Cryptocurrency Overview: What Coin Is Best for You?
*This article was updated on 02/15/2024 to reflect additional coin listings and updated information.*
If you have heard of bitcoin, then you may have heard that it can be a great way to diversify your investment portfolio. But, did you know that many cryptocurrencies offer unique value propositions other than merely as a store of value? It's true. Each cryptocurrency brings something a little different to the table. But which is the best cryptocurrency to invest in?
With more than 5,000 different cryptocurrencies out there, it is safe to say that most of them probably won't become something useful or profitable. Fortunately, CoinFlip has narrowed down the long list of cryptocurrencies to offer ten of our favorite established cryptocurrencies.
Which Cryptocurrency Is the Best to Invest in 2024?
Bitcoin (BTC) - Bitcoin is the world's first, most popular, and most valuable cryptocurrency. It is a decentralized currency that relies on a massive network of computers worldwide that use mathematical principles of cryptography to verify transactions and eliminate the risk of fraud.
Ethereum (ETH) - Ethereum is a decentralized, open-source blockchain used to create decentralized applications (dApps) and smart contracts. Ether is Ethereum's native cryptocurrency and is used to pay for services on the Ethereum network. Ethereum is the most actively used blockchain in the world because it enables authentic collectibles through non-fungible tokens (NFTs) and is commonly used in Decentralized Finance (DeFi).
Litecoin (LTC) - Litecoin is a bit of a cult classic in the crypto-community and the top ten most popular coins by market value. Litecoin was created as a "lighter" version of Bitcoin, which means that it has faster transaction times and extremely low transaction fees at around $0.04 per transaction.
Dogecoin (DOGE) - Dogecoin (DOGE) is a cryptocurrency that features the Shiba Inu dog's face from the famous "Doge" meme. Beyond its humorous origins, Dogecoin is useful for payments due to its low network fees.
Chainlink (LINK) - Chainlink is a platform that communicates to and from the blockchain with a decentralized network of oracles that provide real-world data to smart contracts. LINK is the platform's native token and is used to pay for network services.
Stellar Lumens (XLM) - Stellar seeks to simplify the process of cross-border payments by uniting the world's financial infrastructure so that money can be moved quickly and inexpensively between banks, businesses, and individuals. Stellar's native token Lumen is used to pay transaction fees on the Stellar network, which are always less than one cent.
USD Coin (USDC) - USD Coin was created to tokenize the US dollar and make it easy to use online and on the blockchain. It is a "stablecoin" that guarantees a single US dollar backs each USD Coin. 1 USDC can always be redeemed for $1.00.
PAX Gold (PAXG) - PAX Gold is a digital token backed by physical gold. This means that for every PAX Gold token created, there is a corresponding amount of physical gold held in a secure location. This makes PAX Gold unique because it combines the security and stability of gold with the convenience and accessibility of digital tokens. PAXG enables investors to start diversifying in gold with as little as $20.
Choose a Cryptocurrency That Best Suites Your Needs
Whether you are looking for cryptocurrency as an investment, or for sending funds to friends and family around the world, we have the coins you need. Purchasing cryptocurrency can seem overwhelming, but with CoinFlip it doesn’t have to be. We take pride in being the world’s most trusted Bitcoin ATM operator and strive to be as transparent as possible. We are big believers in the importance of cryptocurrency education and adoption.
If you’re just getting started with crypto, then I recommend checking out these other beginner-friendly articles: