The world currency market is evolving at a rapid pace. Financial Technology, or Fintech, in particular, has been developing immensely since the introduction of Bitcoin in 2009. Now, a little over a decade, the vast number of currencies, also known as altcoins, have provided unlimited options and a high potential for returns.
PT Unified Jakarta has analyzed all cryptocurrencies offered in the market and has created an assessment or discussion to help beginners with their first Bitcoin and altcoin trades.
Bitcoin is a digital currency that was developed by a group or individual known only as Satoshi Nakamoto. It was introduced in 2009 and released as open-source software. Since then, people all over the world have embraced digital currencies as a viable payment method. Bitcoin is considered one of the key players in the financial technology industry’s beginning and growth.
As countries worldwide regulate and innovate blockchain technologies, more companies like PT Unified Jakarta venture into digital currencies and attempt to improve trading platforms.
An altcoin or alternative coin is a non-Bitcoin cryptocurrency. Since Bitcoin is the pioneer of all Fintech and blockchain technologies, it’s considered the basis of the market value. Companies have developed altcoins to solve problems that Bitcoin couldn’t, such as blockchain-based payment processing and smart contracts. Altcoins are essential in creating a variety of options.
Some of the most popular altcoins to date are XRP and Ethereum.
Ripple’s XRP has doubled in value since November 17, 2020. Ripple, a San Francisco-based company, designed XRP as a global cross-border payment industry to replace cash transfers with Bitcoin-inspired solutions. However, the banking industry wasn’t ready to let go of a multi-trillion-dollar network, so the Brussels-based cooperative of 11 thousand financial institutions called Swift disregarded the XRP approach upgraded its system in 2017.
Ethereum, a longtime favorite, had grown 5x its value since the 12-month low on March 16, 2020. It has bested Bitcoin’s 295% increase within the same period. Ethereum is only a fifth the size of Bitcoin with a $70 billion market capitalization. However, it is the most advanced blockchain technology variation, allowing users to transact assets through smart contracts.
Most novice investors intimidated by Bitcoin have opted to buy XRP, Litecoin, Cosmos, and Tron. However, crypto veterans say that betting on unstable coins based on market momentum is not advisable. You should wait for the market to stabilize to get the maximum value.
You don’t have to spend on Bitcoin right now since there are many considerably safer coins. PT Unified Jakarta has reviewed all the cryptocurrencies available in the market and released information about possible trends for 2021.
Hash rates and cryptocurrency mining are so esoteric that even professionals are still trying to figure out how to maximize gains. Aside from that, many Bitcoin copycats came out in 2017, with most of them amounting to just a cute name and fancy whitepaper. If you’re still a beginner at everything about the Financial Technology sector, you should conduct the necessary research to make the best investment decisions.