What are the top 5 cryptocurrencies for beginners?

What are the top 5 cryptocurrencies for beginners | Read now

Everyone wants cryptocurrency these days. And, in recent years, more people than ever before are investing in cryptocurrencies and enjoying a healthy return on investment as a result.

But what is cryptocurrency and what are the best cryptocurrencies for beginners?

What is cryptocurrency?

A cryptocurrency is a digital or virtual currency that is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend – hence its popularity! Basically, you invest money into a crypto coin and collect interest and fees from the blockchain transaction, which is a digital ledger of transactions that is duplicated and distributed across the entire network of computer systems on the blockchain.

And, if you’re looking to invest in cryptocurrency, you have certainly landed in the right place, particularly if you’re a beginner. We’ve rounded up the top 5 cryptocurrencies for beginners so that you can hopefully get off to a great start! Oh, and remember, all you need

Is an account with an online broker that offers your chosen cryptocurrency and payment method to get started!

What is a good amount to start crypto with?

The vast majority of financial experts have been quoted in the media recommending limiting crypto exposure to less than 5% of your total portfolio. This is mainly because

Crypto is widely ranked as high-risk asset class, meaning it’s advisable to limit allocation in the early stages of investing.

Most people starting to use Crypto begin by investing with  1% to 2% as an introduction.

How to Find the Best Crypto for Beginners?

If you’re just starting out in the world of Crypto, it’ important that you seek the best advice from industry professionals. You should also always opt for the best Crypto for beginners by remaining up to date with industry news, staying in tune with market trends and ensuring market fluctuations are firmly on your radar.

Are Cryptocurrencies Safe for Beginners?

Crypto currency is considered as being a high risk asset therefore investing in Crypto certainly comes with its risks, which you must always be aware of. At the same time, the nature of Crypto currencies means that they can also fluctuate quickly, therefore before you invest, you should carry out extensive research and integrate risk management strategies where necessary.

LBLOCK – Lucky Block

Known as an innovative ‘crypto-lottery’ platform, Lucky Block is one of the best crypto currencies to buy in the UK and is designed to provide lottery players with a more rewarding experience compared to traditional lottery tickets. Lucky Block is also renowned for conducting daily prize draws with higher odds of winning for each contestant.

All transactions on the Lucky Block platform will be visible on the public ledger as it is hosted on the block chain.

BTC – Bitcoin

Since the launch of Bitcoin in 2009, this cryptocurrency has continued to grow in popularity and as a result, holds a significant portion of the total market capitalisation of cryptocurrencies.

Known as a natural choice for any investor looking to enjoy a competitive advantage, Bitcoin is a unique currency that offers a whole host of different benefits due to the fact that it continues to dominate crypto charts.

DOGE – Dogecoin

Dogecoin dominated the world of crypto currency throughout 2021 and as a result, many investors were quick to invest after it was listed on popular trading platforms.

This cryptocurrency currently ranks 11th in terms of market capitalisation and one of the main benefits of this crypto currency is that there is no upper limit to how many Dogecoins can be mined, which means that supply is unlimited!

Litecoin

Litecoin is a peer-to-peer Internet currency that enables instant, near-zero cost payments to anyone in the world, allowing individuals to control their own finances. One of the main features of Litecoin is its faster transaction confirmation times and improved storage efficiency that make it a hit with beginners. 

Ethereum (ETH)

Known as the second largest cryptocurrency in terms of market cap, Ethereum has grown significantly since it was first launched in 2015. Renowned for creating smart contract and boasting transaction speeds that are faster than Bitcoin, Ethereum has gained a massive amount of support from major software and banking corporations. 

Why choose React Accountancy?

Here at React Accountancy, we provide trusted accountancy services to start-up, established and multi-national businesses across a diverse range of industries, including crytpo accountancy advice.

From the moment you get in touch, our approachable, friendly and professional team will go above and beyond to ensure that you receive the right advice, support and accountancy solutions for your business.

All of our team has years of experience in providing accountancy services that support your business including complex financial issues.

Get in touch today for further information about any of our services.

You can reach us on 01914324110 or contact us via email using info@reactaccountancy.co.uk

** Please note, the information contained in this blog post is not financial advice. Always seek the relevant advice before investing in any crypto currency  **