There has be so much chatter across the media over the past weeks and months about Bitcoin and crypto currency. Many people who feel they have missed out on the digital currency craze are now frantically searching for the next “bitcoin”. But does it exist and is it worth the risk to invest?
While he’s still extremely bullish on what lies ahead for bitcoin, George Tung, co- founder of Cryptos R Us and a veteran of investing in cryptocurrencies, says there’s still plenty of opportunity in lesser-known emerging coinage.
He believes that there is definite possibility of another coin within 3 to 5 years.
Hitesh Malviya, a crypto consultant, says that in the long run, the big gains in cryptos lie elsewhere.
But with more than 1,300 alternative coins to choose from, how can you choose the ones that will be successful. Tung uses a four-part screener to determine which alt- coins may be worth a flyer.
1. Study the team behind it. “Where do they come from?
2. Take a look at the why. “How useful is this?
3. Determine where they are in the process. Look how far along are they.
4. Assess the valuation. A lot of alt-coins are priced way too high.
With that in mind, here’s an overview of seven cryptocurrencies that analysts have said may be worth watching in 2018. Like bitcoin, all cryptocurrencies are subject to extreme volatility and risk, so if you intend to invest, do your due diligence and research more on each one.
Created in 2011, it’s billed as an alternative to bitcoin and is aimed to cut the amount of time required to confirm new transactions and tweak the way bitcoin was being mined to ensure anybody could participate.
It has an estimated 84 million coin limit, versus bitcoin’s 21 million. About 54 million coins are currently in circulation, versus bitcoin’s current 16.7 million circulating supply.
The appeal of Monero is Anonymity. The details of every transaction, including sender, receiver and size, are recorded but are reportedly untraceable. In theory, there’s no way for anyone to connect the sender, receiver or size of the transaction. It´s main appeal is to corporations who want to move money without competitors, or anyone else, knowing their balance and transactions.
There are about 15.5 million XMR in circulation, and, unlike bitcoin and Litecoin, Monero doesn’t have a fixed coin supply.
Neo will explode if China eases its stance on ICOs and bitcoin. It is the No. 2 behind bitcoin in terms of market cap at $61 billion.
NEO’s circulating supply is currently at 65 million, out of a total of 100 million coins.
The Cardano, launched a few months ago, made massive gains in its coin, called Ada. .
Cardano, while still a relative unknown, is big on private transactions as well as responding to the needs of regulators, making it primed for mass adoption.
About 26 billion out of a maximum 45 billion coins are currently in circulation.
Ripple is seen by some industry types as bitcoin’s successor. Ripple connects banks, payment providers, digital asset exchanges and corporates, via RippleNet, to provide one frictionless transaction to send money globally.
The XRP circulating supply is currently about 38.7 billion out of a maximum supply of 100 billion, which is A LOT more than the rest of the cryptos on this list.
lota’s draw is that it doesn’t have any trading fees, miners or blocks. For every transaction made, processing power is used to validate two other transactions, making every Iota owner also a Iota “miner”.
The maximum supply of MIOTA is just under 2.8 billion, and the entire maximum supply is currently in circulation.
Bitcoin Cash is one of the newest cryptocurrencies, and is incompatible with bitcoin. Bitcoin Cash was created as users were frustrated by high fees and slow processing times. In mid-November, Bitcoin Cash became the second-most valuable crypto. Since then it’s fallen back into third place.
Its circulating supply is currently at 16.8 million, out of a maximum supply of 21 million.
You can find brokers for crypto currency online, but do check their credentials before parting with hard currency!