The Best Cryptocurrencies To Invest In Outside Of Bitcoin
With the myriad of cryptocurrencies on the market today, having to strategically predict which altcoins will lead the market in the coming years can seem like a daunting task. We reached out to a few organizations who are heavily involved in investing in cryptocurrency themselves, and asked for their predictions regarding which altcoins they see surpassing Bitcoin in the near future. If you are ever wanted to learn more about the alternatives to Bitcoin that are available to you, then this is an article that you will not want to miss.
The Enosi Foundation believes that besides cryptocurrencies themselves, many future crypto-investors will be searching for real use cases of utility tokens, whether they are packaged as a security or other.
To this end, the Enosi team believes that transparency and low velocity of any token are the keys to long-term longevity and success of a given token. The team has taken a typical venture-capital approach when pitching the Enosi access token to potential buyers. Enosi has concentrated on the problem they are solving, their solution and how they intend to implement this solution. Once these key factors are understood, and if the token buyer believes that the organisation can meet their stated goals, the utility of the token becomes very compelling.
For the Enosi Access Token, the Joul, value is a quantitative equation based around how many users you believe we can attract to our platform,” says Bill Barden, the Chief Operating Officer of Enosi. He continues, “If we have 400,000 users, our token issue price is justified because of the way our staking model works. We believe we can easily achieve this 400,000 strong user base in Australia and supported by the likes of California Clean Energy Fund we aim to achieve a several fold increase in that number of users globally. While Enosi makes no undertaking regarding future token prices, the baseline of 400,000 users provides a point for token buyers to make their own calculations in terms of possible token value,” he said.
Enosi will be embarking on a token generation event towards the end of next month.
I predict Cardano as the coin to invest in for the most positive price growth in the
very near future. “I’m also bullish on Litecoin. It’s a relatively well-established coin with a very strong team behind it. It has some strong competition from likes of Dash and ZCash which are doing similar things, however I certainly see Litecoin gaining momentum. “NEO has the potential to be the platform of choice for the second-largest economy in the world: China. But it’s facing strict crackdown from the government, and the wholenetwork went down last month because of issues with a single computer so it’s definitely one to watch. “Finally, EOS has big ideas of being the new and improved Ethereum. The platform is still being developed, but I believe the potential is there. It’ll go big when the mainnet is launched.
In the past 8 years since Bitcoin was introduced over 1600 crypto coins have made their debut. The blockchain technology that underpins it all is revolutionary. And as history shows us, the way we conduct commerce evolves. Gold to paper to plastic to digital. I believe this is one of those changing times. Cryptocurrencies are part of our future, so investing in them now could be right for you. As a strong proponent of asset diversification, I urge investors to diversify within this asset class as well. Bitcoin, as the largest and easiest to liquidate, is a good place to start. I believe Ethereum will also last long-term because its functionality, unique blockchain platform and market size. NEO is another longer-term investment I like because of its blockchain innovation, infrastructure and strong developer community.
For shorter-term and potentially higher investment returns (even though they come with greater risk), look to the newer cryptocurrencies and those that have just completed an ICO. Also consider asset-based coins, where a tokenization of an asset, like real estate, may give investors more chance to own part of an asset they couldn’t otherwise hold. The next generation of cryptos and those that survive now will have overcome the hurdle of instability while still maintaining a level of decentralization and peer-to-peer functionality and they will appeal to most investors currently waiting on the sidelines to jump in and become part of the next generation of our economy.
Investing in Bitcoin should be on a long term time horizon. Don’t expect the results to always be in your favor in the short term, instead focus on holding your investment for over a year. The reward for miners will be halved in 2020 (the supply created each day will be cut in half), which has historically resulted in an increase in price. Don’t allow the volatility in price to affect your daily life. The advice I give to family and friends is to invest what you can and forget about it, don’t check the prices every day. This goes back to investing on a
longer time horizon.
Bitcoin can be bought on exchanges, stick to U.S. based exchanges that provide more protections to investors. Examples of U.S. based exchanges are Coinbase and Robinhood. Coinbase offers offline storage of cryptocurrencies, which is more secure than storing them online. There are complexities in securely storing cryptocurrencies. Take extra steps in securing your exchange account, including a strong password and enabling 2 Factor Authentication. If making a significant investment, investing in a hardware wallet is the most secure way of storing cryptocurrencies. This allows you to physically own your cryptocurrencies and secure them offline, protecting you from any hack or security breach that could happen with an online exchange.
Cryptocurrencies beyond Bitcoin require research and due diligence before investing. Although they may advertise superior technologies and higher profitability, some are focused on marketing more than developing an innovative technology. Don’t just read the headlines, understand what you are investing in. Bitcoin with the symbol BTC is the original Bitcoin with the highest market cap of any cryptocurrency. Some teams have adopted the Bitcoin name while adding an adjective after it (such as Bitcoin Gold with the symbol BTG). Some of these are not legitimate cryptocurrencies and can adopt the Bitcoin name without any validity.