Cryptocurrencies have become a popular investment option in Australia, with many investors looking to diversify their portfolios and take advantage of the potential returns offered by digital assets. However, with so many cryptocurrencies available, it can be challenging to know which ones are worth investing in. In this article, we will explore the top eight cryptocurrencies for investment in Australia in 2022, as recommended by Live Bitcoin News.
1. Bitcoin (BTC)
Bitcoin is the most well-known cryptocurrency and has been around since 2009. It is a decentralized digital currency that operates on a peer-to-peer network, allowing for secure and anonymous transactions. Bitcoin has a limited supply of 21 million coins, which makes it a scarce asset. This scarcity has contributed to its value, which has increased significantly over the years. As of September 2021, Bitcoin’s market capitalization was over $900 billion, making it the largest cryptocurrency by market cap.
2. Ethereum (ETH)
Ethereum is the second-largest cryptocurrency by market cap and has been around since 2015. It is a decentralized platform that enables developers to build decentralized applications (dApps) on top of its blockchain. Ethereum’s native cryptocurrency is Ether (ETH), which is used to pay for transactions and smart contract execution on the network. Ethereum’s market capitalization was over $400 billion as of September 2021.
3. Binance Coin (BNB)
Binance Coin is the native cryptocurrency of the Binance exchange, one of the largest cryptocurrency exchanges in the world. Binance Coin is used to pay for trading fees on the exchange and can also be used to purchase other cryptocurrencies on the platform. Binance Coin has seen significant growth in recent years, with its market capitalization reaching over $80 billion as of September 2021.
4. Cardano (ADA)
Cardano is a decentralized platform that aims to provide a more secure and sustainable infrastructure for decentralized applications. It uses a proof-of-stake consensus mechanism, which is more energy-efficient than Bitcoin’s proof-of-work mechanism. Cardano’s native cryptocurrency is ADA, which is used to pay for transactions and smart contract execution on the network. Cardano’s market capitalization was over $80 billion as of September 2021.
5. Dogecoin (DOGE)
Dogecoin started as a joke cryptocurrency in 2013 but has since gained a significant following. It is a decentralized digital currency that operates on a peer-to-peer network, similar to Bitcoin. Dogecoin’s market capitalization has grown significantly in recent years, reaching over $30 billion as of September 2021.
6. Polkadot (DOT)
Polkadot is a decentralized platform that aims to provide interoperability between different blockchains. It allows for the transfer of data and assets between different blockchains, making it easier for developers to build decentralized applications that can communicate with each other. Polkadot’s native cryptocurrency is DOT, which is used to pay for transactions and governance on the network. Polkadot’s market capitalization was over $30 billion as of September 2021.
7. Solana (SOL)
Solana is a decentralized platform that aims to provide fast and low-cost transactions for decentralized applications. It uses a proof-of-stake consensus mechanism and can process up to 65,000 transactions per second. Solana’s native cryptocurrency is SOL, which is used to pay for transactions and governance on the network. Solana’s market capitalization was over $40 billion as of September 2021.
8. Chainlink (LINK)
Chainlink is a decentralized platform that aims to provide secure and reliable data feeds for decentralized applications. It uses a decentralized oracle network to connect smart contracts with real-world data sources. Chainlink’s native cryptocurrency is LINK, which is used to pay for transactions and data feeds on the network. Chainlink’s market capitalization was over $20 billion as of September 2021.
In conclusion, these are the top eight cryptocurrencies for investment in Australia in 2022, as recommended by Live Bitcoin News. However, it is important to note that investing in cryptocurrencies can be risky, and investors should do their own research and seek professional advice before making any investment decisions.
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- Source: https://zephyrnet.com/the-8-best-cryptocurrencies-to-invest-in-australia-in-2022-live-bitcoin-news/