I think everyone is looking for the “next bitcoin”. But tbh, I doubt we'll ever see the same thing happen again with another coin. But that doesn't mean there isn't money to be made. I hold no long term opinion on Cryptocurrency. I don't know if we'll still be using it in 10 years, or whether this is all a bunch of hype. All I know, is there are lots of opportunities to make money from cryptos, and that's something I can't ignore.
So here is what I've been buying in 2017…
I find litecoin to be much more useful as a currency compared to Bitcoin. The other day, I was transferring some bitcoin (around $100) and the network fee was around $6! That transaction also took over an hour to transfer. I suddenly realised that Bitcoin was feeling very sluggish, expensive and slow.
So now when I transfer between Trading platforms or exchanges, I usually use Litecoin. It's not perfect but it's way cheaper and faster to use. So from an users standpoint, Litecoin makes a lot of sense. No wonder the price has been steadily increasing over the past 12 months. People are obviously using it, and there is a demand.
Ethereum has so much potential. The price has been forced up this year do to the huge number of ICOs. 2017 will definitely be remember as the year of the ICO. Is it all a bubble???? Quite possibly. But until it pops (if it does at all), there is lots of opportunities to make money with ethereum. Just remember, investing in ICOs is high risk.
Ethereum is quite a complex platform. And it's still too difficult for mainstream users with really poorly designed software and UI in many of the wallets and other Ethereum tools. That should change over the coming year, and we could see more and more people piling into Ethereum.
Nav coin is an Altcoin with some interesting ideas. I bought into it a while ago because I loved some of the core concepts. It has fast and low cost transfers, doesn't require mining and you earn 5% interest on the coins you own (when staking). It also allows completely anonymous transactions.
What I really like is Nav Coin's developers are working hard to make this a coin that anyone can use. I don't know what the future holds for Nav Coin, but I'm liking where it's going atm. Currently it's trading for under $2 a coin, so it could see a lot of growth.
I'll still keep buying bitcoin and holding onto my current stash. If for nothing more than being part of a journey. As a currency, I've been finding it really hard to trade with Bitcoin, but it's not going anywhere. So I'm going to have to just put up with it.
Although I've dabbled in other coins, there isn't much else that I've really wanted to invest in. I might take a bit of a spray and pray type approach over the coming months and just invest a little bit in a few things. Or I might just keep doubling down on my current holdings – what is your strategy for investing in cryptos oging to be over the coming months?? Let me know in the comments.
If you're looking to buy Litecoin, Ethereum or Bitcoin – Check out Coinbase, I find it the easiest to get started with. If you're in Australia also check out CoinSpot. They have a huge selection of different alt coins you can buy and sell. And if you just want to invest in a bunch of coins and have a bunch of institutional investors do the hard work for you, check out the Crypto CopyPortfolio.