Some people don’t believe in buying alt coins, because they say it’s a gamble. In my opinion, the only way to make money in cryptocurrency is to be an early investor in a promising coin. If you want to make guaranteed profits, invest in index funds or buy bonds.
A lot of people who bought altcoin this year regret their decision. A lot of people made money too, but the ones that made profits are getting drowned out by the ones that lost big time.
Bitcoin has been extremely volatile over the past few years. The price of one bitcoin was $14 at its lowest point in 2013 and $2000 at its highest point in 2017. But when you look at other cryptocurrencies, such as Ethereum and Ripple, they have risen exponentially over the past year without experiencing any downturns. So if you invested $1000 into Ethereum last year, you would have made 10x your money today!
In this post, I will list my 3 worst altcoin investments of 2017 and give my reasons for why I think they were bad investments. Check out why I think these are the top worst alt coins of 2017.
The first worst altcoin investment I made was Bcash (BCH). This coin was a fork from Bitcoin (BTC),
I am afraid that I failed to use the principle of diversification. The worst part is that I spread myself too thin.
I was so passionate about the idea of making money from trading altcoins. I wanted to be a millionaire by 30 and now here I am, at 26, with countless regrets and losses from altcoins.
The thought of me being able to make a lot of money with little effort appealed too much to me that I forgot to apply common sense in my trades.
If you are someone who has been holding on to your altcoin investments in the hopes that the prices will go back up, you may want to consider taking some profits off the table and putting them into bitcoin or another asset that is more stable.
If you don’t have any holdings but is interested in getting into altcoins, please take it slow and do not rush into buying every single altcoin out there as this is a surefire way to lose all your money.
As a rule of thumb, always buy low and sell high. Don’t buy a coin just because everyone else is doing so. Do your own research!
With over 1,300 coins in the crypto universe, it can be a bit overwhelming to keep track of all of them.
Here you can find a list of altcoins sorted by market cap and a great source for financial data.
Bitcoin Cash: Bitcoin Cash is another product of the BTC community. It was created in August of 2017 as a hard fork of bitcoin. Bitcoin Cash increases the size of blocks, allowing more transactions to be processed. However, it’s been criticized for not offering enough privacy and security in comparison to other cryptocurrencies.
Bitcoin Gold: This altcoin was created in October of 2017 as a hard fork of Bitcoin. The stated goal is to make mining more accessible to the average user.
DigixDAO: DigixDAO is an example of a decentralized autonomous organization (DAO). A DAO is run by programming code rather than humans, meaning that it’s theoretically immune to outside influence or manipulation.
Litecoin: Litecoin is often described as silver to Bitcoin’s gold. The founder Charlie Lee claims that he designed Litecoin as a potential replacement for silver in commerce. Due to its faster block generation rate, Litecoin can confirm transactions faster than most cryptocurrencies.
Ethereum Classic: Ethereum Classic emerged after Ethereum launched a hard fork, which helped create ETC. Ethereum Classic was developed from the pre-fork version of Ethereum and has no upgrade changes like the newer ETC.
Cardano: Cardano is another cryptocurrency that’s making waves at the moment,
Digital Currency List
The best digital currencies for your investment needs
One of the most important factors in determining the value of a currency is the amount of people using it. If no one uses a currency, it’s worthless. So, in order to determine which currencies are going to be successful in the future, we need to look at the amount of users each coin has. This is known as “network effect”. When a new user joins a network, his/her value to other users rises. The more people use a currency, the more valuable it becomes.
Here’s some data from CoinMarketCap:
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6. Ethereum Classic
Bitcoin, ethereum, litecoin and other cryptocurrencies.
Bitcoin was the first decentralized digital currency based on blockchain technology. It is by far the most valuable cryptocurrency today with a market cap of over $32 billion. Ethereum is a decentralized platform that runs smart contracts, applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third party interference.
Litecoin is inspired by and technically nearly identical to Bitcoin. It has gained solid traction as a digital currency alternative to Bitcoin and is now the second largest cryptocurrency with a market cap of over $3 billion.