While Bitcoin may be the first digital currency that comes to mind, there are countless cryptocurrency alternatives and even though Bitcoin may be one of the most popular, there are several other promising investments to consider. Before you can start assessing the varying potential growths of alternative options to Bitcoin, it would be wise to opt for a mobile crypto wallet that allows you to buy different digital currencies and store them in one convenient and secure place. Once you are ready to start buying into the innovative currency, the following top 5 most promising digital currencies are top options as they either boast incredibly unique technology or they have a significantly large crypto exchange.
Ethereum
Ethereum is widely considered a top alternative to Bitcoin as an extremely valuable cryptocurrency. The technology behind this successful currency allows buyers to take advantage of currency and non-currency use, enhancing versatility in comparison to most other cryptocurrencies and making waves in the market. Ethereums next best function is that it also incorporates smart contracts, which are built into the intricate blockchain network. Smart contracts act as guidelines that enhance streamlines transaction executions. If that’s not enough to impress you, there is ongoing speculation that the impressive features and functions of this digital currency may actually overtake Bitcoin in the near future.
Litecoin
The vast majority of other digital currencies available on the market are known to boast impressive blockchain-based technology as its core function. However, Litecoin varies greatly as its aim is to enhance effortless exchange. Litcoin partners with merchants and thanks to this fact, the digital currency is not far behind Bitcoin in terms of daily transactions. This makes Litecoin a fantastic investment to consider. What’s more, since 2016, Bitcoin has notably plateaued with its amount of daily transactions, while Litecoin continues to grow as it gains more and more popularity as a digital currency. The developer behind the innovative technology, Charlie Lee, works full-time to develope the currency and ensure its success. As a result, Litecoin stands out in the crowd of digital currencies as one that is able to process transactions at lightning speed, which is probably one of the currencies most pleasing features.
Monero
Monero is basically a privacy coin that serves as a great alternative to Bitcoin for buyers who are after ultimate privacy. The digital token coin aims to enhance privacy and while many may assume that blockchain-based networks are quite private, this is not entirely true. Because blockchain analysis will be able to reveal both the receiver and the sender of digital currencies using this network, buyer and transaction privacy may be a concern for some investors and users of the network. The Monero digital token provides ultimate peace of mind for sceptics hoping to transact in digital currencies, enforcing optimal privacy standards to ensure that all your information will be safe and secure when transacting. However, the most notable function of this digital currency has raised concern that it may essentially be a currency that promotes criminal activity.
Steller
Another incredibly popular digital currency on the market to consider is Steller. This technology provides investors with super far transaction speeds, exceptional blockchain technology, and the Lumens coin. Buyers can expect unbelievably fast validation speeds of between two and five seconds, which may not be as impressive as real-time transaction speeds, although it does come awfully close. Much like Ethereum, the Steller cryptocurrency also incorporates smart contracts for ease of use.
VeChain Thor
This previously unheard of digital currency made waves after making incredibly impressive partnerships. From the global assurance service known as DNV GL to the luxury car brand BMW. This up and coming digital currency will be assisting these partners with tracking transactions in real-time. However, as the currency is still relatively new on the market, buyers have shown some amount of reluctance as the unstable market may increase risks of loss when buying into newer technologies.
Navigating The Digital Currency Market
Depending on your reasons for wanting to purchase into the digital currencies, it would be best to establish a currency that boasts technology that is most appealing to your needs. If you are hoping to trade your purchases and make a profit, opting for the most popular digital currencies would be best. However, when investing in cryptocurrency, the best strategy is to consider a currency that has been able to maintain a higher exchange rate since its arrival on the market. Before investing in a brand new currency, it would be wise to watch the market for a while to establish whether or not the technology is actually capable of gaining mainstream attention from buyers and investors.
Navigating the market for a while by purchasing smaller amounts of digital currencies is often the safest solution for budding investors. As a key aspect of successful investing strategies, you should also monitor your investments regularly to be able to identify potential growth or loss. This will ensure you are able to sell out before losing too much. Even though there are several effective investing and trading strategies that can be applied to digital currencies, you will need to determine a strategy that best fits into your daily schedule. The speculation surrounding cryptocurrencies and their concerning instability means that investors and traders will need to develop a strategy that reduces risks, such as exchange changes during transaction times.
Taking Advantage Of Available Resources
Rather than diving into the world of digital currencies without knowing exactly what to expect, it would be wise to take advantage of all available resources. The internet hosts countless guides and informative training solutions that will be able to best prepare budding investors. Gaining adequate insight as to how these currencies work, how to overcome potential risks, and how to determine potential loss will ultimately serve as tools that will aid success as an investor. Investing in digital currencies differs greatly from investing in stock markets as digital currencies are significantly more volatile, although, savvy investors and traders are able to use this as an advantage.
