Any cryptocurrency has a fundamental difference from state currencies. Its main feature is complete decentralization in the issue and accounting of the mass of currency, which is manifested, among other things, in the fact that the money is not secured by something real or at least something politically authoritative. Therefore, the rate of this or that currency depends solely on its popularity among the general population, as well as among investors and other professional participants in the financial markets. You could say that PR plays an important role here: the more the digital coin is talked about in the world, the more popular it is, and therefore its rate is higher. But the existence of digital money still largely depends on government regulation of the cryptocurrency market. The authorities can completely ban the circulation of cryptocurrency in the country, as it was, for example, in China. Therefore, any trader needs to monitor the political situation not only in their country, but also around the world.
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How Do I Enter a Cryptocurrency Exchange?
A cryptocurrency exchange has a modular system. Each of these modules is divided into marketing, operational, financial and legal blocks. The structure of the central node of the cryptocurrency exchange, or as it is also called, the core of the exchange, processes all orders to buy and sell cryptocurrency. For the user, the crypto-exchange is presented in the form of a price chart, the ability to create an order and an order to buy or sell coins, as well as information about the volume of trades and transactions.
In order to make transactions with cryptocurrency, you need to choose a cryptocurrency exchange that meets all your needs and requirements. In addition, you need to create your own cryptocurrency wallet. Some wallets are provided on the exchange, and some need to be installed as a separate program on your computer. Wallets that are installed on your PC are the most hack-proof. The most popular standalone bitcoin wallets are:
- Bitcoin Core;
- Multibit;
- Electrum.
- Common exchange wallets are Exodus and Coinbase.
To sell cryptocurrency on an exchange, you need to register and verify your profile for better protection. Verification is not a mandatory process, so you can always trade anonymously, but it expands trading options and restrictions. Immediately after registering your profile and creating a wallet, you can trade by selecting an order and filling it out.
How Do I Distinguish a Coin From a Token?
A coin is a concept that is very close to a token. If we consider these two concepts globally, a coin is a standard currency that works according to its register, has its own value and is a means of settlement between the parties involved in a transaction. Any coin has its own blockchain – a protection against a negative balance. All other digital assets that are developed on other platforms and function only within them are called tokens. The most popular coins are Bitcoin, Ethereum and Litecoin, and the most famous tokens mostly developed on the Ethereum platform are Tether and USD Coin.
Bitcoin
Despite the significant decline in bitcoin’s quotations, it can still be given the first place, at least until 2024. Its capitalization is about $760 billion, significantly more than any other type of cryptocurrency. Its prospect lies not only in its popularity, but also in its inclusion in the corporate balance sheets of some network companies. For example, the Canadian accounting firm KPMG and the U.S. company Tesla have included bitcoin as a major corporate asset. In the future, the inclusion of digital currency in other major global companies is imminent, leading to an increase in cryptocurrency exchange quotes and bitcoin liquidity.
Ethereum
Ethereum is an altcoin, the fluctuation graph of which shows a stable growth trend. Despite the fact that this currency has not yet caught up with bitcoin in terms of quotations, but it has all the prerequisites for this. In 2024 alone, the quote of altcoin grew from $1171 to $4018, and the market capitalization was about $380 billion. As for Ethereum, in the near future the coin will switch to Proof-Of-Stake, which will decentralize the coin and ensure its stability. The coin has been going side by side with bitcoin for several years now, and in the long term, it is possible that it will skyrocket. The only drawback of Ethereum is the high commission within the network.
REDSmb
Here we moved smoothly to tokens. REDSmb is a token with a yield of 20% per annum. The main advantages of the token are:
- A minimum starting price of $1;
- Guaranteed return of 20 to 50% per annum on the invested amount;
- guaranteed technical support at all stages of the project;
- Independence from state regulators and external fluctuations in exchange rates;
- dependence on bitcoin – with the growth of bitcoin quotes will increase the price of REDSmb;
- a separate profit from mining;
- the opportunity to become a member of the promising investment project Reditus.
Moreover, to become an investor in the project Reditus is possible without any special knowledge and experience in stock trading. All you need to know is that if you buy REDSmb tokens for any amount, starting from $ 1, you will receive a 20% profit from real mining and in parallel have funds with the increase in the price of bitcoin. This is the most lucrative offer you will ever find in banks and crypto exchanges. You will profit from mining the cryptocurrency, but unlike bitcoins and altcoins, the token is many times cross-border and completely independent of government containment.
Solana
The bandwidth of this project is skyrocketing upward. The quote as of April 2024 is $119 and the capitalization is $37. This platform has already amassed over 100,000 tokens and attracted huge investment capital, and it will not stop in the near future, but will only grow its base. The platform supports non-functional tokens and dApps. More recently, the platform was hacked, but the owner covered everything at his own expense so as not to collapse the protocols.
There are more than 15,000 digital assets in circulation today, so on the one hand, it’s getting easier to enter the digital lottery industry, but on the other hand, investors are increasingly questioning the long-term potential of each coin. Cryptocurrencies will reach their monumental peak of popularity in 2024. However, not all cryptocurrencies will have a stable profitable streak in 2024. In this article, we look at which cryptocurrencies are worth buying in 2024 with the prospect of long-term profits.
