Ben Todd | Jun 2, 2017 | 1
What Is the Best Cryptocurrency? Which Is The Best Crypto Currency For You?
When you consider the fact that most cryptocurrencies have surged in price, one has to wonder which the best one is and which is the next big failure? Is the cryptocurrency industry and maybe even the idea of cryptocurrency going to come crashing down? Current levels of investment in cryptocurrency suggest that it will not come crashing down, but have we created a cryptocurrency bubble, and what happens when cryptocurrencies start falling as quickly as they are rising? Will government regulation kill off cryptocurrency, and which are we to trust? I cannot tell you what the best cryptocurrency is, but I can explain why people think the cryptocurrencies listed in this article are the best.
Many people believe that DASH is one of the best cryptocurrencies out there because it is a cryptocurrency that is becoming well known for being anonymous. It is already part of what people believe to be the dark market.
If there is a big bubble with regards to cryptocurrency, then there is going to be a crash. However, if something is powering/pushing a cryptocurrency behind the scenes, then it stands to reason that it will still be around after a crash.
Is there a downside to this sort of anonymous cryptocurrency idea? There is a chance that the joined forces of the US, UK, Canada, Australia, and maybe even Europe and New Zealand will try to bring it down. It doesn’t sound likely, but once the currency starts funding terrorist bombs, we are likely to see governments take serious steps.
The biggest selling point with Ripple is that most exchanges and transactions are completely free. Ripple has tried its best to remain free of charge no matter what type of exchange or trade is going on. That is a big selling point for some people.
What’s more is that we are seeing third parties entering the game, but they are also unable to charge for transactions because why go to third parties if you can get remain fee-free by going to the officials?
Ripple has not tried to push its own growth beyond any form of organic growth, and it has adapted big banks into its system. The only downside is that if a cryptocurrency doesn’t make somebody a lot of money, then it may disappear. How much longer are they going to offer fee-free transactions? People are going to end up paying in one way or another, and that makes some cryptocurrency users worried.
The Litecoin cryptocurrency has been around for quite a while and it has done consistently well. Litecoin has managed to remain professional and has built a lot of trust. It has been a slow burner, which helps people trust the cryptocurrency. Litecoin hasn’t caused shockwaves, which reassures some people as to its long-term value.
We are seeing Litecoin on more websites and being added to more and more exchanges. It has been a safe investment so far. It has quantitative flow, trust and professionalism, which are three key factors in the making of a good cryptocurrency.
Finding a downside to Litecoin was tough, but I would say that its biggest downside at the moment is that it is not widely accepted. It is difficult enough finding this cryptocurrency in exchanges, so I can’t see people using it in online shops any time soon. In addition, the whole idea of cryptocurrency and the fact that it is capped means that it has its own built-in deflation that is going to make the cryptocurrency markets fluctuate, and I get the feeling that cryptocurrencies such as Litecoin are going to see the rough end of that.
It is a cryptocurrency that is worth a fortune. It is just a shame that it is the early adopters who are reaping all the benefits, while the rest of us are paying through the nose for cryptocurrency. Let’s face it, bitcoin is the mother of all cryptocurrency and even if governments try to regulate cryptocurrency, and even if there is a crash because of a lack of trust in the network, most people assume that bitcoin will still survive.
Another big selling point is the fact that bitcoin is becoming more and more popular. You are probably going to see more and more online services and stores that accept bitcoin. They may eventually accept other types of cryptocurrency, but if they are going to start with anything…they are going to start with bitcoin. Do you remember the early days when it was cool and weird how other websites (besides eBay) were accepting PayPal. Nowadays, you would be disappointed if they didn’t accept PayPal? The same will soon be true of bitcoin.
The downside to Bitcoin is that it favors early adopters. We are going to see spending surges because Bitcoin is very much about “when” to spend. People are going to wait until they can get the best value for their bitcoin, and the spending surges that follow will make the market very unpredictable. Active/daily users of bitcoin are probably going to suffer the most.
This network, provides a decentralized virtual machine. It is able to execute peer-to-peer contracts using a cryptocurrency. The cryptocurrency it uses is called Ether (ETH). You will find that quite a few cryptocurrencies are actually using Ethereum to run their cryptocurrency. Ethereum has a strong foundation and a professional image, and that is why many people believe it is the best cryptocurrency.
Quite a few banks are looking for ways they may adopt the blockchain effect that is used by Ethereum. We have also seen quite a few Canadians, Russians and Chineses (is Chineses right?) invest in Ether and/or Ethereum tokens.
Some are saying that Ethereum is going to become mainstream faster than Bitcoin or any of the others, and that seems like a big plus. However, if that is the case, then this lesser-known cryptocurrency has a big battle to fight, especially when banks and governments start trying to regulate it. Even if you factor in the idea that many banks would do well if Ethereum failed, you also have to assume that different countries with different agendas are going to butt heads on how Ethereum works. For example, would you be happy knowing that you are only allowed to buy Ethereum tokens in $1000 blocks where people in China can buy and sell in the hundreds of thousands at a time?
Why I Think The Best Cryptocurrency Is Bitcoin
In short, I think that Bitcoin is going to see a lot of ups and downs, but as President Trump says, you should stay the course and never quit. Find something you can trust and stick with it, and I think that thing is Bitcoin.
I know that a lot of other article writers, and even many of the eCheck.org team think that Ethereum will one day outpace Bitcoin. I explain why I don’t think Ethereum is the best cryptocurrency a little later, but before you skip down there, let me explain why I think Bitcoin is the best cryptocurrency network and cryptocurrency.
