Ethereum And Solana Are Top Cryptos Long-Term Investors Can Buy Today
Ethereum is a decentralized platform that runs smart contracts and enables developers to build DApps (decentralized applications). Solana is a new project from ConsenSys, which develops open-source software solutions. Both projects are built on the Ethereum network.
Ethereum was created by Vitalik Buterin, who also founded Bitcoin Magazine. The platform has become the most popular blockchain platform in terms of transaction volume. In 2017 alone, Ethereum processed over $1 billion worth of transactions.
Both Ethereum and Solana are great platforms for building decentralized apps. They offer similar features, such as smart contract functionality and Turing complete programming language. However, they have some significant differences as well. For example, while Ethereum uses a proof-of-work consensus mechanism to process its blocks and ensure the security of its network, Solana utilizes delegated Proof-of-Stake model. This means fewer resources will be consumed. However, it’s important to note that Ethereum still outperforms all other cryptocurrencies based on market capitalization.
Solana is an open-source project created by a consortium of several tech companies. These include ConsenSys, Coding Capital, R3CEV, OpenLaw LLP, Axiom Zen, Lighthouse Labs, Apeiron Network, and many others.
The core team consists of members from different industries, including finance, law, engineering, and IT.
The team behind Solana claims it can achieve much more than what existing public blockchains like Ethereum can. It cites how it already works with various blockchain initiatives to support this claim. Moreover, if you look at Solana’s white paper, you will notice that the project aims to tackle issues associated with privacy concerns, scalability, permissioning, governance, etc.
In addition to these, the team behind the blockchain insists that there should be no need to switch between multiple blockchains to get a better solution when one single decentralized protocol would suffice. Hence, they came up with their own “world computer.”
According to Solana, the platform will help users create private networks where they can host anything from enterprise data storage to cryptocurrency wallets. They say that the best part about this blockchain is that it doesn’t require any fees to use.
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How to Purchase a Good Long Term Crypto Investment
Opening a long-term crypto investment is not a complex thing. There are many ways to do this, but here we will discuss the five most straightforward ways to make your crypto investments work for you.
1) Register an account
One of the first things you should do before opening any cryptocurrency portfolio is registering yourself. You could either register through exchanges or any wallet provider. If you choose to go through an exchange, I must tell you, don’t buy directly from them unless you know exactly which altcoin you want to acquire. Most people fall victim to scams because they don’t do enough research.
2) Account verification
In this step, you will be required to upload your government-issued document. A utility bill for proof of address, passport, or a driver’s license could be a good example.
3) Fund the account
Here you will be asked to make some deposits into your account before proceeding to the next step. The payment methods may vary. For example, you can pay using a master card, Paypal, or visa, to mention a few.
4) Look for crypto that fits all your needs
This is the most crucial step in making good decisions with your money. Before you decide to invest in any coin, you need to know why you are buying it? Do you see tremendous growth potential? Is it a high cap coin? Do you believe in its team? Do you think that there will be a war over the coin? All those questions matter a lot before you start investing. Once you have an idea of what kind of coin you are interested in, you need to check out its price chart. It is recommended to study the charts daily until you are satisfied with the ones that fit best with your financial goals.
5) Start Investing
Now, this is the fun part! Open up your desired wallet provider and start investing by purchasing the crypto coins that you think could turn out well for the future. Make sure that you keep a separate wallet for your actual cryptocurrencies instead of keeping everything in one place; otherwise, you might lose access to your funds. After doing a little bit of research on how much money you want to invest, set a limit on how much you’ll spend per week. A rule of thumb is that if you put x amount every day, you will spend x amount in total each month.