If you’re new to cryptocurrencies, you often don’t know exactly where to start, but you often feel like you want to make a difference right away. This often leads to hasty decisions based on fear of missing out, which can lead to losses and resentment towards cryptocurrencies.
In this article, we will introduce you to the top 5 best cryptocurrencies for beginners to consider. We’ll also cover some of the best cryptocurrency exchanges, apps, and wallets to help you get started on your crypto journey.
List Of The Best Cryptos For Beginners In 2024:
- Bitcoin – The oldest and biggest crypto
- Ethereum – The leading smart contract platform
- Solana – Efficient and highly scalable blockchain network
- Uniswap – The largest decentralized exchange
- Dogecoin – The original memecoin
What is the best cryptocurrency for beginners?
Bitcoin is probably the best cryptocurrency that beginners can buy. Other important options include Ethereum, Solana, Uniswap, and Dogecoin. Please note that these cryptos were selected based on their longevity and reputation in the market. In other words, we prioritized cryptocurrencies that are more likely to survive in the long term than cryptocurrencies that have the potential to generate 100x returns or go bankrupt.
1. Bitcoin – The Oldest and Largest Cryptocurrency
At this point, it’s almost impossible not to know about Bitcoin. The original cryptocurrency has grown from a crypto experiment to a multi-trillion dollar asset used by individuals, businesses, and even governments.
Whether you’re a beginner or a long-time member of the cryptocurrency investment community, owning Bitcoin is almost a given. It’s hard to imagine that cryptocurrencies exist and Bitcoin isn’t a significant part of it. Furthermore, it is unlikely that any cryptocurrency will be able to surpass Bitcoin’s first-mover advantage. So, if you believe that cryptocurrencies are here to stay, investing in Bitcoin should be a no-brainer as it is one of the best cryptocurrencies to buy right now.
2. Ethereum – The leading smart contract platform
Ethereum is the most important cryptocurrency on the market after Bitcoin. It not only has the second-largest market capitalization of any digital asset, but also controls the overwhelming share of decentralized finance activity. Over 55% of all value associated with decentralized apps and transaction protocols currently resides on the Ethereum blockchain.
Purchasing Ethereum is essentially placing a wager on the increasing prominence of decentralized finance and its potential to displace established entities like banks, brokers, and even insurance providers in the market. Ethereum is the top blockchain for real-world assets, or blockchain-based digital tokens that stand in for tangible and conventional financial assets (bonds, real estate, equities, and the like). This is because of its strong smart contract capabilities.
3. Solana – An Efficient and Scalable Blockchain Network
Solana is one of the fastest growing blockchain networks in the industry, both in terms of price performance and user activity. Since its launch in 2020, Solana has increased in value by more than 25,000%, making it one of the best-performing digital assets over this period.
Compared to Bitcoin and Ethereum, Solana is much more scalable and can process up to 65,000 transactions per second. On the other hand, Bitcoin can only process up to 7 coins, while Ethereum can process around 15 coins. This will enable Solana to efficiently process NFTs, gaming apps, and other dApps that require high transaction throughput and low transaction costs.
4. Uniswap – The Largest Decentralized Exchange
Uniswap embodies the fundamental premise of cryptocurrencies: eliminating financial middlemen in exchange for smart contracts and trustless systems. Based on Ethereum, Uniswap is the world’s largest decentralized trading protocol, allowing anyone to trade cryptocurrencies and provide liquidity without relying on exchanges or banks to confirm and track transactions.
Ethereum investments and Uniswap investments are similar in nature. Investing in UNI, the native cryptocurrency of the Uniswap platform, makes sense if you think decentralized financial systems will continue to gain popularity. Holders of UNI can influence governance decisions by voting on which tokens and networks to support, among other things.
5. Dogecoin – The Original Meme Coin
Dogecoin was introduced as a meme in 2013, but even its founders never thought it would gain any form of notoriety. But more than a decade later, Dogecoin is bigger than ever, commanding the eighth-largest market capitalization in the crypto market and being accepted as payment by several major merchants, including Tesla.
