In this article, we will discuss 5 cryptocurrencies Redditors are buying for early retirement. If you want to read about how cryptocurrencies are gaining popularity and are receiving global acknowledgment, you can go directly to 10 Cryptocurrencies Redditors Are Buying for Early Retirement.
5. Polygon
Polygon is the blockchain network that is offering solutions for Ethereum’s limitations: expensive transactions, slow transaction speed, and limited developer options. Since it is based on the Ethereum blockchain, Polygon employs a proof-of-stake consensus mechanism. The uniqueness lies within its method of side-chaining a series of blockchains that can help scale Ethereum-based applications. This allows the network to transact at a speed of 65,000 transactions per second, which is scalable to millions of transactions if enough side-chains are created.
In essence, Polygon is a blockchain network that allows Ethereum-based applications to execute in a time-efficient manner while maintaining Ethereum’s security benefits. Just like Algorand, Polygon has an Ethereum Virtual Machine which allows for interoperability between different blockchains.
4. Solana
Solana came into being in 2020, just two years ago, and has moved up the charts to rank among the top 10 cryptocurrencies by market cap. As of March 21, 2022, Solana has a market cap of $28.82 billion. Solona’s blockchain network uses a time-dependent proof-of-stake consensus mechanism. What this mechanism essentially does is that it requires validators to add timestamps to their blocks, which results in faster validation times. The network can validate over 65,000 transactions per second, boasts a block time of 400 milliseconds, and has a transaction finality of 13 seconds. It is one of the fastest blockchain networks to date, which is making it gain popularity in the crypto space.
Redditors are bullish on Solana and expect the currency to soar the way it did in November 2021. The network’s native currency attained an all-time high of $260.06 on November 6, 2021, and is currently trading at below $100. Regardless, Redditors are buying the dip and seeing potential in the market for Solana to be bullish in the future.
3. Litecoin
Litecoin was founded by Charlie Lee, a former software engineer at Alphabet Inc. (NASDAQ:GOOG), with the notion of being a faster, cheaper, and more decentralized successor to bitcoin. While bitcoin has a block time of 10 minutes, Litecoin is four times faster and has a block time of 2.5 minutes. Bitcoin can handle only 5 transactions per second, owing mainly to the size of the block, and Litecoin can process 54 transactions per second. The core difference between Litecoin and bitcoin lies in the hashing algorithm used for both coins. Mr. Lee deployed the “scrypt” hashing algorithm which eliminated the need for expensive hardware to mine coins that were backed by a proof-of-work consensus mechanism.
Among the top coins that Reddit investors were holding for early retirement, we saw a significant number of mentions for Litecoin. Reddit Investors are bullish on the future of Litecoin and believe that it will follow in the footsteps of the parent coin.
2. Ethereum
Ethereum is the second-largest cryptocurrency in the world by market cap. It was founded in 2014 by Vitalik Buterin, who proposed the idea of decentralizing operations in 2013. As of March 21, 2022, Ethereum has a market cap of $349.33 billion and 1 unit of Ethereum, an Ether, is currently worth over $2,900. The Ethereum blockchain network uses smart contracts, which are agreements written in computer programs, to decentralize finance and other centralized applications to remove third-party interferences. Ethereum pioneered decentralized applications, dApps, to be built and run promising reliability, security, and complete and equal control of all stakeholders of the network.
As far as financial applications are concerned, Ethereum provides decentralized finance (DeFi) applications to carry out transactions for users on the network without the need for financial services authorities such as banks, brokerages, and exchanges.
Ethereum and Bitcoin were the top picks of almost every Reddit member that shared their crypto portfolios on the platform. Redditors are bullish on the future of Ethereum and plan on holding it for long instead of trading it.
1. Bitcoin
Bitcoin is the most popular cryptocurrency that Redditors are buying for retirement. It is the oldest, the very first cryptocurrency that came into being, and one of the most reliable investments for people looking into entering the crypto space. Bitcoin is gaining global acceptance at faster rates than any other cryptocurrency. The Bitcoin network is the oldest blockchain network that was built for DeFi applications. The coin was founded in 2008 by an anonymous computer programmer who went by the name of Satoshi Nakamoto. As of March 21, 2022, Bitcoin has a market cap of $784.15 billion and is trading at above $40,000 per unit.
Every day Bitcoin is changing people’s view of the world and inviting more people to enter the crypto universe. From celebrities to legendary investors to economies, Bitcoin is gaining popularity, acceptance, and recognition.
You can also take a look at 10 Best Bitcoin Stocks and Billionaire Ray Dalio’s Thoughts on Bitcoin and 10 New Stocks in Portfolio.
