You don’t necessarily need to be Warren Buffet or Gordon Gecko to be aware of what cryptocurrency is. The word “crypto” it seems has taken over lately; everyone from a 20-something Silicon Valley Millennial to corporate behemoths to a nifty retiree looking to multiply his savings seems to have been bitten by the crypto bug.
According to CNN Money it all started in 2009 when an unknown person using the alias Satoshi Nakamoto launched the Bitcoin network. Since then it has morphed into a modern day digital gold rush with everyone clamoring for their bit of digital ecstasy with Bitcoin hitting an eye-watering high of over $17,000 before taking an equally heart thumping plunge down to below $10,000.
Following Bitcoin’s rollercoaster ride, quite a few crypt currencies followed suite with their own networks. It seems today anyone and everyone wants a crypto network of their own. Atari, the video game console maker, is the latest to have expressed a desire to launch their own crypto network. We wonder if the next crypto that pops up would come from the likes of Nestle or Toyota; pun intended.
Within this article would discuss why you should dabble in crypto and what are the alternatives to Bitcoin that may allow you to minimize your risk and offer a larger investment field.
Why you should give crypto investment a shot:
No matter how volatile it may seem at the outset, almost every young market offers a chance for handsome gains for people brave enough to take the plunge. Cryto is no different; being a newly minted investment vehicle, the most optimistic of investors are projecting future prices that would make buying any of the major cryptocurrencies a good bet.
The best alternatives to Bitcoin:
Wall Street may have sounded its alarms over Bitcoin’s recent roller coaster ride. But it still has legions of investors sticking with it who believe it still has a lot of juice left in it. That being said, it’s always good to not put your all your eggs in one basket. Following are some of the alternatives to Bitcoin that are equally strong and offer just as favorable investment prospects.
For a good chunk of this past year, 2017 Etherium has been on every crypto trader’s radar. It was launched in 2015 and its focus on enabling smart contracts provides a useful alternative to existing contract settlement transactions. Over the course of 2017, it gained an eye popping 9,200%. It has also set up an Enterprise Ethereum Alliance with several financial and tech giants, giving it the opportunity to create further enhancements for its capabilities.
There is a good reason why Ripple has been one of the most favorable cryptos in the recent past. It gained over 8,500% in 2017. Ripple’s technology focuses on currency exchange, gross settlement and remittance, allowing it to provide secure, instant global transactions without chargebacks. Ripple’s protocol has been utilized by many of the largest financial institutions in the world, with names such as Banco Sanatander, UBS and many others using its services. With a market cap of about $22 billion, it offers a solid Bitcoin alternative.
NEM is a somewhat recent addition to the cryptocurrency world. Formed by Japanese blockchain enthusiast Makoto Takemiya, it had a gain of about 14,000%. This is likely reflected in its low initial cost in January of $ $0.003676 which then moved all the way past 52 cents. Much of this was on the back of its software being used by financial institutions in Japan. By the end of 2017, this relative newcomer was in the top ten with a market cap of $4.9 billion.
While exploring every nuance of crypto investment or any investment vehicle for that matter is beyond the scope of a single article but the basics presented here would give you a good starting point and will hopefully provide some clarity on the subject.
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Where ever your business endeavors may take you, we hope they’re profitable!