It seems like new cryptocurrencies are making news headlines every day. So how do you cut through the hype and figure out which ones are the best to buy?
Well, first let’s make sure you understand what cryptocurrencies and digital currencies actually are. Then, we’ll talk about some popular cryptocurrencies you can purchase right now.
Digital currency is any type of payment method that exists in a purely electronic form.
Cryptocurrency, also called crypto for short, is one type of digital currency. It’s decentralized digital money secured through cryptography and based on blockchain technology.
Okay, that probably didn’t help clarify things very much.
Think of it like this: cryptocurrency is a digital currency that can be used to buy goods and services, as a means of exchange, or held as a store of value. So, instead of using cash or a credit card, you’d make a purchase by transferring your digital currency from your mobile device to the retailer or seller. It’s a lot like how you send money to friends using apps like Venmo or Apple Pay, for example.
The blockchain technology behind most cryptocurrencies makes it practically impossible to counterfeit because every transaction is recorded on the public ledger through distributed computer networks.
Also, cryptocurrencies aren’t issued by a central government authority, which makes them decentralized. This means that you are in total and complete control over your cryptocurrency (as long as you choose to store it in a noncustodial wallet like the Coin Cloud Wallet).
Digital currencies provide several benefits, which is why their popularity continues to rise:
Now, let’s get to the good stuff.
Here’s a look at some of the best digital currency to buy right now.
Ethereum is a blockchain network and Ether is its currency, even though most people call both Ethereum. Ethereum gives people a platform to create decentralized applications (dApps) and smart contracts, which prevent downtime, interference from a third party, and decrease fraud.
Ethereum isn’t just a cryptocurrency. It’s like a programmable platform on steroids. Its blockchain technology can form the foundation for decentralized finance (DeFi) projects, stablecoins, smart contracts, non-fungible token (NFT) creation, and more. This is part of what makes Ethereum so popular.
Ethereum is making headlines lately because it reached an all-time high over $4,400. This happened after the Altair upgrade was made to the Ethereum network, which is part of its transition from operating on a proof-of-work (PoW) model (like Bitcoin) to a proof-of-stake (PoS) model. PoW uses a lot more energy to fuel the computational power for mining. PoS models mean that crypto owners use their tokens as collateral. Validation power is based on the percentage of coins held by a staker. In this model, validators verify the latest batch of transactions and earn crypto in return.
As Ethereum changes its consensus mechanism from PoW to PoS, there will be more possibilities for how it can be used, which could boost its price even higher. Ether launched in 2015, and in 2016, Ethereum was split into Ethereum Classic (ETC) and Ethereum (ETH). In terms of market capitalization, it has long been the second behind Bitcoin.
Cardano is quickly moving up the ranks of top cryptocurrencies for several reasons. Its market cap is rapidly climbing the ladder to compete with older cryptocurrencies. It has also shown early proof-of-stake validation. With the PoS mechanism, Cardano uses less energy and the transaction times are faster because miners aren’t wasting computing power trying to solve the same problem. Instead, each validator is incentivized to work in the network’s best interest because their own crypto is at “stake.”
Cardano was created by engineers, cryptography experts, and mathematicians in 2015. In fact, Cardano was founded by Charles Hoskinson, a co-founder of Ethereum, which gives it an edge right there. Like Ethereum, Cardano lets you create dApps and smart contracts.
Cardano’s native coin is ADA, which is experiencing explosive growth. The ADA token began the year at just over 18 cents and grew to more than $2. That means investors grew their profits by 12x in less than a year. Not too shabby at all!
While not as well known as some other cryptocurrencies, Nano (NANO) is often trending on social media because it has many positive qualities. It was invented in 2014 by Collin LeMahieu as RaiBlocks, rebranded to Nano in 2018. Its goal was to overcome some of Ether and Bitcoin’s challenges, like transaction times and high fees.
Nano’s ledger is based on directed acyclic graph (DAG) technology. The block lattice is a structure in which each user has their own chain that only they can write to. Then, every other user has a copy of all the chains. Instead of a public global ledger like Bitcoin uses, the block-lattice isn’t shared, so transaction times are much faster. Like WAY faster! Nano is also a greener option for cryptocurrency because it uses so little mining energy.
Dogecoin (DOGE) is an altcoin that was created in 2013 by Jackson Palmer and Billy Markus. Dogecoin began as a sarcastic meme coin with a Shiba Inu dog as its logo. Dogecoin uses a PoW mining system and Litecoin’s password-based scrypt technology. One of the benefits of Dogecoin is that it can be mined at the same time as Litecoin. So, miners can essentially kill two birds with one stone.
Dogecoin has repeatedly made headlines over the years, partially because of Tesla’s CEO Elon Musk, who has often referenced Dogecoin in his tweets. For example, he recently tweeted, “Am thinking of starting a new university: Texas Institute of Science and Technology” and followed up with “Tuition is Dogecoin & u get a discount if you have a dog.” Minutes later, Dogecoin’s price increased from $.25 to $.28. DOGE has a lot of fans on TikTok and Reddit as well, who think it's totally worth the hype.
If you’re a dog person, you’re in luck because there’s another popular dog-related crypto called Shiba Inu Coin (SHIB). Shiba Inu was launched in 2020 to take on Dogecoin. Now, they are regularly competing to see who can be the top dog of the crypto world. Like Dogecoin, the popularity of this coin is being driven by its strong community and supporters that fuel the hype. As a result, you probably have to live under a rock to not have heard of it over the past few weeks.
Unlike DOGE, SHIB is part of a whole ecosystem of coins, and it’s built on Ethereum’s blockchain as a token. So it isn’t mined, and the entire stash of 1 quadrillion coins was created at inception. And then they gave away half to Ethereum co-founder Vitalik Buterin, who then gave most of that away to charity. But there’s still a lot of coins, and they’re worth less than a penny (hey, Bitcoin used to be that cheap too!).
With the constantly updated news on each cryptocurrency, it’s best to research any crypto before investing.
You can check off these boxes as you go:
And, remember it’s possible to buy a fraction of most cryptocurrencies (rather than a whole coin).
OK, now you have a bit of background information and recent news about some of the most popular cryptocurrencies.
If you’re looking to buy and sell cryptocurrency using cash, we’ve got you covered. While most Bitcoin ATMs are pretty basic and only allow you to buy, Coin Cloud has Digital Currency Machines (DCMs), which are much more advanced versions of Bitcoin ATMs. Think of them as the Crypto ATM 2.0. DCMs let you buy AND sell digital currency with cash, at every location, and offer more crypto options than any other machine.
Disclaimer: The information and views supplied on the Coin Cloud blog are for educational and entertainment purposes only. We are not financial advisors, so please do your research and consult with a trusted financial specialist before investing your money.
Founded in 2014 in Las Vegas, Nevada, Coin Cloud is the leading digital currency machine (DCM) operator. With over 4,000 locations nationwide, in 48 states and Brazil, Coin Cloud operates the world’s largest and fastest-growing network of 100% two-way DCMs, a more advanced version of the Bitcoin ATM. Every Coin Cloud DCM empowers you to quickly and easily buy and sell over 40 cryptocurrency options with cash.
When You Buy $50 or More at Any Coin Cloud DCM
Use promo code BF50 at the machine
Enter your email for updates, promos, and more ...