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So What is the Best Cryptocurrency to Invest In?

 

 

So what is the best cryptocurrency to invest in? Which is the best coin out there for you to invest in? As always, when trying to find the ‘best’ of something there is never going to be one simple answer that everyone is going to agree upon. This of course is the case with cryptocurrencies.

Firstly there are so many of them, well over 2000 (Jan 2019) and each vary in their functions, applications and use cases. When entering this space it can be overwhelming as to which new cryptocurrency to invest in.

It also depends on your investment strategy, are you planning to focus on make quick short term gains on your investment or are you looking at maturing that investment over a set period of time – months or years? Are you looking to do both? Depending on your outlook this will be a major influence on which is the best cryptocurrency for you.

Also are you investing $100 or $100,000? Everyone usually wants to find the best and cheap cryptocurrency to invest into, as you will want to maximize your return regardless of your investment. The larger your stack of investment the greater reward you will reap on smaller changes in percentage changes.

 If you are wanting to be a trader you will want to find cryptocurrencies that are somewhat volatile and have fluctuations that you can profit off. Cryptocurrencies also offer a form of store of value if you are thinking of long term payout. Your total investment value also moves the definition of  what is the ‘best’ cryptocurrency for you.

Types of Cryptocurrency

 

The variation and innovation of cryptocurrencies and by extension the use case of the underlying blockchain technology causes cryptocurrencies to fall into one or more of the following categories.

Digital Currency

Those that fall into this category aim to act as any other traditional currency, there is a consensus on the number of tokens available and a code based system on how the issuance of the token, thus creating scarcity and value to the token.  They have ecosystems to enable payments and/or transactions to users and owners of the token across the world.

The majority of cryptocurrencies belong in this category and they represent the largest share of the current market. On a daily basis there are millions and millions of transactions among users, customers, retailers and merchants with global adoption only continuing to grow. Which is the best digital currency to invest in, well as time and markets improve it can be assumed that some coins will rise in dominance above the others. 

Examples: (Bitcoin, Bitcoin Cash, Dash, Litecoin, Ripple, Tether, USD Coin)

Financial Services and FinTech

Cryptocurrencies that fall into this category are utilizing the blockchain technology to modernize and upgrade existing technology currently being used in the existing global finance sector.

Many of these are projects focused on for creating financial solutions to existing computer systems such as faster international transfers, stock trading, shares, securities as well as creating more transparency for financial services and institutions.

Examples: (Populus, Ripple, Stellar Lumens, WORBLI)

Privacy

Cryptocurrencies have been around since 2009 and one of those early foundations and reasons for early adoption was financial and transaction privacy and anonymity.

The ideology behind privacy based cryptocurrencies is that some people are unsatisfied with government and other centralized financial institutions controlling wealth. They disagree with these entities knowing how much they have, how much their spending and all sorts of information that should be truly private when it comes to their finances.

Also thinking more objectively a  bank has more control over the money you worked very hard for than you do. It is much harder than you think to go to your local bank branch and try to withdraw a large some of money out of your account without encounter barriers, checks and justifiable reasons to access your own money. As well as possibly contacting government agency letting them know that Mr or Mrs X has just acquired a lot of capital for themselves.

A common misconception is that all cryptocurrencies are anonymous and untraceable. This is not strictly true, yes they are more secure than existing centralised systems but a digital footprint is still possible to be followed.  Bitcoin transactions are all publicly recorded on the blockchain ledger for example and you can see which account sent what where to whom. 

Those cryptocurrencies that fall in this category are projects that add protocols to allow for new layer of anonymity. Masking who and where transactions are being moved and sent from. This way, no one can see what’s going where.

Examples: (Cloakcoin, Dash, Monero, Zcash)

Decentralised Apps and Smart Contract Platforms

Cryptocurrencies that are part of this category are using blockchain technology to create a decentralised  network that companies and other developers can build apps upon. If you want to find apps to invest in cryptocurrency this is the category for you.

