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Bitcoin is like a blue chip while most of the altcoin looks like penny stocks. Now it is more difficult to pick coins that can match returns like bitcoin. There are much more cryptocurrencies available than when Bitcoin was just created. Many of the altcoins are created based on hype and the devs might not be able to fulfill these promises.
It looks like Bitcoin is the "original", most popular, and most valuable at the moment. But, preferably from someone with a lot of experience in this, are there any others that look promising or any others that look like trash and should be avoided?
Years ago, a former roommate of mine who was majoring in something to do with software, tried to convince me to put a few hundred dollars into Bitcoin back when 1BTC was only valued at around $10 USD. I saw it as a fad or a scam so I declined, but now I feel like an idiot for not seeing that online currency was the way of the future.
Now, I see Ethereum mentioned a lot and it's available on Coinbase at a very low value, I've also heard other forms mentioned such as Litecoin or Dogecoin.
Do you see any of these having any future potential of being worth anywhere near as much as Bitcoin?
You are basically buying a lottery ticket if you buy into some crappy alt that has a very low value and you are hoping it will rise to Bitcoin-esque levels.Years ago, a former roommate of mine who was majoring in something to do with software, tried to convince me to put a few hundred dollars into Bitcoin back when 1BTC was only valued at around $10 USD. I saw it as a fad or a scam so I declined, but now I feel like an idiot for not seeing that online currency was the way of the future.
Now, I see Ethereum mentioned a lot and it's available on Coinbase at a very low value, I've also heard other forms mentioned such as Litecoin or Dogecoin.
Do you see any of these having any future potential of being worth anywhere near as much as Bitcoin?
Bitcoin was and is the original and the people who bought in early and have held, deserve respect for seeing the potential before most others did.
That ship has sailed now though. You aren't going to find anything that is highly rated but so undervalued that it could rise 100fold like bitcoin has from $10 when your friend bought in.
I cannot imagine that Ethereum will ever cost $1000, it would need to have a market cap of $100billion to do that, i.e. 7 times that of Bitcoin now.
It looks like Bitcoin is the "original", most popular, and most valuable at the moment. But, preferably from someone with a lot of experience in this, are there any others that look promising or any others that look like trash and should be avoided?
Years ago, a former roommate of mine who was majoring in something to do with software, tried to convince me to put a few hundred dollars into Bitcoin back when 1BTC was only valued at around $10 USD. I saw it as a fad or a scam so I declined, but now I feel like an idiot for not seeing that online currency was the way of the future.
Now, I see Ethereum mentioned a lot and it's available on Coinbase at a very low value, I've also heard other forms mentioned such as Litecoin or Dogecoin.
Do you see any of these having any future potential of being worth anywhere near as much as Bitcoin?
Years ago, a former roommate of mine who was majoring in something to do with software, tried to convince me to put a few hundred dollars into Bitcoin back when 1BTC was only valued at around $10 USD. I saw it as a fad or a scam so I declined, but now I feel like an idiot for not seeing that online currency was the way of the future.
Now, I see Ethereum mentioned a lot and it's available on Coinbase at a very low value, I've also heard other forms mentioned such as Litecoin or Dogecoin.
Do you see any of these having any future potential of being worth anywhere near as much as Bitcoin?
It's one thing if you are looking at other coins as a possible replacement for bitcoin or if you think that you missed the ship with bitcoin and bitcoin is over priced and another thing if you are wanting to get rich quick.. since a lot of the alts have various pump and dump components, including ethereum.
If you are thinking about investing long term, then I would put most of it into bitcoin with a dollar cost averaging methodology, until you feel that you have a decent stake.
If you invest in various alts you may need to attempt to time your investment if you believe that you could get in on a kind of pump phase.. .. Some could actually gain value, maybe your odds are 5% that you could pick the right one at the right time with an ability to experience profits, but then also have an ability to exit before the coin (and you) gets dumped on.
Low value doesn't mean you'll make a lot of money from it. Look at the market caps and look at the total supply. Check out https://coinmarketcap.com. No one can say that other currencies will be the wave of the future, but the ones that are different are ethereum, because it's actually smart contracts, and monero because it's anonymous (unlike bitcoins).
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