What's the best Cryptocurrency to invest in long term? Why?steemCreated with Sketch.

in #steemit7 years ago

Any investment may grow by a huge factor. Or, it may become worth nothing. It’s your take whether to follow the advice, or to ‘’’ignore it. There are many cryptos out there which are just sophisticated ponzi schemes decided to enrich their creators. Similarly, currencies which do not bring any innovations to the table have been excluded from the list.

Bitcoin is obvious. I’ll talk about others here

Ethereum: Allows to build fully-functional applications on blockchain without middlemen. Extremely promising currency, solid team (take a look at what Vitalik Buterin is doing right now). #2 crypto right now — but still 1/10 of the Bitcoin value. So even while being conservative, thinking that any crypto would not grow higher than BTC, it may grow 10x. Still 10x is a small amount — compared to other solutions on the market. So, not extremely yummy for a long game.

Monero: Anonymous / private Bitcoin. Now, you may think, “What are you talking about, the BTC is anonymous already?” — which is a very unfortunate albeit popular misconception. All BTC transactions can be seen by the public. For example, by giving out your wallet address to someone, the person is able to see all the payments you’ve received and sent. The black market (drug dealers and weapon manufacturers) created a solution for this: basically a software that mixes your coins with other coins. Nevertheless, the software needs to be trusted and may not work correctly. This is pretty bad when your freedom depends on it. Monero has the mixing system built-in — which makes it very delicious for any kind of black market. This is how the currency got its first big growth boost — basically a popular darknet market adopted it. Moreover, the transaction privacy is a necessity for any kind of widely adopted currency, which makes me think it may even overtake BTC. The market capitalization of Monero is currently 1/100 of BTC, which makes it a better investment in my opinion.

Factom: A blockchain-based system that’s optimized to store millions of realtime records with a single hash. Useful for all kinds of business apps. Runs on top of Bitcoin.

Counterparty: A simple description of it may sound like an “Ethereum competitor backed by Bitcoin blockchain”.

Siacoin: Distributed data storage. An alternative to Box, Google Drive. The big corporations would not have any access to your data in this point.

Ripple: A protocol which basically allows to reduce financial transaction fees by a huge amount (to a couple cents) — and makes the settlement almost instant. Already backed by some VCs and used inside big banks. The currency itself though is different from others: it’s premined and centralized.

STEEM: A decentralized platform which allows to reward content creators easily. The investment process

The most simple way of investing is buying the Bitcoin with real money on any exchange, then selling the BTC for any currency from the list.

I’ve used Changelly to buy BTC and other currencies; which has all the pairs from the list.I would advice to not keep any significant amount of assets on an exchange.

After buying the currency of your choice, send it to a wallet without an internet connection. Remember to do some googling and research to ensure your storage is solid and secure.

(By the way, did you enjoy this answer? If so, upvote alright? and don't forget to follow me

If you have any queries you can comment it

Sort:  

Hi! I am a robot. I just upvoted you! I found similar content that readers might be interested in:
http://itsblockchain.com/2017/02/03/9-cryptocurrencies-to-invest-in/