The decentralized apps can be run on devices, smartphones, PC’s and tablets and offer users a who range of services. This is where you should be looking if you are looking for blockchain stocks to invest in, these platforms provide you with that opportunity.

The networks are the operating system of these apps and is utilizing blockchain to improve and outshine the existing legacy systems of current modern day apps that you find on the Apple or Google Play stores at present.

Examples: (Ethereum, EOS, Lisk, NEO, Steem, Tron, VeChain)

Cryptocurrency Exchange ‘Native Coins’

A rising type of specific cryptocurrencies are those that are used with exchange services. Most centralized and decentralized exchanges  have their own native tokens. These cryptocurrencies are often issued as an incentive to traders who will use them to lower their withdrawal fees on the exchange, or to allow cross chain liquidity. 

Turning X cryptocurrency into the native token and then from the native token  to a Y cryptocurrency. As there may not be an existing pairing available on the exchange (X/Y), but does with the native token, (X/Native and Y/Native).

Examples: (Bancor, Binance Coin, KuCoin)

Study and Research

 

 

 

The key factor and a mantra you will see and hear repeatedly around all talk regarding cryptocurrencies and blockchain is make sure you are informed and well researched on the projects that you going to be investing in. The same mentality you would have if investing in the traditional stock and shares markets applies here with cryptocurrencies too.

Many established investors and brokers will caution you that you should never invest in businesses that you don’t fully understand. Before you part with your hard earned funds, it is important to first understand how the company makes money and the main drivers that impact its industry. 

Ask yourself why are you buying in at this current time, what you find attractive about the project(s) or cryptocurrency and where do you see the opportunity future returns . What are your expectations? What milestones will you use to judge your investment’s progress?  What happens to your investment if there are fundamental changes that affect its ability to grow over the long term. 

Time is one of the most crucial aspects of investment, not the timing of the investing. The most successful investors who buy stocks and shares so because they expect to be rewarded over years or even decades. A lot of these skills sets are applicable to cryptocurrencies but this market ecosystem is still very young.

When entering this space you have to remember this an emerging market that echoes the rise and fall of the dotcom bubble. This was a historic economic bubble and period of excessive speculation that occurred roughly from 1995 to 2000, a period which saw an extreme growth in the usage and adoption of the Internet. Many people will argue this is going to happen again but with Blockchain Technology as the catalyst.

Surges in price and speculation in Jan 2017 and the birth of the ICO model of capital generation to rival existing Venture Capitalist Firms in the technology industry, could be seen as the first step to something new and exciting. Many of the companies in that era no longer exist but big players emerged, Google, Amazon and others to become the global domination they now hold now.

As time and global adoption increases this market will not be disappearing any time soon. The technology is here and plans to disrupt, innovate and affect global technological order. There will be some ups and downs along the way but the final outcomes in 10 or 20 years are going to be unrecognizable to where we are now.

These are the most common and helpful sites to help educate and enlighten your own opinion on your potential investment.

Coin Market Cap – This site is the “Front Page” of the cryptocurrency ecosystem, the page provides various data about hundreds of listed coins, such as their current price, each currencies available supply, the total trade volume (over last 24 hours) and the overall market capitalization.

The statistics are constantly updated at  5 minutes intervals. Each cryptocurrency price is calculated by the averaging prices across multiple major exchanges weighted by volume. Market capitalization is calculated by multiplying price by the total supply of the tokens. 

YouTube & Cryptocurrency YouTubers – Now that we live with a global connection YouTube has videos on everything you could possible comprehend. This is also the case with Cryptocurrency, with many crypto based companies outreaching through this social media platform. There are many commentators, how to’s, explanation videos and news updates all available relating to cryptocurrency and is key source to learning and keeping up with the news relevant to your investment.

Popular YouTubers by subscriptions total in thousands (Jan 19) are: Datadash (309k), Altcoin Buzz (208k), Boxmining (198k), Ivan on Tech (178K), Crypto Bobby (144k), The Crypto Lark (77k), Young and Investing (57k), Crypto Tips (45k)

Telegram – Following on from companies using YouTube to reach out to the community this messenger app telegram is a lynch-pin to immersing yourself into the projects you have invested in. Telegram is a cloud-based instant messaging and voice over IP service.

