I will answer this question in the best way I am able, and will share my insight concerning two altcoins I have recently exchanged some of my Bitcoin for and why.
But first, for those of you not at all familiar with cryptocurrencies (aka cryptos), they do not exist physically. Cryptocurrencies are “mined” by computers performing math, with increasing difficulty over time, and are kept only as a computer file. Send and receive transactions are made using a digital wallet which you download for free. Cryptocurrency transactions take only a few minutes to confirm, via peer-to-peer networks. They are popular with people who like the idea of instant transactions and not having records kept of their purchases.
The most famous cryptocurrency is Bitcoin (BTC). Since its inception, it has hugely risen in value. I have personally watched it grow from being worth $20 when I first became aware of it, to over $6000 today.
Bitcoin is the first cryptocurrency, and all the alternatives to Bitcoin are called altcoins. There is a reason for this distinction between the words cryptocurrency and altcoin, although there is great potential for it being made less of a distinction… keep this mind as I explain.
As long as people are buying cryptocurrencies, they will rise in value, and they are purchased fractionally, so you don’t need $6000 to get some Bitcoin, for example. Whatever dollar amount you want to spend is how much Bitcoin or any altcoin you get, and while it is still very very profitable to buy Bitcoin, the people who bought it back when it was worth pennies or even a few dollars, and have held onto it, are… suffice it to say… very very happy with their investment. And there is no end in sight with regards to Bitcoin’s rise. Many experts predict its worth to cap around $25,000, others at $50,000. But others predict it could rise into the millions! Why is this? For two main reasons, and the first is no good without the second.
Firstly, there are many factors, but for our purposes here, basically speaking… because there is only a finite supply, like gold. It is a true commodity.
Bitcoin is mathematical. I am a mathematician. There are only 21 million. It is more legitimate than other systems.Steve Wozniack (Co-Founder of Apple)
But this is not really any different than with the altcoins. But like gold, if there is no need for it, it would not be of any value.
Secondly, what has experts believing that Bitcoin’s worth can rise so high is because, once again, there are many factors, but for our purposes here, basically speaking, in the cryptocurrency world, Bitcoin has essentially become the dollar. It is the definitive wheel axis from which all the peripheral spokes emerge. People buy Bitcoin with US dollars, both to hold onto but also so they can exchange Bitcoin for promising new altcoins that cater to various important economic niches. And this is why the distinction between cryptocurrency and altcoins is becoming somewhat archaic. The wheel is becoming a veritable nebulous interconnected cloud of cryptocurrency… an online economic ecosystem! Isn’t that awesome? I think so.
Each alt-coin (ETH, DASH, LTC, MONERO), fork (BCH, BTG, B2X), upgrade (SegWit) can be seen as a Bitcoin expanding and filling different niche environments. It’s very much like a living organism, mutating, and filling the voids left by our crumbling fiat economy. The common thread between each will always be Bitcoin unless the majority of Bitcoin supporters make a conscious effort to change the code and can PROVE that it is significantly better, scale-able, or stable than the existing one.Justin Holz (Computer Scientist and Bitcoin enthusiast/specialist)
More and more new cryptocurrencies are being developed to fill various economic niches. One is becoming extremely popular in China, another caters to the dentistry industry, and many others are being supported by external hardware wallets such as:
There are so many altcoins now that it is sometimes difficult to know which ones will be the next Bitcoin.
But here’s the thing… if you haven’t caught on yet…
There will be no next Bitcoin!
But hold on! That said, and while it is very true, I know what you mean, my friend. You want to know which new crytpocurrency to get in on early while it is still worth very little… so when it becomes popular like Bitcoin you’ll be rich! Well, let me tell you, that is why I too am interested in altcoins. And I recently asked the same question of my friend who is a Bitcoin-nerd who tried very hard to get me to invest in Bitcoin back when it was worth $20. He was a Bitcoin broker back then before it was as easy to purchase Bitcoin online as it is today.
But it is essentially true. From the perspective of a Bitcoin-nerd who understands the founding and continued unique role Bitcoin has played and will continue to play in all this, there will be no next Bitcoin. PERIOD!
