With the stories of bitcoin being a bubble and that it will crash, bitcoin continues to rise. But, there is no dearth of buyers of bitcoin still. Anyway, those who cannot buy the King of all cryptocurrency, are now looking to invest their money in alternate digital coins.
They do not want to make the same mistake again. The good part is that they have a lot of options to choose from. After the tremendous success of bitcoins, 1500+ cryptocurrencies have hit the market. However, not all of them are good investment opportunities.
So, if you are looking to re-grab the opportunity to earn good returns with cryptocurrencies, then here are the 3 Altcoins that are worth investing in.
If there is any currency that comes near to the popularity of Bitcoin today, then it is Ethereum. Ethereum is Bitcoin’s closest rival and it has largely been ignored by the masses. Investors have been going after Bitcoin because its growth trend has gone completely vertical in the past few weeks. But, that has not stopped it from growing at rocket speed just like Bitcoin. Ethereum has grown as much as 4000%.
Lets first talk about the one thing that interests the people most. The price of Ethereum is currently trading at $700 to $800. The price is still going up and there is a general sentiment that the best of Ethereum is yet to come. There are some predictions that put Ethereum at $5000-$7000 in 2018. That is a huge jump.
Ethereum and Bitcoin are similar in the way that both are open-source cryptocurrencies and both of them can be used to make transactions anonymously. In June, 2017, Ethereum experienced a flash crash after a multimillion dollar sale. On one of the exchanges, its prices dipped from a steady $319 to almost 10 cents. However, it recovered quickly from that.
There are many things that are going well for Ethereum. It’s a newer cryptocurrency, so the intrigue factor is still strong with it. It has less fees and way fewer scaling issues. Ethereum and Bitcoin are also both powered by the blockchain technology.
Of course, they are different blockchains and most experts believe that Ether’s blockchain is better than that of Bitcoin. For the uninitiated, blockchain keeps a record of all the transactions happening in a cryptocurrency network. This makes sure that no fraud takes place in the network. But, Ether’s blockchain, which is called Ethereum, also has one other key feature. That feature is called a smart contract.
What is a smart contract? In the simplest of words, it is a self-executing contract. So, the blockchain of Ether, Ethereum is not just recording transactions, it is programming them too. Basically, the technology allows the money to save, spend, and even invest of its own accord.
These contracts are not just created to transact in money. They can be used to deal in stocks, real estate, and more. So, any kind of middle man, whether it is a notary, a lawyer, or any other broker, a smart contract eliminates the need for them.
Once a deposit has been made and a product has been chosen, the Ethereum technology can take care of the rest. Bitcoin has developed into more of a payment platform, but Ethereum is transforming into an ecosystem with a lot more practical uses.
Given how the platform is building up, investors are perceiving Ethereum as a stronger technology and a more profitable one as well. Corporates are the biggest supporters of the Ether cryptocurrency because they see real value there.
Barclays is already using the smart contracts of Ethereum. They have found its application in trading derivatives.
With a $75 billion market capitalization and the bullish sentiment, Ethereum is a platform that investors definitely should have their eyes on.
This is one of those players in the cryptocurrency markets that most have not heard about. So, it may strike as a surprise that it is one the top alt coin choices on the list. But, the fact that this incredible investment opportunity has been flying under the radar is what makes it so much more valuable.
First things first, what is SiaCoin? Interestingly, this is a solution designed to provide solutions for decentralized storage. This is not an easy industry to crack into with bigwigs like Google, Amazon, and Dropbox ruling the roost. But, Sia is not just any storage solution, the storage it provides is encrypted and follows a peer to peer system.
So, whenever a user stores a file using Sia, the information is first encrypted. Then, copies of that information are made, which are then divided into random bits and stored across servers. When a user wants to retrieve the file, the pieces of the file are put back together. So, anybody with hard drive space to spare and an active internet connection can offer space for Sia to store the bits of files of its users.
Where is the cryptocurrency? Siacoin is the cryptocurrency that is used across the network of Sia. Anyone who offers space to the Sia network, or anyone who wants to use the Sia space has to transact in Siacoins. These coins help execute the contracts that are agreed upon on the blockchain. When the Siacoin started its run, its price was hovering around $0.00005 a piece.
However, it has shown a tremendous growth. Ready to hear how much? Of almost 40,000%. That is incredible. For any kind of asset. Of course, as the prices climb, the growth of the coin will mellow down. But, with a solid team of MITians working in the background, Sia will only see good things in the future.
Think of a Monero as a Bitcoin that is absolutely anonymous. What does that mean? When did Bitcoin become not anonymous? Well, in a way never. Many people believe this misconception, and it is just not true. Since the bitcoin is based on the system of a public ledger, the bitcoin transactions can be seen by anyone. This is not where it stops.
If there is someone who knows a user’s wallet address, they can actually view all the transactions made via that wallet. All the bitcoins they have spent and all the bitcoins they have received. So, there goes the anonymity right out the window.
This might not be a big issue for a regular Joe, but it can become a big issue for people who are dealing in the black market in the shadows. So, they knew that they could not use bitcoins. What did they do? They created a cryptocurrency of their own. Built in the Monero system is a program that mixes the coins from different sources. This randomizes them. When a darknet market officially adopted Monero for transactions, the currency got a boost.
While the origins of the cryptocurrency might seem dark, it works like any other cryptocurrency, only more secure. It has actually been created by a group of developers who work on the cryptocurrency by using donations. Moreover, they have not even kept any part of the currency for themselves.
Monero is also an open-source currency and its main selling point is privacy, which shoots its value way up.