Even though they are still in their infancy and lacking the networks and regulatory systems to utilize fully, cryptocurrencies are the future of money.
The shared agreement to embrace and use this new wave of technological assets means that the current financial systems which regulate, maintain and control paper currencies such as the USD, EURO, GBP, etc. will no longer maintain the monopoly over the monetary and financial markets, and moreover, human affairs.
Cryptocurrencies are primarily used outside existing banking and governmental institutions, and they are exchanged over the internet. While these alternative and decentralized models of exchange are in the early stages of development, they have the potential to challenge today’s existing systems of payments and currency.
Besides being the future, cryptocurrencies have made many rich, and therefore, there’s a financial incentive to early investors that pick the right coins.
Today we answer the question: Which is the best cryptocurrency to buy right now?
How do I invest in cryptocurrencies?
There are two ways to enter the market. The first way is to buy the coin using your money of choice, either early in its funding or down the track. The second one is “mining” the coins using computation.
After dabbling in cryptocurrency after the first wave and missing out on the Ethereum bubble through the second wave, I decided that I couldn’t afford to miss another opportunity like this. Through research into the market, I also discovered new coins which were interesting and which could hold long-term potential, and these may be a good starting point for you.
- Bitcoin – The original golden child of cryptocurrency is different because the supply of Bitcoin is mathematically limited to 21 million Bitcoins and that can never be changed.
- Litecoin – It is the younger and more lightweight version of Bitcoin. It allows instant, near-zero cost payments to anyone in the world.
- Ethereum – Ethereum adds the benefit of smart contracts, which cannot be censored or interfered with by a third party. Smart contracts can be used to transfer and store value without an intermediary.
- Ethereum Classic – It is identical to Ethereum, but it runs on the original blockchain which was forked after the technology was hacked, due to the bug.
- NEO – Originally Antshare, which was lost in translation. NEO is Ethereum 2.0 and its direct competitor. It can perform more transactions per hour and is open to multiple programming languages.
- Monero – This cryptocurrency is based on a different kind of algorithm which focuses on the privacy of users and scalability.
- Dash – A quite similar coin to Monero. It focuses on the anonymity and privacy of its users and transactions.
- IOTA – A real-time open market platform which is focused on business-to-business transactions, with no fees.
- Steem – This one is a cool social media platform very similar to Reddit which grants its users monetary rewards based on its Steem currency.
- Golem – It is usually defined as Airbnb for computers. This project allows users to rent out their unused CPU capabilities through cloud computing systems for rewards.
- Waves – Waves is a decentralized trading and crowdfunding platform, which users can use to create custom coins.
- PIVX – A privacy-focused, open source and decentralized currency which is run by a global community of creators, technology enthusiasts, and innovators.
- Peercoin – Peercoin seeks to be the most secure crypto coin at the lowest cost, which is rewarding all its users by paying 1% annual PPC dividends when mining.
- Siacoin – It is the first decentralized storage platform that is secured by blockchain technology. This platform leverages underutilized hard drive space to create a lower cost and reliable network than traditional cloud storage providers.
- Tron – This crypto is designed for development, payments, credit sharing and storage for the global digital entertaining platform.
Which is the Best Cryptocurrency to Buy Right Now – Overview
Even though it looks simple on paper, addressing this question requires extensive research and elaboration.
Looking at the global crypto market, almost all the coins have spiked in gains recently. This might seem good to the untrained eye, but the thing about these is – all cryptocurrencies are due to undergo stabilizing to suit the market needs and capacities.
We can see that there’s a strong correlation between the gains of the major player Bitcoin and the other alternative coins. Big gains are attracting people who want their piece of the cake, which leads new buyers to look at other currencies for the next big win.
It almost seems like any gains have happened because of the increase in the price of Bitcoin.
Now, this doesn’t take away from the long-term value of cryptocurrencies. However, it’s important to understand the power of human emotions and hype when it comes to such instances. Having a foresight to take an eagle eye approach to the market and being an eager witness to the recent spikes has made me a better investor.
But I too have fallen for the rollercoaster ride of NEO and IOTA. It is all very unpredictable, and high gains and lows seem to be the normal thing, and you must detach yourself from the daily swings when you are investing.
We need to realize that the value of other coins shouldn’t correlate to Bitcoin. They’re valuable regardless of what Bitcoin is valued. Some even argue that Bitcoin is more of an icon and store of value, but it has no future.
Considering everything I’ve just said, the reasonable decision is tied to the budget you want to invest, and the method you want to acquire the currency.
On the other hand, the best currency you can obtain today without breaking the bank is…
Ethereum, the other Bitcoin
For lots of newbies entering the market, Ethereum holds a bit of promise. Even though some of the new coins (like Waves) was set up on the technology of Ethereum, it doesn’t guarantee longevity. It has the longevity, and fairly reasonable price, which puts it to a place where you don’t have to be a millionaire to obtain a significant amount.
Ripple still holds the third biggest market cap, and it has recently jumped in price, and some from the community equate it to profiting from a genocide. I chose to stay away from it just because of the better future for us, and the ethics of investing are more important to me than double gained loses.
Best Cryptocurrency To Buy – Conclusion
With new coins that are starting every other week, there is an ever-growing list of options. But for those who are in it for the long-term, serious thought must be given to the longevity of the coins and their platforms.
Also realize that many fulfill the similar or even the same functions and therefore, are directly competing with one another.
We must also remain vigilant as cryptocurrencies have the potential to create a better governed and more prosperous future for us. If we make a mistake to just run after profits alone, there might not be a future to spend our earnings, so please, do your research before any transaction.
Meta description: There are many things to consider when buying cryptocurrencies. In this article, I share with you my thoughts on best cryptocurrency to buy right now.