The more popular something is, then the more people use it, and the more it is widely accepted. I look at things such as PayPal and Skrill. I can go to maybe 100 websites on in my favorites folder right now and I bet around 70% of them accept PayPal. On the other hand, I bet only around 10% of them accept Skrill. Obviously, PayPal is superior to Skrill, but not by a massive margin. I think if Skrill had managed to become as popular as PayPal did around the time when PayPal became popular, then I think that Skrill would be the big name today. I think that popularity goes a long way, and the longer that bitcoin is popular, then the more people are going to become attached to it.
I know that the idea of a capped supply is nothing new in the cryptocurrency world. However, add together the idea of a capped supply with what is a very popular cryptocurrency that many people are using on a daily basis, and I think you have a recipe for success. The supply is always going to be less than the demand, and even though it will create bubbles, they will start to self regulate when enough people are using Bitcoin. I know you could make this argument for any cryptocurrency, but bitcoin is the cryptocurrency that is going to attract enough people so that it does become a self regulating and less volatile place.
There will only ever be 21 million bitcoins created, and their creation slows over time. There have already been 16.5 million bitcoins that have been mined, and the rate at which they are being mined is slowing all the time. Many other cryptocurrencies are not as restrictive with regards to supply, which is why I think Bitcoin is the one to beat. Investment gurus always say you should invest in land because there will always be a limited supply, so why shouldn’t we apply the same rule to bitcoin?
Again, I almost hear the sighs of aggravation when I use this point as a reason why I like Bitcoin. The Bitcoin network is not foolproof, and there are people who are having their bitcoin wallets plundered, but I am not as worried about that fact as I used to be. Even if there were a big breach, there are enough people invested in Bitcoin that they are not going to let it die without a fight, and that is a big selling point for me. In addition, it would take a lot of computing power to be able to break the Bitcoin network and draw serious cash from it, and that fact alone is very reassuring.
There are a few trust issues with regards to Bitcoin because it is new and a little scary. Plus, it doesn’t work very much like a bank account or a PayPal account, so people are nervous of it. In addition, there are always stories of people having their bitcoin wallets raided, and stories of big Chinese hacking groups that are draining the market of bitcoins. Yet, Bitcoin has more public trust than almost every other cryptocurrency. The reason for that is because Bitcoin is more popular, where most people haven’t heard of the other cryptocurrencies and/or tokens.
It is a little like when Red Bull came out. When people thought of energy drinks, they thought of Red Bull because it was popular and it had public trust. People didn’t like the idea of trusting other brand named energy drinks because they were unsure what was in them. Bitcoin has more public trust because more people know what it is. I even heard it mentioned on Judge Judy. Public trust goes a long way in keeping something (anything) alive.
Even despite the fact that there is a massive bubble going on where a single bitcoin is worth almost $4000, people are still investing in it. People are investing in it because they believe that in 10 years their $4000 will be worth $10,000…and I don’t blame them. I do honestly think the bubble is going to burst and many cryptocurrencies will be worthless, but I also believe that cryptocurrency will eventually grow back to the point where long-term investment is probably a good idea.
Ethereum Probably Won’t Be The Best, But It Could Be
If we assume that the fire under Bitcoin fades and something such as Ethereum comes in and takes the top spot, I still can’t see Bitcoin fading into darkness, and I can’t see Ethereum taking the top spot forever. I feel like Bitcoin is McDonalds and Ethereum is Burger King. McDonalds has lost plenty of popularity battles against Burger King, but McDonalds has won the war. I think Bitcoin is like McDonalds.
Will Ethereum be as secure as Bitcoin one day…yes it will. Is there a chance that Ethereum will be as popular or more popular than Bitcoin…I think yes. Will Ethereum ever be as trusted as Bitcoin…I think it will take a long time, but there is a strong chance. If all these selling points exist, why do I still think that Bitcoin is the best?
I honestly think that Ethereum is going to become the beaten housewife of the cryptocurrency world. I think the type of people who are interested in it are a mixed bag of people with ulterior motives. I can honestly see Bitcoin becoming a legitimate and mainstream currency, but I can see nefarious groups ripping Ethereum apart like dogs fighting over a toy.
Let me clarify a little with a few statements that are going to earn me some angry comments. There are banking groups that wish to bring something such as Ethereum out into the open because they consider it a threat, and they want it regulated so that they may maintain the upper hand. Other banking groups want to make Ethereum more mainstream so they may pour their own money into it and start manipulating it. Terrorists and criminals wish to use Ethereum for underhand reasons because they know that it is easier to hide transactions with some of the Ethereum tokens.
There is also the widespread belief that Ethereum will become more anonymous in the future, which is going to get up the nose of many different people. Security agencies around the world are going to be worried that terrorists and criminal groups are moving and laundering money without consequence. Plus, this sort of thing adds a further risk of destabilizing economies, along with the possibility of more terrorist attacks. Government security agencies around the world are going to want to monitor or close down Ethereum, and government tax agencies are going to do all they can to rip Ethereum apart or make it highly regulated and traceable. I see a lot of conflicting agendas and I see very few people who wish to use the Ethereum network as simply another currency.
Conclusion – I Am Sticking With Bitcoin
Bitcoin is the big cheese and I think it will remain that way. It may have to dance in the shadow of Ethereum at some point, but it will only be a short waltz. The people who are interested in Bitcoin are interested in a digital currency that allows them to move large amounts of money without paying massive fees. Plus, they are looking for a digital currency that isn’t centralized and isn’t easily monitored. I don’t think that is the case for Ethereum…I think Ethereum is far more vulnerable to large and powerful groups that have conflicting agendas.
I know that many people think that Ethereum will be the next big thing, and I know that some of my reasons for not liking Ethereum sound more like conspiracy theories than legitimate financial predictions. Nevertheless, I have to trust my gut, and at the moment it is saying that Bitcoin is the one that will still be around when I am a retired old man on his very big yacht throwing cheese sandwiches at his carers and the surrounding pelicans.