Almost a decade ago, Bitcoin was introduced in the market and started to be known all around the world. It has become a trendsetter and the first to popularize global, decentralized, peer-to-peer transactions. Since then, the league of cryptocurrencies continuously developed. Currently, there are already at least 1500 types of cryptocurrencies in the market. No wonder why investors has also been continuously looking for the answers on what cryptocurrency to buy.
Bitcoin has established itself as the most stable and least risky crypto to put your money on. But other than that, what other digital money is wise to buy now? In this article, we will broaden your knowledge and widen your options by discussing some of the most promising cryptocurrencies other than bitcoin.
What to Look for an Emerging Bitcoin
In cryptocurrency investments, the one that has established itself as the most stable is also the one that comes with a highest buying value. Of course, if you can afford it, there is no problem about placing some of your capital on them. After all, you want to minimize the risk. Betting on the most stable is practically no gamble. But, what if, there are other options that are cheaper but are also projected to appreciate and give you profit?
Top traders and miners do not gain margins just by putting all their chips in the top basket, in this case, in Bitcoin. If anything, they are calibrated risk-takers who constantly choose which cryptocurrency to buy now and sell later. They joggle their capital in between multiple competitive digital currencies.
Although not top performing, the list below will help you answer what cryptocurrency to buy other than bitcoin. The information below make you informed why they are to keep an eye on.
Bitcoin cash is a fork of bitcoin. Meaning, it is essentially a split in the blockchain network of the more popular Bitcoin. In order to offer a spinoff that will feature an alternative to Bitcoin’s slow transaction response, creators did some code modifications in the project to allow larger block sizes which allowed faster transactions times.
Bitcoin Cash takes the 7th spot among the largest cryptocurrency as of 2020. It is coined as the most successful Bitcoin offshoot.
Launched in 2015, Ethereum is now the second-largest digital currency in the world. It prides itself for being not only a tool to decentralize currency, but also a tool to decentralize the internet. It created a worldwide system of nodes that can replace internet servers. To give you the bigger picture, it aims to innovate technology by creating a single computer for the whole world.
Ethereum revolutionized the playing field by introducing what is known as smart contracts. Smart contracts enable the launching of desktop and mobile decentralized applications at the backside of blockchains. Due to this genius platform, millions of engaged developers and companies will surely have the continuous need for Ethereum to support their contracts and applications for the years to come. This is the niche that Ethereum fulfills and what makes it a strong reliable investment.
With its unique role and high liquidity, Ethereum is a sure answer to what cryptocurrency to buy.
Binance Coin is another cryptocurrency that has successfully fulfilled a niche. Aside from an investor can buy and sell it, it can also be used to convert one kind of cryptocurrency to another. The Binance Decentralized Exchange even offers discount to users who will use it as transaction fees. What a helpful digital currency, right?
Creators behind Binance Coin has proven themselves to be skillful. They have successfully addressed open the possibility of trades between different currency kinds for the first time.
Launched in 2011, Litecoin is the next cryptocurrency on our list answering what cryptocurrency to buy. It is followed the track of Bitcoin. Its creator, MIT graduate and former Google engineer Charlie Lee, made sure that it offers a faster transaction time.
Litecoin has been known to be the silver to Bitcoin’s gold. One characteristic that make it so popular among miners is that it uses what they call “scrypt” that can be decoded using consumer-grade computers. Heck, maybe your PC at home can mine it.
Early 2020, Litecoin has a market ceiling of 3 Billion USD being valued at around 47 USD. It is the top 6 largest cryptocurrencies in the world.
One digital currency making it in this list answering what cryptocurrency to buy has not even been launched yet. By mid-2018, news about Facebook launching its own cryptocurrency has already circulated all over social media. On June 18, 2019, Facebook formally announced the release of the white paper of their first created digital currency – Libra. Just in December 2020, the company announced that Libra will undergo some rebranding and changed the currency’s name to Diem. It is projected to launch in January 2021.
Diem transactions can only be processed by the members of the Diem Association which will utilize permissioned blockchain. With the amount of reach and potentially massive volumes of exchange through Facebook’s platforms, Diem will surely be the talk of the town once it has been released. Learn more about buying cryptocurrency here!
In the world of cryptocurrency, it pays to be updated in the movement and utilization of the different types of digital money. You must continuously in-the-know of the market trends to effectively analyze which cryptocurrency to buy for a certain period of time. Your ultimate goal as an investor is to correctly choose and purchase a cryptocurrency that is not in its peak price yet. Its utility must be of importance so that it will not get obsolete in the market anytime soon. With these characteristics, you are leaning to the odds of continuously growing the value of your money.
To maximize your play in the trade, do not put all your money in one basket. Instead, strategically make an investment on multiple ones. Place your bets on digital currencies that have good projections. Consider the list and information we have provided and joggle your capital in between the most promising ones.