For those looking to buy cryptocurrency, Canada offers plenty of options, whether you’re a seasoned investor or you’re about to dip your toes into the waters for the very first time.
It’s relatively easy to buy crypto currency online but working out which is the best crypto to invest in is another matter. So we’ve put together this useful guide to help you to find the best cryptocurrency to invest in 2024 – including Bitcoin, Ethereum, Ripple, and Litecoin.
Many people struggle with the concept of cryptocurrencies since they only exist online, with no physical notes or coins that you can hold in your hand. But although the coins themselves may be virtual, their value is anything but, with plenty of happy investors having made some serious money from their crypto investments.
If you find yourself wondering, “Should I buy crypto?” our answer would almost certainly be a resounding “Yes!” but with a couple of provisos. First of all, never invest more in crypto than you can comfortably afford to lose – these markets are highly volatile. And secondly, spend a bit of time deciding which is the best cryptocurrency to invest in based on your personal circumstances. What’s right for one investor isn’t necessarily a good fit for someone else, so don’t be rushed into making your selection.
With those points in mind, here are our top recommendations for the best cryptocurrency to invest in now. Read what we have to say, then if you want to go ahead and invest you can buy cryptocurrency Canada-wide through one of our recommended crypto exchanges.
Bitcoin was the first digital currency to launch, and is the brainchild of Satoshi Nakamoto, who could be male, female or even a group of several people – nobody knows, which adds an extra touch of mystery. The intention was to create a digital currency that operates on a peer-to-peer basis, with no involvement from any financial institutions. It also operates independently of any government or fiat currency, which has proved to be a genuine strength over recent months as a global recession takes hold. In fact, Bitcoin trading is more popular now than at any time in its history.
Blockchain technology registers every transaction, with ledgers automatically updated across computers around the world for completely transparent accounting. Yet at the same time Bitcoin gives users total anonymity, making it particularly appealing to criminals when it was first introduced. It’s more mainstream these days, with Canada leading the world in accepting Bitcoin across a variety of markets, including to purchase goods and services from big brands such as Dell and Expedia.
Bitcoin is almost certainly the best cryptocurrency to invest in for those just starting out. It’s the oldest and therefore most established, of all the digital currencies, with a proven track record. In 2010 a single Bitcoin would have cost just $0.08, so anyone investing $1,000 back then would be looking at over $280 million today!
But as with all cryptocurrencies, Bitcoin can be incredibly volatile, with swings of 20% or more in a single day. So although it might appear to be the best crypto to invest in right now, that might not be the case next month, next week, or even tomorrow. So before you buy cryptocurrency Canada residents are strongly advised to study the current Bitcoin statistics.
Ethereum is very similar to Bitcoin in many ways, with both platforms operating on shared blockchain networks. Created in 2013 by a programmer called Vitalik Buterin, Ethereum differs from Bitcoin in that it’s more than just a cryptocurrency. Ethereum is actually an entire infrastructure, able to facilitate a process known as smart contracts. The cryptocurrency element is only a small part of what this technology can do, which is what is likely to give this particular crypto longevity.
The actual digital coin associated with the Ethereum platform is supposed to be called ‘ether’, but that’s never really caught on with the public, who prefer to call the coin Ethereum.
Many big-name institutions may have opted to invest in Bitcoin, but there are still plenty of pundits who believe that Ethereum is the cryptocurrency to watch in 2024. Both platforms have seen an increase in uptake in recent months, and although Bitcoin has taken the lead, Ethereum has managed to hit new all-time highs in recent weeks.
Those with some spare cash should consider adding Ethereum to their cryptocurrency portfolio. Of course, this is a highly volatile market, so there’s potential for big losses as well as big wins when thinking about Ethereum trading. It’s down to personal opinion as to whether or not Ethereum is the best cryptocurrency to invest in during 2024, but in our view, it’s definitely one to consider.
Ripple is another platform that’s been attracting scores of investors over the past few months, although the currency, XRP, has seen a fairly dramatic fall recently. Also created on blockchain technology, Ripple was created in large part to speed up financial transactions while cutting down on the associated costs.
And there’s no doubting that XRP is fast. Whereas Bitcoin takes an average of 10 minutes – and sometimes much longer – to confirm a transaction on the blockchain, XRP transactions are processed within just four seconds. The Ripple platform can process an astonishing 1,500 transactions every second too, compared to just five per second from Bitcoin, making it an attractive option for a variety of business and personal purposes.
Ripple had been steadily gaining ground throughout 2019 and 2020, as banks started to pick up on the benefits it offered when moving large sums of money across multiple borders and currencies. But a recent investigation by the Security and Exchange Commission into potential violation of investment laws, although hotly denied by the CEO of Ripple Labs, led to a fall in the crypto’s value towards the end of 2020.
Thinking of trading Ripple? Then now might be a good time to pick up some XRP. The jury’s out on whether or not it’s the best crypto to invest in now, but the recent drop in value has made this particular digital asset more accessible than usual to smaller investors.