But again, you and I know better than the Bitcoin fanboys who have no reason to invest in any new cryptocurrencies because they are already rich from having invested in Bitcoin early on. They just don’t feel the need. They already did, and they won!
Nerds. Gotta love ’em. But those who didn’t are not restricted to wishing they did. And here’s three reasons why:
1. As I said, Bitcoin is purchased fractionally. So, you can afford to buy some Bitcoin.
2. Bitcoin will keep rising in value due to its popularity (use).
3. There are several altcoins that have a huge profit potential, and so even an investment as little as $100 can pay off HUGE, with very little if any risk if purchased at a low enough price, and concerning that HUGE potential, low enough price usually means… early enough… because once an altcoin begins its big rise, it probably won’t go back down to the zero point.
These three reasons are enough to buy $100 worth of Bitcoin (BTC), and if purchased through this link, you and I will both get a free $10 worth of Bitcoin.
So now that you have some Bitcoin, here’s the bottom line. Investing in Bitcoin is wise. Investing in altcoins is also wise. And knowing which altcoins to invest in, is as simple as keeping watch of the publicity they receive. The more positive publicity, the more people will buy them and use them as mediums of exchange, and subsequently the more they will increase in value. Public publicity will come down to many factors including technological implementation (again… the Ledger Nano S and the Ledger Nano Blue) and online enthusiast communities such as Reddit’s thriving community of 14,268 vertans (Vertcoin fans)!
Let’s just remember that not all crytocurrencies are created equal. Some have better security and algorithm mining functions. Primecoin actually solves for prime numbers as it is mined, and so serves an actual scientific purpose in addition to being an altcoin, even though it has not gained, nor was it intended to, in popularity. The list goes on and on.
So, here are two altcoins that I personally have exchanged some of my Bitcoin for:
PoSW Coin (POSW)
UPDATE (As of March 1, 2018): POSW is making the transition to XSN Coin, so participate in the POSW → XSN Coin Swap!
POSW is supported by Ledger, and is worth very little right now, less than $1. This is a buy NOW with very little if any risk!
… we allow users to create an account and fund a vast array of wallets where we pool and stake the respective coins for our customers. As new coins emerge every month, they bring with them some form of reward staking and/or masternode functionality. We believe staking as a service will be a major and critical piece of the blockchain ecosystem as it propels into the mainstream and becomes a part of the everyday user’s life. Our coin is a way to reward holders with profits from Poswallet, paying them in monthly dividends. https://posw.io/vision/
We still have ~50 limited edition Ledger wallets available! The next 50 Ledger purchases will come with 250 POSW deposited to your poswallet.com account.
I threw $10 worth of BTC at POSW. If it starts to gain momentum, I will buy more. I exchanged my Bitcoins for PoSW on Cryptopia.
VTC is supported by Ledger, and while it’s value is rapidly rising, it is still worth less than $10. Less than half of the 84,000,000 Vertcoin that will ever exist is in circulation since its inception in 2014. There are many great things about Vertcoin, including one-click mining (in development), atomic cross-chain (in development) which allows you to
… seamlessly exchange your Vertcoin for Litecoin or Bitcoin (Or the other way around) on your wallet.
I used https://shapeshift.io/#/coins to exchange Bitcoin (BTC) for Vertcoin (VTC). It’s easy and fast. Where it says “confirm” just enter your email address.
With ShapeShift, what you see is what you get. The exchange rate shown is exactly what you’ll receive, minus only the “miner fee.” There is no exchange fee, or service fee.
So there it is, my thoughts on two cryptocurrencies that I feel confident will be BIG.
So, buy $100 worth of Bitcoin (BTC) through this link, giving both you and I a free $10 worth of Bitcoin. AND THEN get you some PoSW Coin and Vertcoin while it is still possible to turn $10 into $100… $1000… $10,000… where will it end? Nobody cares but they who did… and they who, sadly… did not.
What altcoins have you invested in and why did you chose those in particular?
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About me, the author… Troy Boylan
Ecoculture Village Founder & President, Anthropology BA, Interdisciplinary Studies: Ethnobotany BS. Two things I think are worth anything at all… all things wilderness and ecoculture… and well, RPGs… and skateboarding!
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