10 Best Cryptocurrencies to buy or invest in August 2022

10 Best Cryptocurrencies to buy or invest in August 2022

10 Best Cryptocurrencies to buy or invest in August 2022 | Why Invest in Cryptocurrency? — Is it a Good or Bad Investment?

This article will list the ten best cryptocurrencies to purchase or invest in for the month of August 2022. It will cover some basic background information about each one, such as its name, a description of what it does, how its value was doing at that time, and why someone should invest in it. 

By the end of this read you’ll have a better understanding of the best cryptocurrency to buy or invest in during this time period.

Next Cryptocurrency to Explode at the end of 2022

DigiByte (DGB)

DigiByte is a decentralized cryptocurrency that was launched in January 2014. It is a public, rapidly growing and highly decentralized blockchain. DigiBytes are digital assets that cannot be destroyed, counterfeited or hacked, making them ideal for protecting objects of value like currency, information, property or important digital data. 

The DigiByte Blockchain is based on a decentralized global network of computers using the DigiByte cryptographic token and operates on an open-source protocol with no single point of failure.

DigiByte’s public blockchain contains multiple DigiByte blockchains that are synchronized together. It also allows users to transfer assets from one wallet to another without being exposed to a third party. A feature that makes the DigiByte Blockchain uniquely decentralized is its ability for users to create their own rules for determining who can update the blockchain and earn mining rewards.

Most social media and messaging platforms damage user privacy, making it easier for governments and businesses to collect personal information such as location, movement history and behavior patterns. DigiByte aims to remove this privacy risk by enabling secure messaging and transactions between its users on a private, decentralized blockchain.

Bitcoin Cash (BCH)

Bitcoin Cash (BCH) is a hard fork of the Bitcoin (BTC) Blockchain that occurred in August 2017. The forked client then introduced new features, one of the most prominent being a larger block size limit, which has become an issue in the past months as it has been running out of space. As a result, BSV was created and is now the third largest cryptocurrency by market cap. It is also known as BitCoin ABC.

Bitcoin Cash brings sound money to the world, fulfilling the original promise of Bitcoin as “Peer-to-Peer Electronic Cash”. Merchants and users are empowered with low fees and reliable confirmations. The future shines brightly with unrestricted growth, global adoption, permissionless innovation, and decentralized development. All Bitcoin holders as of block 478558 are also owners of Bitcoin Cash.

In August 2017, disagreements arose between certain members of the Bitcoin community over how to increase the block size limit and restart stalled Bitcoin transactions through a so-called “second-layer” payment protocol called SegWit2x.

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Stellar Lumens (XLM)

Stellar is a platform for building financial products. Their mission is to extend banking services to the four billion unbanked people around the world. This helps fight poverty and maximizes individual potential by connecting individuals, banks, payments systems and corporations through one network.

Stellar Lumens’ platform connects banks, payment systems and people. It provides an international standard cryptocurrency, the Stellar Lumen (XLM).

Stellar Lumens are the native asset of the Stellar network. They are used as a bridge between currencies, assets and people by powering cross-border transactions and payments such as sending money between individuals or organizations.

Ripple (XRP)

Ripple is a real-time gross settlement system, currency exchange and remittance network based on open source software. It is not controlled by any central authority and allows both fiat currency trading and cryptocurrency trading through an online exchange.

Just like Bitcoin, Ripple can be mined with a special program. However, in order to mine Ripple, you need to have either 500 XRP (preferred method) or 1 billion XRP.

The Ripple network allows both fiat currency trading and cryptocurrency trading through an online exchange. Ripple’s unique ability to process transactions in real time between two parties anywhere in the world means that international payments do not need to wait three business days to clear, which is the current processing time for international payments with other systems.

Ethereum (ETH)

Ethereum is an open-source, public, blockchain-based distributed computing platform featuring smart contract (scripting) functionality. It provides a decentralized virtual machine, the Ethereum Virtual Machine (EVM), which can execute arbitrary code of arbitrary legal complexity. “Gas” is a unit of computational payment used in ethereum and bitcoin. It is a necessary element for operating the distributed application platform Ethereum.

Ether is a cryptocurrency whose blockchain is generated by the Ethereum platform. Ether can be transferred between accounts and used to compensate participant mining nodes for computations performed. Ethereum provides a decentralized Turing-complete virtual machine, the Ethereum Virtual Machine (EVM), which can execute scripts using an international network of public nodes. “Gas”, an internal transaction pricing mechanism, is used to mitigate spam and allocate resources on the network.

Ethereum Classic (ETC) was created because of a disagreement with the way that ETH handled The DAO hack. 

Litecoin (LTC)

Litecoin is a peer-to-peer Internet currency that enables instant, near-zero cost payments to anyone in the world. It is an open source, global payments network that is fully decentralized without any central authorities. Mathematics secures the network and empowers individuals to control their own finances. 

Litecoin features faster transaction confirmation times and improved storage efficiency than the leading math-based currency. With substantial industry support, trade volume and liquidity, Litecoin is a proven medium of commerce complementary to Bitcoin.

Litecoin is a cryptocurrency that enables instant payments to anyone in the world and that can be efficiently mined with consumer-grade hardware. It is an open source, global payment network that is fully decentralized without any central authorities. Mathematics secures the network and empowers individuals to control their own finances. 

Litecoin features faster transaction confirmation times and improved storage efficiency than the leading math-based currency. With substantial industry support, trade volume and liquidity, Litecoin is a proven medium of commerce complementary to Bitcoin.