If you’re interested in the memecoin frenzy that has taken the market by storm over the past few months, you might want to invest in Dogecoin. It’s been around much longer than other meme coins, and it’s almost impossible to believe it could crash to zero at this point. However, this is not the case for newer, smaller meme coins that have come to market in recent months.
Which Crypto Exchange Is Best For Beginners?
To choose the ideal exchange for a novice, you must first ascertain which exchanges are offered in your jurisdiction. In general, users from outside the United States should use Kraken, while those from abroad should utilize Binance.
Best exchange for international users: Binance
Binance is considered the world’s largest cryptocurrency exchange by trading volume and has the largest user base compared to other exchanges. It offers a huge selection of cryptocurrencies for trading and has a very wide range of features aimed at all types of users, from absolute beginners to the most experienced power users.
Additionally, this exchange has a very competitive fee structure, with both maker and taker orders starting at a fee of 0.10 Ys. You can further reduce trading fees by paying with BNB tokens or generating higher trading volumes. Overall, it’s hard to deny Binance’s status as one of the best cryptocurrency exchanges in the world.
Best Exchange for US Users: Kraken
Founded in 2013, Kraken is one of the oldest exchanges in the cryptocurrency industry. This exchange has earned the reputation of being one of the safest cryptocurrency trading platforms. A relatively competitive pricing structure, combined with a strong selection of listed cryptocurrencies, makes Kraken easy to recommend to both beginners and advanced users.
This exchange offers multiple ways to fund your account and supports multiple fiat currencies including USD, EUR, and GBP. You can fund your Kraken account from your bank account, or you can use a credit card or digital wallet like Apple Pay or Google Pay.
What is the best crypto wallet for beginners?
The best hardware wallet for beginners is probably the Ledger Nano X, both due to its robust construction and ease of use. If you value accessibility and prefer a software wallet, you can’t go wrong with MetaMask.
The hardware wallets produced by Ledger are widely considered to be the most secure and reliable way to store your crypto assets. To commemorate the upcoming Bitcoin halving, Ledger is running a promotion that will send you up to $50 worth of free BTC vouchers on Nano X and Nano S Plus wallets. Offer ends April 16, 2024.
The Best Hardware Wallet: Ledger Nano X
More than 500 cryptocurrencies are supported by Ledger Nano X out of the box, and with the help of third-party services, that number may be increased to more than 5,500. The Nano X supports MacOS, Windows, and Linux operating systems on desktop computers and Android and iOS operating systems on mobile devices. It may be connected to cellphones and PCs by Bluetooth and USB.
The Ledger Nano X’s ability to interface with Metamask and other Web3 hot wallets is one of its benefits. By doing this, users can take use of the Ledger Nano X’s enhanced security to access DeFi platforms and blockchain dApps. At $149, the Ledger Nano X is a little more costly than the average product on the market. On the other hand, the Nano X tops the list of the greatest hardware wallets for 2024 thanks to its strong security and Web3 connections.
MetaMask Is The Greatest Software Wallet
With its easy-to-use UI, even beginners may easily use MetaMask. This lowers the learning curve for cryptocurrency and blockchain technology. Users may interact with dApps straight from the web browser thanks to this browser extension, which is compatible with common browsers like Chrome, Firefox, and Brave. The utilization of blockchain-based services is made easier by this integration.
It is beneficial because MetaMask primarily supports Ethereum and Ethereum-based tokens (ERC-20 and ERC-721), as Ethereum is one of the most popular blockchain platforms with a sizable dApp ecosystem.
The Final Word
If you want to invest in cryptocurrencies, the ones on this list should be an excellent place to start. The majority of them are long-term cryptocurrency investors who prefer stability over the possibility of gains of 10x or even 100x. But if you’re willing to take greater chances with your investing approach, you might want to think about funding more speculative ventures. See our lists of the top altcoins to purchase and the greatest cryptocurrency presales for ideas on where to invest.
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