Investing in cryptocurrencies can impact many underlying factors that can lead to more economic freedom.
Economic freedom is different for every country, and as the economy grows globally, governments gain significant control over the financial and economic freedoms of its subjects. Cryptocurrencies have proven to be the top asset investment choice for young investors. Nowadays, students are also investing in cryptocurrencies. Cryptocurrencies cannot directly improve all facets of economic freedom (e.g. tax policies and government spending), but they can improve most of the underlying drivers such as freedom to trade, freedom to investment, financial freedom and monetary freedom. A key economic feature of the cryptocurrency system is that mining is a public good, while double-spending to defraud cryptocurrency depends on individual incentives to undo a particular transaction. Investing in cryptocurrencies will help build better performing economies in countries with less economic freedom and facilitate emigration to a better life. This article presents the top 10 cryptocurrencies that provide economic freedom for investors.
Bitcoin is the first cryptocurrency, and it is also the first choice of crypto investors. BTC is the flagship of the crypto industry. Currently, 9 out of 10 people want to invest in Bitcoin. Since it is the most trusted cryptocurrency in the market, it also gives economic freedom to crypto investors.
Ethereum is the second most popular cryptocurrency, and it also launched Ethereum 2.0 to provide better and more transparent service than the original version to crypto investors. It can dramatically increase the price of cryptocurrency due to the massive adoption of digital currency. It is one of the top 10 cryptocurrencies that provide economic freedom for crypto investors.
Terra is a blockchain protocol that uses fiat-pegged stablecoins to power price-stable global payment systems. LUNA combines price stability and widespread adoption of fiat currencies with Bitcoin’s censorship resistance and offers fast and affordable settlements. LUNA is usually used by experts to stabilize the price of protocol stablecoins.
Solana is a highly functional open-source project that leverages the permissionless nature of blockchain technology to provide decentralized finance (Defi) solutions. While the idea and early work on the project began in 2017, Solana was officially launched in March 2020 by the Solana Foundation headquartered in Geneva, Switzerland. It aims to kill the big cryptocurrency Ethereum. It is one of the top 10 cryptocurrencies that provide economic freedom for crypto investors.
Cardano is one of the main competitors to Ethereum, as well as Bitcoin, in this highly volatile cryptocurrency market as a proof-of-stake blockchain platform. This cryptocurrency combines advanced technologies to provide unparalleled security and durability for DAapps. The token is designed to ensure that crypto investors can participate in the operation of the network.
Tether is useful for crypto investors because it offers a way to avoid the extreme volatility of other cryptocurrencies. This creates liquidity for exchanges, creates cost-free exit strategies for investors, and adds flexibility and stability to investors’ portfolios. It is one of the top 10 cryptocurrencies that provide economic freedom for crypto investors.
Binance operates the largest cryptocurrency exchange in the world. It therefore makes sense that Binance Coin is the third most popular digital coin in the market. Investors who pay transaction fees with Binance Coin receive discounts. Every quarter, Binance reduces the supply of digital coins based on trading volume.
XRP is used interchangeably with Ripple but is different. XRP is the cryptocurrency developed by Ripple Labs to be used for its financial products. It can be used for international payments or remittances (money transfers). An interesting fact about XRP is that coins are “pre-mined,” using what its creators describe as a smart contract system. This results in faster and more energy-efficient token transfer.
Avalanche, along with Solana, is another example of crypto that has a clear purpose, as opposed to coins like Dogecoin, which have no purpose. Avalanche is one of several projects aimed at “displacing Ethereum” as one of the most widely used blockchain platforms, according to cryptocurrency exchange, Gemini.
Experts consider Polygon a solid investment because it is a framework for a blockchain network and is compatible with the Ethereum virtual machine. Polygon has become a prominent feature of several DeFi protocols and other platforms it adopts daily. Users must link their Ethereum assets on the Polygon network. It is one of the top 10 cryptocurrencies that provide economic freedom for crypto investors.
Polkadot is an open-source shared multi-chain protocol that connects and secures a network of specialized blockchains, facilitating the cross-chain transfer of any type of data or asset, not just tokens, thereby enabling blockchains to be interoperable with each other. It is one of the top 10 cryptocurrencies that provide economic freedom for crypto investors.
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