What cryptocurrency is best for you?
The best cryptocurrency to buy depends on what you want it for and how much you are willing to pay.
First, deciding what sort of cryptocurrency you want to own. There are lots of them. There are Bitcoin-like currencies, there are stablecoins, there are ecocurrencies that try to solve the ecological problem, there are cryptocurrencies that try to expand access to technology and reduce income inequality by providing cheap hardware for developing countries. And then there are the original cryptocurrencies: Bitcoin, Ethereum, Litecoin, Ripple, Dash.
Second comes deciding how much money you want to spend. As with any purchase or investment choice, the price is not everything; but it’s a pretty good indicator of what the risks and costs will be.
Third is whether you have an immediate need. If you can wait a week or two until the price drops back to your long-term value estimate, then buy it now at a lower price and sell later when the price goes up: great! If not, then proceed with step 4.
Fourth is whether security is important. Unfortunately there is no way to know whether your cryptocurrency will remain secure without owning it yourself instead of trusting a third party like a bank or exchange. We’re in an
Unfortunately, there’s no easy way to tell which cryptocurrencies are best. There are thousands of them, a few of which may turn out to be groundbreaking. The problem is that you don’t know which ones will become groundbreaking until you buy them. So if you want to know the best cryptocurrency to buy, you have to decide first what it is that you want the cryptocurrency for.
It’s very tempting to look for the best cryptocurrency, but it’s not always easy. There are so many cryptocurrencies in the world, and they all have different qualities. And if there’s so much variety it can be hard to figure out which one would be best for you!
There are a few things you can do to help narrow down the list.
The first thing you should do is make sure you have a clear idea of what you want from your cryptocurrency. Decide what kind of experience you want and how much responsibility you want to take. Then check out which cryptocurrencies are trying to give that experience and see if those fit with what you want.
The second thing you should do is keep an eye on the news . What’s happening in the cryptocurrency scene that might affect your choice?
The third thing is to ask yourself who’s using this cryptocurrency. Is this a company or a project looking for funding? Or is it a community of people using it together? And how many people use it? The more people using it, the more important it is – because each person using it will hold their copy and put pressure on any changes made by the project or company behind it.
If you want to buy cryptocurrency, the first question is what kind of cryptocurrency. There are a lot of them, so it can be hard to know which ones are worth buying. But there is a way to find out.
The key question is whether something is an investment or not. If you want to buy gold coins for their beauty or collectability, investing in gold coins will not make sense. Buying crypto as an investment does not mean that you are looking for it to go up in price. It just means that you are looking for it to stay secure and available over a long time.
There’s a second difference between investing in gold and investing in crypto. With precious metals, either you make money or you lose money; with both gold and crypto, you can sometimes lose money but usually win money. If there’s no difference between winning and losing on gold coins and losing on crypto, then there’s no reason to use gold coins rather than crypto when purchasing goods or services; that decision would simply be a matter of taste.
The first thing to do is to know what kind of person you are. You need to know why you want a cryptocurrency and where it will fit into your life. Is it something you can hold and use, or something that will be your retirement portfolio? Is it something that you can invest a weekend in, or something that you will devote years of your life to?
The second thing is to find the right coin for you. There are about 500 different cryptocurrencies, but most of them only have one use case, and some don’t even make sense. For example, Bitcoin was supposed to be a payment system (and succeeded in those terms), but it has no real use as a currency. It is also not useful for most kinds of purchases.
There are exceptions: Ethereum was designed to make it easier for programmers to build decentralized applications; Ripple was created specifically to facilitate international transfers; and Litecoin is an open-source version of Bitcoin with faster transaction times.
You should just buy the cryptocurrency that is most like what you want.
Let’s say you want to be paid in Bitcoin. Well, there are many cryptocurrencies that are very similar to Bitcoin: Litecoin, Namecoin, Primecoin, Altcoins that have similar features to Bitcoin like Peercoin and Quarkcoin, and so on. Which one do you choose?
The answer is not obvious. It depends on the technical details of how your cryptocurrency works. What if we change the rules so that a new cryptocurrency can be created with the same properties as an existing one? That would allow us to make new cryptocurrencies with properties that are more or less like Bitcoin.
There are hundreds of cryptocurrencies like this at this moment. If you want to choose one, you need to understand the technical details of how each of them works—and how they differ from other cryptocurrencies.
I have already warned you about the dangers of listening to anyone who tells you that one cryptocurrency is better than another. This advice is especially important because cryptocurrency offers so many possibilities.
You can buy a cryptocurrency with cash, or you can buy it with Bitcoin. You can hold it in a Bitcoin wallet or in the form of a litecoin or its own altcoin. You can earn it by mining it, or by selling goods and services for it. You can store it in your bank account or in a hardware wallet like the Ledger Nano S.
In other words, you can make your choice from an infinite variety of options. Most people will soon find themselves trading one cryptocurrency for another; but there will always be choices. And no matter which one you choose, you should always remember that your choice is a bet on the future success of whatever technology or software makes up that cryptocurrency. In the end, whether you have chosen wisely or not is entirely up to the future—a future whose outcome is not yet known to us all.