One cannot deny the fact that the cryptocurrency market is one of the most volatile, yet, fast-moving markets. From Bitcoin and Ethereum to Dogecoin and Tether, there are thousands of different cryptocurrencies, which can make it overwhelming when you're first getting started in the world of crypto. Some cryptocurrencies made unfathomable gains whereas some busted massively. Therefore, it is important to learn about safe crypto exchanges and also keep a track of how the prices are going up or down from time to time. This article features the top 10 under-the-radar cryptocurrencies to buy and hold in 2022.
Created in 2009 by someone under the pseudonym Satoshi Nakamoto, Bitcoin (BTC) is the original cryptocurrency. As with most cryptocurrencies, BTC runs on a blockchain, or a ledger logging transactions distributed across a network of thousands of computers. Because additions to the distributed ledgers must be verified by solving a cryptographic puzzle, a process called proof of work, Bitcoin is kept secure and safe from fraudsters. It is one of the best cryptocurrencies to buy and hold in 2022.
Both a cryptocurrency and a blockchain platform, Ethereum is a favorite of program developers because of its potential applications, like so-called smart contracts that automatically execute when conditions are met and non-fungible tokens (NFTs).
Unlike some other forms of cryptocurrency, Tether is a stablecoin, meaning it's backed by fiat currencies like U.S. dollars and the Euro and hypothetically keeps a value equal to one of those denominations. In theory, this means Tether's value is supposed to be more consistent than other cryptocurrencies, and it's favored by investors who are wary of the extreme volatility of other coins. It is one of the best cryptocurrencies to buy and hold in 2022.
The Binance Coin is a form of cryptocurrency that you can use to trade and pay fees on Binance, one of the largest crypto exchanges in the world. Since its launch in 2017, Binance Coin has expanded past merely facilitating trades on Binance's exchange platform. Now, it can be used for trading, payment processing, or even booking travel arrangements. It can also be traded or exchanged for other forms of cryptocurrency, such as Ethereum or Bitcoin.
Created by some of the same founders as Ripple, a digital technology and payment processing company, XRP can be used on that network to facilitate exchanges of different currency types, including fiat currencies and other major cryptocurrencies. It is one of the best cryptocurrencies to buy and hold in 2022.
Terra is a blockchain payment platform for stablecoins that relies on keeping a balance between two types of cryptocurrencies. Terra-backed stablecoins, such as TerraUSD, are tied to the value of physical currencies. Their counterweight, Luna, powers the Terra platform and is used to mint more Terra stablecoins.
Somewhat later to the crypto scene, Cardano is notable for its early embrace of proof-of-stake validation. This method expedites transaction time and decreases energy usage and environmental impact by removing the competitive, problem-solving aspect of transaction verification present in platforms like Bitcoin. Cardano also works like Ethereum to enable smart contracts and decentralized applications, which are powered by ADA, its native coin. It is one of the best cryptocurrencies to buy and hold in 2022.
Developed to help power decentralized finance (DeFi) uses, decentralized apps (DApps), and smart contracts, Solana runs on a unique hybrid proof-of-stake and proof-of-history mechanisms that help it process transactions quickly and securely. SOL, Solana's native token, powers the platform.
Polkadot (DOT), founded in the year 2016, is a unique blockchain interoperability protocol designed to connect different chains together. It also allows exchanging data and processing transactions for parachains, or parallel blockchains without compromising their security. Developers can create their own blockchains while using the Polkadot security. It is one of the best cryptocurrencies to buy and hold in 2022.
Litecoin (LTC), an open-source blockchain project launched in 2011, was created by former crypto exchange Coinbase software engineer Charlie Lee. It was one of the initial cryptocurrencies whose code is imitated from Bitcoin. Despite the fact that it has similarities with Bitcoin, it is developed to have a faster transaction confirmation time. It can be used as an avenue for paying people globally without a mediator. LTC is frequently considered as "silver to Bitcoin's gold."
Disclaimer: The information posted in the article is for educational purposes only. By using this, you agree that the information does not constitute any investment or financial advice. Do conduct your own research and reach out to financial advisors before making any investment decisions.
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.