Altcoins are cryptocurrencies also like Bitcoin. But most of them are forks of Bitcoin with small changes.
By Guy Avtalyon
Altcoins represent all coins that are not Bitcoin. Altcoins are usually under the radar. Still, altcoins can generate fantastic gains if you are lucky enough to find the particular one that skyrockets soon.
But be aware. The risk involved is really high.
You may end up holding a bunch of useless projects that never go anywhere.
The current cryptocurrency market is very hot. And everyone wants to make a lot of money there. Well, as first, count on the risk because here it is very big.
When you want to invest but you don’t know which crypto to purchase, you should find more and more information about cryptocurrencies. And look at their white papers.
What altcoins to choose?
It would be arrogant of us to think that we can predict exactly which altcoin will be the best. And take this piece of advice. Never listen to anyone who pretends to know everything for sure in crypto.
We are not saying only these altcoins are good or they’re the best. They’re just altcoins that we can imagine are going to be worth looking at in more detail.
We have to tell you this is not financial advice to invest in any crypto and please do your own homework and make the decision by yourself.
To do our homework, we followed 3 criteria for coins:
* Isn’t related to a Ponzi scheme or multi-level marketing
* can’t be in the current top ten
* must be tradable on a trusted market or exchange
Find answers before choose altcoin
Do they have a solid team? How is about their technology? Is it solid enough already or, maybe, their future technology could be unique? Also, is this company going to work 5 years or more?
We know that many of you may disagree with our choice, but feel free to express your opinion in comments.
The order on this list is random.
What altcoins to look at?
1) Ethereum – This list of the best altcoins must begin with Ethereum, which is the second most valuable cryptocurrency after Bitcoin. Ethereum was launched in July 2015 by the now-famous prodigy of the cryptocurrency world and it was done by Vitalik Buterin. This altcoin provides a platform to the developer on which they can build blockchain-based smart contracts and decentralized apps.
It was the first cryptocurrency to introduce smart contracts, which are now considered as the next big thing.
One of the biggest challenges being faced by Ethereum has been scalability. Ethereum’s network currently supports roughly 15 transactions per second.
This isn’t that great but we expect they will solve that in the near future.
2) Litecoin – One of the oldest altcoins, was created in 2011 by Charlie Lee. Like Bitcoin, Litecoin is also a digital currency but with improvements. In fact, the reason for launching Litecoin was to overcome some of the shortcomings of Bitcoin, especially its slow transaction speed.
The reason that it is called Litecoin is that it is 4 times faster than Bitcoin. Bitcoin’s transaction takes about 10 minutes to complete but a Litecoin transaction is completed in 2.5 minutes.
3) ICON – It is a project that has experienced huge gains. Currently, it’s not even traded on Korean exchanges, which is insane. Their vision is to allow many different blockchains ( private and public) to work together, like universities, banks, hospitals, schools and they can all share information together via Icon and other partners.
4) Neo – It’s one of the best long-term altcoins. Neo has the potential to reach Ethereum’s market cap. Many people invest in Neo because they have confidence that sooner or later the Chinese government is going to legalize ICOs again. But only if Neo is the blockchain is used.
Neo’s CoFounder Da HongFei himself has denied this theory several times. The Neo project is much more than trying to be Chinese Ethereum. And it’s going to succeed anyway, without depending on what China does with ICO’s. Neo is going to help create the future of blockchain. You don’t need ICOs to be legalized in China for this to happen.5) DASH – Altcoin launched in 2014 by Evan Duffield. At the time of launch, it was called Xcoin and was then renamed to Darkcoin. In 2015 that it was rebranded to Dash. Dash has been forked from Litecoin, which is itself built on Bitcoin’s technology but it offers significant advantages over Bitcoin like better privacy and a higher transaction speed than Bitcoin.
6) Cardano (ADA) – Cardano is one of the newest cryptocurrencies and it not only offers a platform for Dapps and smart contracts but also offers many technological improvements over Ethereum and other blockchains.
This altcoin has not given as high returns as other top coins but it is still popular among investors because of its promise of building a highly robust blockchain that offers advantages over Ethereum. We will see!
7) EOS – Relatively new altcoin whose Initial Coin Offering (ICO) was launched in June 2017. EOS and created by Dan Larimer. It is both a digital currency and a blockchain platform for DApps and smart contracts, more like Ethereum than like Bitcoin. This coin is much more scalable than Ethereum and EOS support multiple languages, including C++. This is a very convenient feature if you are the developer.
8) Wanchain – It is possibly even more hyped up cousin of Wanchain. The two projects are in the same category of projects but are complementary to one another.
Wanchain works on the ability of different chains to work together, like Icon. This is going to be of huge value as blockchain develops.
9) Filecoin – Filecoin is a decentralized storage solution. Filecoin allows for anyone, anywhere to get paid for storage and it is built on top of IPFS. It is a new peer-to-peer protocol. Filecoin broke a record while raising $257 million dollars at their ICO. It has all of the right things with worldwide implications.
These are just some of my thoughts that I share with you and you should not take them as the only and undeniable truth.
Should you be cautious about altcoins?
People are being very cautious with all these new forks and new versions of Bitcoin. There are alts that are booming right now it is just when new people join the market. They generally know only about BTC and once they do due diligence and learn about the market and with all the great alts that are out there, the money will shift.
What do you think? Which alts look good in the near future?
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