- Altcoins are a great option for crypto long-term investments.
- How should one choose which altcoin to invest in?
- The top 5 altcoins to consider are ADA, XRP, DOGE, TRX, and VET.
Everyone’s always looking for a way to get rich. This is why folks are always looking for ways to invest. However, investing is not as easy as it sounds. One needs to find the perfect option with a trusted foundation and a fool-proof technique. The latest option for investments at the moment is cryptocurrencies.
There are many alternatives when it comes to making investments. The most obvious would be gold, silver, real estate, land, and perhaps the stock market. All of these do have their drawbacks, for instance, these investments cannot be liquidated or carried around. Cryptocurrencies offer a much wider range.
In fact, they can even be bought in the form of derivatives. Moreover, since its debut, the reputation behind cryptos has gotten much stronger. Especially after the GameStop stock fiasco a few months ago.
How to Choose Your Altcoin Investment
So, as more and more altcoins enter the crypto space, investors are often stumped when considering which altcoins they should invest in. Well, the answer to that is always — do your research. Never put your money in something without knowing where it is going.
Legit altcoins projects often have a roadmap to show investors that they’re in it for the long run. Most have long-term goals that will eventually take their crypto and vision to the moon. In turn, investors should also know that they should also be willing to strap in for the long term.
To make the decision over which crypto to choose. Make sure to explore the project. Read the whitepaper and check out its website. Find out what the project is about, who are its leaders, and what these leaders hope to achieve with their team.
Also, understand the supply of the token, how are they created and consumed, or if it has a maximum supply. Finally, pay extra attention to the project’s community. A project is only as strong as its community, it is what drives the project towards its goal.
Why Choose Other Altcoins?
Bitcoin is obviously a great choice for investors. However, newbie investors may seem lost as the price of Bitcoin is already very high. Although investing in Bitcoin is still a good option, some would argue that altcoins offer a new opportunity. Wherein, investments in Bitcoin and Ethereum could always be a good idea, some would say that it is time for other altcoins’ to shine.
Bitcoin and Ethereum have been in the crypto game for a long time. Arguably, they have already been established. Ethereum may still have some surprises up its sleeve what with its Ethereum 2.0 launch being delayed. Eventually, Ethereum will most likely go up, but, similar to Bitcoin its price is already quite high.
Investors with less capital want to invest with altcoins that have yet to reach their shining moments. Most altcoins are still in their beginning stages and could soar very highly in the coming months and years. Therefore, let’s explore the top 5 altcoins that show more potential and promise to eager investors.
Why Make Long-Term Investments?
The traders who got the most out of their crypto investments are those who went all in and held onto their assets for years. Long-term investing has been a proven technique for high profit in the crypto space.
Consider it an opportunity when you find a project with a bright mission, a determined leader, and a strong community. Especially when its crypto is still relatively affordable. Of course, make sure to do your research before you jump on your newfound expressway to glorious riches.
Here are 5 altcoins that show great potential for gains in the long haul:
Cardano (ADA) is a huge contender for Ethereum 2.0. Like the latter, Cardano is a blockchain that can run smart contracts. Although, the blockchain is still quite new and is releasing its best most promising offering in steady phases. For instance, the blockchain is very close to releasing its Alonzo mainnet hard fork.
Recently, Cardano has been launching Alonzo testnet in phases. Each successful launch has bought it closer to the mainnet launch. With each successful launch, the Cardano blockchain offers plenty more to its users. To highlight, this is only just the beginning.
Read Also: Cardano Price prediction
Cardano’s leader — Charles Hoskinson, has set his sights on accomplishing so much more with Cardano. The team is constantly working hard to explore new opportunities and push the existing boundaries of blockchain.
Cardano has a maximum supply of 45 billion ADA. Currently, about 32 billion is in circulation. Most importantly, Cardano uses a Proof-of-Stake (PoS) consensus algorithm on its blockchain. This means that the blockchain also attracts projects that put sustainability first.