Although not as popular as some other cryptocurrencies, Litecoin is well worth considering for anyone planning to buy crypto currency online. It actually has a surprisingly long history, having been created a decade ago and, like other digital currencies, it was designed to facilitate fast but cheap global transactions through a decentralized network.
Often said to be the silver to Bitcoin’s gold, Litecoin seemed to be gaining ground in 2017, but has so far failed to live up to investor’s expectations. Some commentators believe that this is almost entirely down to Litecoin’s developer, Charlie Lee, selling his interest in the platform at the height of its popularity in 2017, which caused people to question his faith in his creation.
Although Litecoin doesn’t appear to be as popular as Bitcoin and Ethereum, it could still be the best crypto to buy right now, for a number of reasons. Aside from having a great deal of industry support this is a crypto that is constantly being refined and developed, making it a strong contender to become a leading player in the cryptocurrency market. We suggest LItecoin trading for anyone interested in diversifying into altcoins other than Bitcoin and Ethereum.
The main complaint made about Bitcoin is that transactions can take a long time to process – something that many smaller investors became only too aware of when they tried to cash out their profits as Bitcoin soared to its highest-ever levels at the end of 2020. This was something that a team of developers and miners were aware of back in 2017, so they developed Bitcoin Cash to try and resolve some of the issues they experienced with Bitcoin.
Bitcoin Cash certainly achieves its primary aim of speeding up transactions on the blockchain, and processing fees are cheaper than Bitcoin too. This enables Bitcoin Cash to handle large volumes of transactions much more quickly than Bitcoin, although some people worry that this might represent more of a security risk over time.
As a ‘hard fork’ from Bitcoin, Bitcoin Cash is very much based on the earlier platform’s original specification. But the developers have aimed to build in a number of improvements, such as increasing the overall block size to facilitate speedier and cheaper transactions. The wider world hasn’t completely caught up yet, which makes this a particularly good time for Bitcoin Cash trading for new investors.
Unlike most other cryptocurrencies, which operate completely independently of fiat currencies, Tether is closely linked to the US dollar and is therefore known as a ‘stablecoin’. Each digital coin is designed to remain at the value of US$1, thereby combining the fiat currency with blockchain technology. Dollar assets are held in reserve, guaranteeing little or no fluctuation in price, unlike most other cryptocurrencies.
If you’re on the lookout purely for the best crypto to invest in, then Tether is unlikely to be at the top of your list. Its stability makes it a popular choice for anyone looking to move money around or to save money in the long term, but Tether is unlikely to ever see the astonishing increases in value that some other cryptocurrencies have experienced.
Once you’ve studied the various digital currencies and made a decision, it’s time to get started with your cryptocurrency investment portfolio. It’s incredibly simple, and if you’re planning to buy cryptocurrency online, Canada has plenty of online crypto exchanges for you to choose from. Read our reviews to discover whether Coinbase, Coinberry or maybe Binance coin trading might be your best options.
At TradersBest.com it’s our mission to help you to buy crypto currency online safely and easily, so we have a range of useful guides telling you everything you need to know about buying, selling and using cryptocurrencies. Discover how crypto mining works and read our top tips for safe crypto trading, including how to find and use Bitcoin wallets.
The only thing we can’t tell you is the best crypto to buy now, as the market changes so quickly and every investor has different needs. But study the information across our site, and you’ll be able to make the best, and most informed choices about your cryptocurrency investments.
When you’re ready to start investing, head to your preferred cryptocurrency exchange site and register with them. This usually involves identity checks for your safety and security, but once you’ve completed these you’re free to start trading, buying and selling Bitcoin and other altcoins as you choose.
Whether you want to invest in crypto, buy and sell cryptocurrencies or spend your digital currency at an online casino, TradersBest.com is on hand with help and advice. Read through our crypto reviews, find out which exchanges let you buy cryptocurrency Canada-wide with the minimum of fuss.
With our help, you can make your own mind up about the best cryptocurrency to invest in 2024, knowing that you’ll be making the most informed choices.
With so many choices available it’s impossible to pick out one single cryptocurrency is being the best investment option. So we guide you through the maze of options, allowing you to make up your own mind based on the relevant facts. We’ll even help you find the best crypto wallets.
Bitcoin, in particular, can be incredibly volatile, so there’s potential for losses as well as big gains. But our guides tell you everything you need to know, so you can decide for yourself whether it’s a risk you’d like to take.
Bitcoin may be the best-known of all the cryptocurrencies, but there are literally hundreds of other options. Avoid potentially expensive mistakes by finding out about the most important cryptocurrencies before investing. We’ve got all the information you need to make the most well-informed judgment about the right cryptocurrency for you here at TradersBest.com.
There are a number of cryptocurrency exchanges operating in Canada that will allow you to buy and sell various digital currencies. Make sure you choose the right one for your needs by reading our handy guides, telling you everything you need to know about investing in cryptocurrencies – including the best cryptocurrency exchanges.
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