I get asked this question a lot! And I honestly don’t know what the best alternative is because they change constantly. Here are some good things to pay attention to.
CoinMarketCap Top 20
The CoinMarketCap is a great resource to see the latest up and coming coins on the cryptocurrency market. This list changes pretty much every day as coins struggle to get to the top of the market value.
What’s significant about these coins is that they’ve had a substantial amount of investments to warrant them being in the top 20. There are more than 1,300 cryptocurrencies release publicly so far. The chances of every single one of them succeeding are zero. Therefore, only a few dozen (at most) will survive the years to come and become widely used. There will be some coins in the top 20 that don’t survive, and there will be coins in the bottom 100 that rise to the top. That’s why you need to be constantly aware of new coins out there.
Take into consideration Ripple (XRP) that increased its value by 100x in a matter of months. Or TRON (TRX) that rose into the top 10 with very little warning! Those who paid attention to the top 20 on a daily basis were able to get involved and take advantage of their prices while they were still low.
New Technology
Each coin brings to the table something different. Coins are so very different from Bitcoin in technology these days! They are more scale-able, have faster transaction times, possess lower transfer fees, and they integrate with other technologies seamlessly.
That necessitates you learning about new cryptocurrencies’ long-term vision and goals as they come out. This helps you decide if they are worthy of your investment. Chances are, if you think a coin has massive potential (and of course if you learn that the creators are passionate, skilled, and committed) then the coin has nowhere to go but up.
For example, the TRON coin proposes an open source and decentralized internet. This is future-changing! Its investors must decide if its leader (Justin Sun) can live up to those promises. So far, it seems he can. Therefore you may decide that TRON is worthy of your long-term investment. Or you may find another coin that has a different dream to be more aligned with your visions.
Every investor will have different values upon which they base their investing decisions.
We’re entering into a future where different digital currencies have different values and goals. In fact, it’s very rare that a new coin comes out these days that seeks to compete with an existing coin. Modern cryptocurrencies vow to fight together to paint a brighter future, and each one does so in its own way.
As the world of cryptocurrency evolves, we’ll see coins that fit different purposes. There may be a coin for utilities, another for construction, another for solar energy, another for automobile loans, and so on. Each coin offers a decentralized way to meet the demands of its own industry.
Cryptocurrency is not a competitor to fiat (paper currency) but rather an enhancement of it much like credit cards. However, unlike credit cards, cryptocurrencies offer much lower transaction fees and an absence of identity associated to each sending and receiving. There is no central owner, so nobody can tamper with the framework upon which they are built once they are released into the public.
Cryptocurrency as a whole will flourish – all AltCoins together as one
Some coins will rise to the surface, and others will fall, but overall we’ll see the cryptocurrency market cap continue to skyrocket over time. Therefore, instead of choosing any single one cryptocurrency it’s best to diversify your cryptocurrency portfolio in order to receive benefit from many different coins!
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