spare even the meme-coin from collapsing.
- USDT: Someone came up with the idea of creating a “stablecoin” that’s been linked with a well-established currency to reduce volatility. Tether stays toe to toe with USD as the most popular stablecoin globally. It’s described as a blockchain-enabled platform that digitally helps you use fiat money. As of May 5th, USDT was the third-largest cryptocurrency with a per-token value of $1. Recently, Tether also collapsed, after which it’s slowly rebuilding itself now.
The future of bitcoin
So, is the future bitcoin-less after the recent crypto crash? We think that BTC will stay the next big thing in the decentralized economy worldwide. We see that 2,300 American businesses are already accepting payments in bitcoins. What makes BTC better than its sister wallets?
Since 2009, experts have been debating whether bitcoin has any future. Therefore, we consider it prudent to describe why folks should purchase or generate bitcoins today. Here’s why BTC may be better than other crypto wallets:
- Completing transactions with bitcoin’s inexpensive when compared to other popular options
- • Bitcoin has been around for a long time, and other digital wallets got established using Satoshi Nakamoto’s methodology.
- Bitcoin has more following than other cryptocurrencies, thereby making a business more likely to accept payment in BTC than in ETC
- • Bitcoin is a leading indicator of what’s going on in the cryptocurrency market, and other currencies follow the patterns set by bitcoin specialists
- We’ve witnessed an institutional cryptocurrency acceptance via BTC since Fintech companies have allowed users to buy this currency.
- No cryptocurrency is as well-established as bitcoin since it pioneered the trend of decentralized economy patterns, so it’s more stable than sister wallets.
The crypto crash was devastating for several households who had trusted their savings with these online currencies. Unfortunately, certain digital wallets, such as Luna, dropped to $0 in hours as their owners witnessed one of the largest crashes in the history of cryptocurrency.
However, there are always silver linings in these incidents. Experts believe that this crypto crash has presented a once-in-every-few-years opportunity to investors. So, some folks are buying BTC right now, hoping to make some profit.
We believe that cryptocurrency is gradually gaining worldwide acceptance. So, investing in BTC with your extra money seems like a fair investment strategy. However, don’t have blind faith in cryptocurrencies. They’re not get-rich-quick schemes that can suddenly make you a millionaire.
Purchase bitcoins without being ignorant of recent market trends. Yes, bitcoin seems like the next big thing, being the world’s first and the largest digital currency. But you should consider other digital options today as well.