When you plan to buy a cryptocurrency and create your wallet with an authorized exchange, choosing the right crypto coin to invest in is the next important thing. For this, you have to first know about various top cryptos available. Let us further explore some of the best-known cryptos for you to consider buying.
Knowing all types of crypto coin
- Bitcoin
There are many who buy and sell crypto. Bitcoin is now the No.1 among all types of crypto coin, which was founded back in 2009. It was the first crypto coin in the market and remained on top to date. The currency was developed by Satoshi Nakamoto, which is believed to be a pseudonym for a group of people or an individual whose identity is still not precisely known.
- Ethereum
Following the considerable success of Bitcoin, the Ethereum project came up in 2015. This is basically a blockchain program that features its own cryptocurrency named Ether (ETH). This is also an extremely popular cryptocurrency lately next to Bitcoin. A lot of people have invested in ETH, which shows constant growth even though volatile.
- Litecoin
The technology and approach of Litecoin are not as that of bitcoin, but it has moved so quickly in the market and constantly evolving with new innovations. Litecoin now enables quicker payments and allows more simultaneous transactions, making it so popular.
- Ripple
Ripple is another distributed ledger model, which was introduced in 2012. Ripple is also used to track various transactions other than crypto coins. The company has also worked with various financial institutions and banks. All the cryptocurrencies other than Bitcoin are collectively called “altcoins” to distinguish.
Buying cryptocurrency
You can use any conventional currency such as the Dollar or Pound to purchase crypto. Once you have created a crypto exchange account and made up your mind on which currency to purchase, you can put in some funds to your crypto account to enable the purchase. Many of the credit card providers have not enabled crypto purchases using credit cards due to government regulations, so you need to know it beforehand before using a credit card for crypto coin purchases.
Storing crypto coins
Once you make the purchase of cryptocurrency, you have to store it safe from theft or hacking further. Cryptocurrencies are usually stored in wallets, which are physical storage devices at the exchanges with private keys to store them securely. Some crypto exchanges wallet services will make it easy for you to directly buy and sell cryptocurrency from the wallet itself. But not all exchanges and brokers do not offer wallet service, which you need to check out before signing up.
Once you have crypto in your wallet, you can use it to buy any luxury goods, cars, insurance, and various other products in exchange for cryptocurrency if the seller accepts the same. You can use cryptocurrency debit cards like BitPay in the United States at the retailers. You may explore all types of crypto coin options to identify which one can give you better value or returns over time and which one is accepted by the most if you want to spend in cryptocurrency.