The Riches of Altcoins

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Avatar for abesmoothy
3 years ago

Cryptocurrency and blockchain technology seem to be the wave to ride if you plan on making a successful transition into a modern, fully digital, and decentralized financial system. Corporations, banks, and governments are all racing to see who can invest the most before it all skyrockets.

Let us think about this amazing opportunity to invest early in cryptocurrencies like having an early investment in any of the current tech giants like Facebook, Tesla, Google, or Twitter. Looking at the price of one BTC, we might think that it is too late to invest in cryptocurrencies. This is where altcoins make their appearance!

What Are Altcoins?

The beauty of the cryptocurrency market and blockchain technology is that Bitcoin is not the only coin available for purchase, investing, or trading.

"According to CoinMarketCap, the total number of cryptocurrencies is 6,955 with a total market cap of $324.716 billion (as of September 9, 2020)."

Altcoins refers to all cryptocurrencies other than Bitcoin. We have Ethereum (ETH), Litecoin (LTC), Ripple (XRP), Stellar Lumens (XLM), and thousands more. Altcoins have the potential to be at the price of Bitcoin one day. When it comes to altcoins it is always best to play the long game. Start investing a comfortable amount. Then every time you get paid or receive money from your streams of revenue -- invest some more. Most of the altcoins are still under $1.00, with the majority under $100.

Photo by Worldspectrum from Pexels

Upside Of Investing In Cryptocurrencies

The ROI in cryptocurrencies seems to be unmatched at this moment. The financial system we grew up using is ridiculously outdated. The traditional form of investing and trading no longer serves us in its' entirety. It requires tweaking that corporations hate. So the upside of investing in cryptocurrencies -- both BTC & Altcoins -- is ROI. "Bitcoin first started trading from around $0.0008 to $0.08 in July 2010 per coin." And as of December 2nd, 2020 (today) it is sitting at a pretty $18,958 per coin. You can still do this today with altcoins. Learning how to buy and sell options or trade cryptocurrencies has made many people lucrative gains. Trading options has always been a super risky investment strategy, so please do your own research before starting to trade options in cryptocurrencies.

There is still time to invest and create generational wealth for your family with cryptocurrencies. Take some time to study the changes that are coming to our financial system. The worst thing that can happen is you lose some money --the best thing that can happen is you and yours are now set for a few generations. We all get dealt a hand of cards. What we do with those cards is what matters most. You can start with as little as $1.00. Let us be real, we all have at least $20 we can invest in cryptocurrencies.

I have personally invested in or purchased BTC, ETH, XRP, XLM, & CRO. This does NOT mean you should buy what I do, I am simply sharing.

Disclaimer: By no means are you obligated to take any information from this article as financial advice. Please do your own research and consult a professional financial advisor for professional financial advice. This article is for educational purposes only.

Sources: https://www.investopedia.com/articles/forex/121815/bitcoins-price-history.asp#:~:text=Bitcoin%20first%20started%20trading%20from,

https://www.investopedia.com/terms/a/altcoin.asp#:~:text=Altcoins%20are%20the%20other%20cryptocurrencies,

https://e-cryptonews.com/how-many-cryptocurrencies-are-there-in-2020/#:~:text=According%20to%20CoinMarketCap%2C%20the%20total.

Lead Image Credit: Photo by Roger Brown from Pexels

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Avatar for abesmoothy
3 years ago

Comments

Very well written. What's your opinion about Bitcoin dominance? Will it remain the leader for years or decades to come? Or will another coin surpass it?

I am invested in ETH, BCH (obviously, thanks to this platform), BAT, XLM and LRC.

I guess I should have bought some BTC, too. But I'm always rooting for the underdog... 🙈

$ 0.01
3 years ago

Thank you! I believe the Bitcoin dominance will last for the next 10 years. I am confident someone is going to code "another BTC" that will make the original look like a donut. It will take time, it will happen. It is probably already happening.

I am always going to side with the underdog -- it makes life fun.

Thank you for taking the time to read my article and comment.

$ 0.00
3 years ago

You are very welcome. Thank you very much for your reply.

Finally today, I bought a tiny position in Bitcoin. To the moon. 😅

$ 0.00
3 years ago