Which Coin Could be The Next Bitcoin
If only you had invested in Bitcoin 5 years ago.
“If only” is one of the used phrases among cryptocurrency traders. If only you had chosen a particular cryptocurrency before it rallied in price, you would be much happier.
However, this does not help as we cannot go back in time. We cannot buy a cryptocurrency in the past. We can only focus on picking the coins currently that are most likely to give us such returns.
Currently, there are a few coins that have the potential to rally in the next couple of months. These are some of the largest “Altcoins” or alternative coins.
In this short post, we will take a look at some of the most promising altcoins that are likely to take the market by storm.
First things First
Before you can invest in any cryptocurrency, you have to get yourself set up with a cryptocurrency broker. This will allow you to enter the positions in the coins that we are about to talk about. You should also make sure that you use only the best brokers.
There are many brokers these days that will try to sell you their services. The problem is that the vast majority of them are scam brokers. This means that they are unregulated and will not return your profits or coins.
You can find a range of regulated cryptocurrency brokers online but your best bet is to probably use a broker like IQ Option. IQ Option is one of the biggest CFD brokers in Europe and they are fully regulated by the FCA and by CySec.
They also have a range of cryptocurrencies and have one of the most advanced platforms on the market. If you would like more information you should read IQ Option broker reviews.
Now that you have the means to trade cryptocurrencies, we can move right onto the topic of the most profitable coins to invest in.
Most cryptocurrency enthusiasts want to get rid of banks.
They think that financial institutions are the pediment to progress of decentralised freedom. However, this may be the wrong headed way to go about it.
There is a benefit from working with the banks to make payments much more efficient and cheap. This is exactly what Ripple XRP is doing. They have developed a protocol that is able to use digital assets to move funds across the world in a matter of seconds.
The native token in their protocol is the XRP liquidity token. This is what is used to settle payments across the world.
The Ripple company is trying to sell their technology to a number of banks. If the banks are to use this technology, it will mean that they need to get themselves the XRP liquidity token.
This will create a great deal of demand for the token which will drive the price up considerably. Currently, the token is only sitting at $0.67.
What is important to note is that the amount of XRP that has ever being printed is limited. No more can ever be produced. This means that if supply were to increase greatly, then the price is most likely to follow.
There have been estimates that the price of the XRP token is likely to hit $10 within the next three years. Hence, this is no doubt a coin that you may want to consider including in your portfolio.
There is one big misconception with Bitcoin currently. That is the notion that it is private. People think that when they use Bitcoin to buy things, that they are anonymous.
Unfortunately, that is only half true.
You see, Bitcoin is a pseudo-anonymous. Although the wallet address that you use is just a random collection of numbers, they can easily be tracked on the blockchain.
There are companies that use advanced algorithms that are able to track exactly where payments are coming and going. This means that the moment you try to take your money to an exchange, your name will be exposed.
This is exactly why privacy coins such as Monero are the best alternatives in today’s day and age. Monero is a privacy coin that cannot be tracked because they use advanced cryptography which is able to shield the blockchain from the public.
Hence, when you send XMR on the Monero network, no one knows how much XMR is in your wallet and they do not know where payments have come from.
It is this reason that a number of cryptocurrency enthusiasts have started using Monero so extensively. It is also one of the most decentralised cryptocurrencies as they are actively against any sort of miner centralisation.
Currently, the price of XMR is sitting at $250. It has been as high as $450 only a few months ago.
There are many analysts who see XMR reaching as much as $1,000 by the end of the year. As more traders learn to appreciate the risks that come with holding Bitcoin, they are likely to start adopting Monero.
There are many cryptocurrency options on the market today. There are also many traders who are proclaiming that the coins that they have are likely to be the next Bitcoin.
This is unfortunately quite a stale comment as there is only one Bitcoin. There are, however, a number of other coins that have completely different technology and use cases. These coins are yet to be discovered by the main stream and adopted widely.
Monero and Ripple are two such coins. The latter is likely to make international payments and absolute breeze. The former is going to make sure that all of your transactions are effectively hidden from the public.
Although we have recommended these two tokens as having the potential to rally over the coming months, it is essential that you do your own research. Make sure that you are comfortable with the amounts that you are investing and never invest more than you can afford.