If you want to know what the future of Bitcoin and other cryptocurrencies will look like, there is no one better than Elon Musk, who recently stated in an interview that he believes the three most likely to succeed in the long run are Bitcoin, Ethereum, and DOGE (also known as Dogecoin). This list also reaffirms Musk's support for the cryptocurrency community as he announced in February that he had purchased $10,000 worth of Bitcoin and subsequently expanded his investments into the digital currency space. Below is the overlay of each of these three cryptocurrencies.
1 Bitcoin
The first cryptocurrency, Bitcoin, was created in 2009 by an anonymous person or group using the name Satoshi Nakamoto. He or she wanted to create a way to bypass government currency controls and have a currency that could be used anywhere in the world. Bitcoin is traded on exchanges and can be purchased with other currencies such as euros, dollars, yen, etc. It can also be bought from so-called Bitcoin ATMs or Bitcoin exchanges. Bitcoin's price is highly volatile as it is not yet regulated by any government.
2 Ethereum
Undeniably, Elon Musk is a billionaire. More importantly, he is one of the few well-known figures who supports cryptocurrency. He has invested in companies like Tesla, SpaceX, and Neuralink. As of early 2018, these investments helped him earn billions of dollars and maintain a net worth of over $20 billion. His most recent investment was in Bitcoin (BTC) in December 2017, with an unspecified amount. A few months later, he invested an unspecified amount of Bitcoin in Ethereum (ETH) and revealed his Ethereum cold wallet on Twitter.
3 DOGE
DOGE is a decentralized cryptocurrency created in 2013. It is popular among those who want to trade with low transaction fees and has faster transaction times compared to other cryptocurrencies. DOGE is also one of Elon Musk's favorite cryptocurrencies, and he even tweeted about it in 2013, saying Dogecoin might be his favorite cryptocurrency. It's so cool.
You can store your DOGE in three ways: hot wallet (online), cold wallet (offline), or paper wallet (offline). Hot wallets can be accessed online, but they require more frequent access than cold or paper wallets because they are connected to the online network.
Conclusion
When asked about his three favorite cryptocurrencies, Elon Musk reiterated his support for Bitcoin, Ethereum, and Dogecoin. He also pointed out that he sees a future for these three cryptocurrencies. After being outspoken about cryptocurrency, people were eager to hear what he had to say. The billionaire said that while others might not have a future, these three do. This list is a good starting point for those who want to invest in cryptocurrency but are still unsure which one to invest in.
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