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Ripple (XRP)

Ripple is a real-time gross settlement system (RTGS), currency exchange and remittance network run by Ripple Labs. It is designed to enable the transfer of funds in any currency from one person to another without any charge. Ripple is a third-generation blockchain technology that is broadly distributed among the financial institutions and commercial banks around the world with about 100 banks currently using it for cross-border payments. Ripple allows banks to settle international payments in real time at lower costs.

XRP is a cryptocurrency that is designed to work like traditional currency but using blockchain technology. Unlike most cryptocurrencies, XRP has a native blockchain ledger (known as the Ripple Consensus Ledger) that is distributed and maintained by a network of nodes that are spread around the world.

Bitcoin (BTC)

Bitcoin is a cryptocurrency, a digital asset designed to work as a medium of exchange that uses cryptography to control its creation and management, rather than depending on central authorities. The presumed pseudonymous Satoshi Nakamoto integrated many existing ideas from the cypherpunk community when creating bitcoin. Bitcoin was created in 2009 by a pseudonymous person or organization named Satoshi Nakamoto, whose true identity remains unknown. 

Bitcoin can be used to pay for purchases without fees and without restrictions, can be sent between any number of users, and allows micropayments with no transaction fee needed. Bitcoins have no physical form and cannot be seen, but instead exists only as data on a computer. Bitcoin uses peer-to-peer technology to operate with no central authority. 

Bitcoin was the first implementation of a concept called “cryptocurrency” which is decentralized, meaning it is not issued by any central authority and allows for privacy, anonymity and faster transactions. Bitcoin is open-source; its design is public, nobody owns or controls it and everyone can take part. It was made open for developers in 2009 as an alternative payment system to traditional currencies. 

The idea was to create a currency independent from any government where users could transact value in a secure, anonymous way. Bitcoin’s core innovation is the blockchain technology behind Bitcoin.

Apecoin (APE)

A peer-to-peer network based digital currency that enables instant payments to anyone in the world. Apetas is a global incentive-based mobile ecosystem powered by the Apecoin blockchain. It allows users to submit smart contracts and create decentralized applications built around publishing, shopping, travel, and more. Tokens are used to pay for platform fees while also providing access rights to publishing tools and services made by developers around the world through open-source modules integrated into its publishing framework.

Apecoin is also a store of value. Once transactions are confirmed, Apecoin is removed from the card and added to the user’s account balance. This makes it a desirable asset for users that are storing their value in more traditional forms of currency.

Monero (XMR)

A digital cryptocurrency that is decentralized, open-sourced and provides privacy and anonymity to its users. It was launched in April 2014, by a software developer under the pseudonym “Riccardo Spagni”. The cryptocurrency has one of the largest communities of all cryptocurrencies with over 1.3 million members on their Reddit page alone.

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You can find the Monero official website or you can use a third-party exchange that supports Monero such as Coinbase, Kraken and Bittrex. Just select the “buy XMR” feature and fill in your personal details. You will be redirected to the exchange with the chosen currency. Deposits are instant and can be done with credit card or bank transfer which takes less than a minute. 

Withdrawals can only be done in USD and there is a 3% transaction fee. Monero lets you send and receive funds in two ways: a public address that is easily searchable and traceable, which can be used like an e-mail address, or a private address that requires a key to unlock. The Monero network uses a special cryptographic technique to ensure the reliability of transactions.

Monero (XMR) is not owned by any individual or company that can manipulate the network such as miners, developers or dealers – what makes Monero one of the most popular cryptocurrencies currently available. It is similar to Bitcoin but with improved privacy features that allow users to send money privately and securely without fear of being tracked down by third parties. 

Such features include: stealth addresses, ring signatures and ring confidential transactions. The Monero cryptocurrency enjoys a reputation for being mined by cryptography professionals and is one of the most secure coins.

It is one of the most private cryptocurrencies since all transactions are mixed with other transactions made by users in the Monero network. For example, Monero (XMR) can easily be combined with other XMR coins to make it nearly impossible to trace.

Why Invest in Cryptocurrency? — Is it a Good or Bad Investment?

People are becoming more and more interested in getting involved with cryptocurrency these days. Some of you may be wondering if it’s worth it to invest. Here’s a quick rundown on some of the benefits that investing in cryptocurrency can offer:

1) Greater diversification for your portfolio – there are a lot of different types of cryptocurrencies that have unique features, which means there is less risk when investing in just one or two currencies compared to investing 100% of your money in just one currency.

2) Possible tax benefit – depending on what country you live in, the IRS might not consider cryptocurrencies as real currency and therefore impose different taxes than those charged for trading stocks or bonds. In the US, cryptocurrency is considered property, not currency.

3) Higher return – compared to traditional methods of investing such as stocks or bonds, cryptocurrency offers much higher potential returns because it is based on speculative blockchain technology. A lot of companies are coming out with ICO (initial coin offering) models to make cryptocurrency a mainstream way of investing but this is still very new and remains unregulated. Consider the fact that last year alone, over $1 billion was invested in these types of startups and we’re only at the beginning.

4) Lower fees – since cryptocurrencies are not regulated by a central bank, there are no fees for buying and selling these currencies. Instead, you are charged a fee by the person or service which you use to buy your currency.

5) Popular with millennials – cryptocurrency is very popular among the digital age generation and millennials are more likely to invest in these types of currencies, much as they’re more concerned about climate change and renewable energy.