The markets are flooded with all types of cryptocurrencies clamoring for our attention. Some of them are demonstrably solid – others, not so much. It’s a noisy space filled with so-called experts and useless tokens that fail to deliver. Amid the shilling, pumping, and excessive hype, it’s easy to get distracted. To get back to basics and glean some real perspective, I asked a few long-term industry players what their favorite cryptocurrencies were. Here are the top five:
An oldie but goodie, Bitcoin still tops many an enthusiast’s list, despite newer coins that offer faster and cheaper transactions, and greater resistance to volatility. That doesn’t mean Bitcoin’s out of the game, though – far from it. In fact, according to some, it’s just getting started.
My favorite cryptocurrency is Bitcoin because of its fixed supply and liquidity. Both are key to a strong investment,” says Kyle Asman, co-founder of Bx3, a business advisory firm for companies in the crypto and blockchain space.
Short, simple, and BS-free, just the way it should be.
Robert Masters, managing director of Blue Chip Vision, is another Bitcoin believer. As one of the first hundred people to invest in cryptocurrency, he’s created multiple platforms that leverage digital currency and blockchain tech.
Bitcoin is still his favorite due to its multiple use cases and brand value that produces its longevity and price stability. He says:
“I use Bitcoin for multiple purposes myself. The first is as a weekly means of international remittance transfer to pay invoices abroad… saving myself upwards of a 10 percent fee per transaction that would normally be swallowed by a financial institution. The second is as a long-term storage of value. Bitcoin’s limited supply means the ongoing demand ensures Bitcoin’s long-term stability and [appreciation], which is a win-win scenario if you HODL.”
EOS has been causing a stir as of late, catching the attention of many an investor. Says Pete Woodard, CEO of ICO consulting firm IBC Group:
“My focus at the moment is watching EOS unfold. [With the mainnet] launching in June, [a] strong team with deep-rooted relationships, and OTC volume coming from China, it has real potential to capture the market. EOS interests me from an operational and execution [perspective]. After meeting the team, they have both in spades.”
Another investor keenly following EOS is Ivailo Jordanov, Partner at Gattaca, a digital assets fund based in the UK. He says, “EOS is building a fast, scalable infrastructure taking into account usability. They are also working with a number of funds to provide financial backing for projects to be built on the platform. In addition, the company behind EOS has the most capable team in the blockchain space.”
No surprise that this powerhouse cryptocurrency makes the top five. Zak Cole, CTO of the Whiteblock scalable blockchain testing platform, says:
“As a blockchain developer, this makes Ethereum the obvious choice for me. The project actually provides practical value, and the community is great. It seems to have attracted some of the best developers in the world, so if I had to guess which cryptocurrency would be most successful in the long run, I’d feel pretty safe betting on Ethereum.”
nChain CEO and CoinGeek.com conference host Jimmy Nguyen’s favorite cryptocurrency by far is Bitcoin Cash. He says, “With its bigger blocks, faster speed, and lower transaction fees, Bitcoin Cash can fulfill the Satoshi Nakamoto white paper’s vision – a peer-to-peer electronic cash system.”
Echoing that sentiment is Henry Stanley, founder of ICOAxiom.com. “My favorite cryptocurrency is Bitcoin Cash. In terms of price, it’s cheaper than Bitcoin… at the same time, [it’s] very correlated to Bitcoin’s price movement. If Bitcoin goes to $100,000 as some experts have predicted, it won’t do so in a [vacuum]; Bitcoin Cash will also increase in value in a similar manner. Also, in the last six months, the returns on Bitcoin Cash have outperformed the original Bitcoin.”
Last but maybe not least on the list is Dash, with Antonio Moratti, Chief Marketing Officer at the GoByte Network blockchain project, singing its praises. “One of the reasons why I like Dash,” he says, “is its decentralization. Dash does not have centralized management. Decisions on the further development of the system are made not by individual programmers, but by all members of the Dash network through the Decentralized Governance mechanism. Also, mining Dash requires less energy than other cryptocurrencies, thanks to the X11 algorithm. Each member of the network can contribute their ideas on the development of the cryptocurrency or vote for other initiatives.”
So, there you have it. Before you get swayed by the latest market movement, keep a cool head and consider a few things first. Does the cryptocurrency have longevity? It’s not a prerequisite, but it might be important. If it’s a work in progress, does it have a good team behind it? Does it solve problems? Is it liquid? Decentralized? Fast? Does it have a fixed supply?
If you can’t tick the boxes that make sense to you, maybe it’s worth thinking twice before putting your money into it.
The post by Copy Trading Platform.