Besides this, Cardano also has many other initiatives that it is currently working on. This includes Genesis, Hydra layer 2, and much more. As the team continues to develop its blockchain, there is no doubt that ADA will also continue to grow along with the community as a very worthy long-term investment.
XRP is the native token of the Ripple project. This project has a very clear goal in mind and that is to replace the current SWIFT cross-border bank transaction model. Sending money across borders was always a challenge. Most banks charge extra fees when they transfer funds internationally.
Read Also: XRP Price prediction
These extra costs only increase if more banks are involved in the transaction. Thus, Ripple introduced XRP. This crypto will replace the SWIFT model and simplify a complicated and outdated form of international transactions.
The drawback to this crypto is the fact that it is constantly locked in combat with the US regulating body — The SEC. Ripple has been dealing with allegations from the SEC. Due to this, the price of XRP has constantly been on the rocks.
On the bright side, the story of Ripple and XRP is nothing if not resilient. The team and community behind the crypto truly believe in its capabilities. Not to mention, even after its issues with the SEC, XRP still remains in the top 10 list of cryptos by market cap.
Dogecoin is famously known as a meme token. This crypto first came out as a joke. Its creator had no intention of letting DOGE become more than just that. The community, the internet, and many other crypto fans begged to differ.
Read Also: Dogecoin Price prediction
Dogecoin’s community is one of the strongest crypto communities so far. The meme coin even has huge investors and tech titans as fans. That of course refers to Mark Cuban and Elon Musk. Both are huge believers of DOGE, mostly because of the community following.
This community aims to make the world better by funding humanitarian projects through the power of DOGE. At the moment, it is this same proactive community that is working hard to bring back the name of DOGE.
The Dogecoin Foundation is presently working with a council of advisors to re-establish itself. We will perhaps soon see Dogecoin rise back and take charge like it did in its days of glory. Once DOGE’s revamp is done, the price of DOGE may soar higher than ever before.
The TRON blockchain also has a particular goal in mind. It aims to eliminate all the middlemen in the process of creating and publishing content. For instance, when launching an app, the TRON blockchain allows content creators to publish directly with its blockchain.
Read Also: Tron Price prediction
Hence, it acts as an intermediary between content creators and their users. The CEO of TRON — Justin Sun, is an ex-Ripple employee. He is a firm believer in the power of TRON and TRX. Just like Hoskinson, he too is a very active leader and is constantly available to his audience via social media.
To highlight, the blockchain rewards users on the network with TRX tokens. Specifically, users in the network who share content on the platform, get a share of the rewards. This allows for direct content sharing without the presence of third parties.
Recently, Justin Sun turned heads with the news of him going back to school. He confirmed that he was indeed doing so, but, only to partake in a research project. Perhaps after this, he will test out new ideas for TRON and TRX. One thing is for certain, the community behind TRON is strong, therefore, the potential behind the crypto is still ever-present.
No doubt, VeChain (VET) is a revolutionary project. To specify, it is a supply chain management platform that thrives on blockchain power. It offers consumers the ultimate pleasure of a complete platform to practice the Right to Information.
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As more companies came to be, cases of counterfeit products and fake materials increased. This made concerned consumers become more aware. They demanded the Right to Information. However, there was still no way to completely track each product from start to finish. Until now.
VeChain offers this exactly. It keeps track of every product from its conception phase to sales and even resales. Now, consumers can see where the materials came from, what location it came from, who worked to make the product, warehouse safety precautions, sale of expired goods, and so much more.
This goes for any and every product — food, clothing, vehicles, and so on. VeChain uses the Internet-of-Things to keep track of all things via its blockchain. It also makes sure that the data is uploaded, verified, and stored in its tamper-proof system.
Ultimately, VeChain will bring this change to many more sectors. The medical field can greatly benefit by safely storing genuine medical records. With VeChain, both quality and transparency are a guarantee. Certainly, VET could be a great investment in the long haul.
In conclusion, altcoins have much to offer in terms of long-term investments. One simply needs to do the research before placing their bets. Cryptocurrencies are here to stay, now is the time to harness and benefit from what they have to offer.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.