Trybe – This platform is a Cryptocurrency and Blockchain hub of information, providing news, stories and experience from many individuals within the blockchain community. By becoming a member of Trybe you contribute to the zeitgeist, share your knowledge and enthusiasm,all while be able to earn some cryptocurrency yourself through your participation. Get Inspired! Be Inspiring!

Increasing your knowledge will help you answer the questions, what cryptocurrency should i invest in today? What new cryptocurrency to invest in? You must have self belief in your decisions and confidence in where you are putting your hard earnt capital.

Well, What is the ‘Best’ Cryptocurrency for YOU to Invest in?

 

 

Now that you know that there is no one single cryptocurrency out and there is a broad range of innovation across this sector, it makes your determination of a ‘best’ cryptocurrency for you a little clearer. As you strive to educate yourself on where you want to put your money, you will also be learning a lot about this exciting  emerging market.

You could be one of those people who strike on to the next tech giant that ends up penetrating almost every aspect of day to day life and thus improving your own wealth and financial security. Or you could watch as the project you invested in tumbles and falls like those who did not emerge out of the dot com bubble.

Investing your money in anything for potentially comes with risk. The rules of gambling apply here too, “Only gamble that which you can afford to lose” Do not invest money you do not have, nor rely on loans,mortgages or other means of gaining more capital for this for sure get quick schemes in crypto.

You will also find a lot of bias and tribalism in certain areas online too, lots of click bait titles with “Top Ten cryptocurrencies to invest in” or “Best Cryptocurrency to invest in 2019”. There will be many people out there claiming that they are the best site to invest in cryptocurrency with.

As the old saying goes, “If it seems to good to be true, it probably is” is very applicable and there are those who will try to exploit the inexperienced with pyramid schemes, scams and fake actors to try to steal your assets. That is why expanding your own knowledge and confidence in your decisions through research and studying this market is key to success.

To conclude there is no one ‘Best’ Cryptocurrency and what that might be for you will be based on your investment strategy and capital available to risk. Make sure that you have done your homework on the Cryptocurrencies and Blockchain projects before committing to doing so.

Try to avoid tribalism on social media regarding projects, while healthy competition is always needed to stimulate innovation, there is no need to spread hate and abuse to one another for investing differently. We all ultimately want the Cryptocurrency sector to boom and for us all to reap the rewards for believing it.

Thank you for your time.

– Dukefish

(If you enjoyed this article why not check out some of my others)

—> Jargon Buster and Glossary

—> Latest “Life of Small Time Investor” Blog Entry

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Responses

  1. CryptosDecrypted

    Excellent post @dukefish. There’s a lot to take in here and I like your focus on the need to understand the market/project you intend to invest in. I also applaud you highlighting the nonsense of sectarianism in crypto – down that path great losses and wasted energy lie. Thanks.

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  2. Yandot

    This is very helpful for me because i dont know more about investment, so i have learn more in your post before try to invest! Thanks for sharing duke , waiting for the next article related investment

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    1. Dukefish Post author

      I am glad you found it useful, I tried to write this for the less experienced crypto enthusiast as sometimes the more seasoned user such as myself take a lot of things for granted.

      Thank you for taking the time out to read and comment on this post 🙂

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  3. Candy Man

    The answer is easy. The crypto I hodl 😛

    In all seriousness, I just go for coins that have a specific usecase and an actual, hopefully growing, community behind them. For example Trybe. It suits these two criteria and even better, i can get free coins just by posting XD

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    1. Dukefish Post author

      Lol yes buy more of those we all hold!

      I totally agree, the rise to ATH was all speculative, over the last year and most likely for the next couple of years the cryptospace is going to mature and working products and dApps are going to come to the market.

      Those projects with a strong product and focusing on building there own community around it will be ahead of the game come (whenever it may) the next bull run.

      I am really enjoying Trybe too, I try to post a lot and I love reading all the variety of articles that the community here post.

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