What Is the Best Cryptocurrency to Buy Today After Bitcoin?
Don’t you wish you can go back to February 14, 2011, and buy a thousand Bitcoins for the price of $1,000, sell all of them and make a million dollars today? Everyone is a rich man if we know what’s coming next. Other than Bitcoin, what is the next best cryptocurrency to buy today?
Disclaimer: The content below should not be taken and viewed as investment advice, but only information and opinions. This article is for information and illustrative purposes only.
What Is the Next Best Cryptocurrency to Buy Today After Bitcoin?
There are several criteria when it comes to choosing the right cryptocurrency to invest such the team who is running the projects, their roadmaps, who is backing them up, the likelihood of going into the mainstream and etc.
Investing inrequires an unprecedented level of research and analysis because a majority of these cryptocurrencies are still new to the digital ecosystem and present huge investment risks to less-researched investors.
Don’t get me wrong here. I am not saying that Bitcoin is not worth investing anymore. Although there are many other cryptocurrencies such as Ethereum, Litecoin, Siacoin, and Stratis, Bitcoin still remains one of the most watched and speculated currencies of all time. Bitcoin has been one of the most amazing currencies to watch in the history of mankind.
Below are the cryptocurrencies that the I think they will be adopted widely in the mainstream and a few of them have proved to be exceptional competitors to Bitcoin.
Ethereum is both a platform that allows for the creation of decentralized applications and a currency. The currency, Ether, fuels the platform. Its incorporation of smart contracts, which allow for anonymous agreements on the Blockchain, spawned the DAO (decentralized autonomous organization).
The currency is more flexible for developers and has attracted major tech players. Institutions like Microsoft and JPMorgan have pledged their support to the development of Ethereum through the formation of the Enterprise Ethereum Alliance. The purpose of the alliance is to ensure the potential of Ethereum is realized across industries.
Ethereum definitely has a huge potential to go beyond Bitcoin in terms of their market cap. The number of transaction on the Ethereum blockchain has spiked since the announcement on the Enterprise Ethereum Alliance (EEA) that connects Fortune 500 enterprises, startups, academics, and technology vendors with Ethereum subject matter experts.
Although many organizations are invested in leveraging Ethereum to serve as a basis for privatized versions, the overarching goal is that one day, each institution’s private networks will be connected to the global Ethereum blockchain. This will establish a new universal benchmark for information transactions.
I consider Litecoin the next Bitcoin. Litecoin (LTC) is still one of the top 5 cryptocurrencies. It is no longer the “silver” to Bitcoin’s “gold” but it still trades very well and still has lots of development around it.
It was introduced 2011 (BTC in 2009) and it is almost identical to Bitcoin. So any trust and adoption rate of Bitcoin should bleed over to Litecoin. has a solid team with Charlie Lee (head of engineering at Coinbase) as
Litecoin has a solid team with Charlie Lee (former head of engineering at Coinbase) as a founder of the project, who still works on it.
Litecoin is very similar to Bitcoin, but through tweaking to the settings, it is technically a superior algorithm. Although both Litecoin and Bitcoin are quite similar, there are some differences that differentiate both of them.
One of the main differences between Bitcoin and Litecoin concerns the total number of coins which each cryptocurrency can produce. The Bitcoin network can never exceed 21 million coins, whereas Litecoin can accommodate up to 84 million coins.
Litecoin’s greater number of maximum coins might offer a psychological advantage over Bitcoin.
Although technically transactions occur instantaneously on both the Bitcoin and Litecoin networks, time is required in order for those transactions to be confirmed by other network participants.
Litecoin’s obstacle to widespread adoption is not a lack of technical functions or features, but a lack of brand awareness and network effect. In fact, Litecoin has lower transaction fees, faster confirmation time and none of the political baggage Bitcoin currently does.
Further Reading: What Is Litecoin? Should I Buy Litecoin? How to Buy Litecoin?
Stratis is a Blockchain-as-a-service (BaaS) Platform, created to provide solutions for corporations in the financial sector that want to enjoy the benefits of Blockchain technology.
A blockchain is a distributed database that maintains a continuously growing list of ordered records called blocks. Each block contains a timestamp and a link to a previous block. That means it’s capable of tracking other types of data in private blockchain networks in addition to money.
Stratis allows companies to create their custom blockchain applications with the features they require, making the development process simpler and accelerating the development lifecycle for blockchain projects.
In short, Stratis make blockchain easy for corporates. Their enterprise-grade development platform nStratis is a simple and affordable end-to-end solution for native C# and .Net blockchain applications. That means they provide solutions tailored exactly to specific needs and requirements.
Stratis recently got the highest level support from companies like Microsoft. Their aim is to be the one-stop shop for all things blockchain, essentially becoming a Blockchain As A Service (BAAS) platform.
Many argue it is quite similar to Ethereum, in fact, it is different.
Stratis has set itself up to become the largest Blockchain-as-a-service (BaaS) Platform for decentralized services in the market. Stratis is making progress on its road map to support these services for years to come.
When it comes to cryptocurrency investment, I would suggest you read up the background of the project as well as their roadmap. Below is the most updated Stratis Development Roadmap 2017.
Monero is an innovative cryptocurrency that solves privacy and fungibility issues that persist in the dominant cryptocurrency, Bitcoin. It solves them by automatically mixing transactions with previous transactions and does this by implementing ring signatures.
Monero is basically an improvement on Bitcoin’s core principles of decentralization and anonymity. It solves them by automatically mixing transactions with previous transactions and does this by implementing ring signatures.
It is an open-source pure proof-of-work cryptocurrency created on 18th April 2014 that mainly focuses on privacy, decentralization, and scalability.
You may think it is just another Bitcoin derivations. However, Monero has its own entity. Monero has the technical capability to provide the same or similar functionalities to those which are Bitcoin provides by virtue of its core design purpose.
Contrary to the mainstream media portrayal of Bitcoin, the Bitcoin blockchain does not offer strong privacy protection for people who don’t want their transactions known to the world. Here’s why Monero is more superior than Bitcoin.
One of the most interesting aspects of Monero is that the project has gained traction without a crowd sale pre-launch, without VC funding and any company or well-known investors and without a pre-mine. Like Bitcoin in the early days, Monero has been a purely grassroots movement that was bootstrapped by the creator and adopted organically without any institutional buy-in.
Further Reading: What Is Monero (XMR) Coin? How to Buy Monero With Bitcoin or Cash?
IOTA was developed by the IOTA Foundation is a “gemeinnützige Stiftung” (i.e. non-profit Foundation) located in Germany. with the aims to simply provide an IoT solution that leverages blockchain’s security and incentive mechanisms without the drawbacks of fees and transaction scaling.
What are the advantages of IOTA?
No Transaction Fees
Instead of the global blockchain, there is a DAG (= directed acyclic graph) that is called Tangle instead of a regular blockchain, enabling various features like zero-cost transactions, infinite scalability or offline transactions.
The lack of transaction fees enables new data-driven business models. Data will be signed and hashed by an IOTA node. Signatures and the immutable hash values assure the payeer that he can rely on the authenticity and integrity of the data when a nano-payment is made.
Ethereum recently pumped due to Bitcoins lack of scalability, but the bancor ICO showed that Ethereum also scales poorly. Today’s blockchain technologies have clear limitations regarding scalability, computing resource requirements and transaction fees.
In IOTA, scalability and adapting to high-throughput environments where devices make thousands of transactions is the norm. As such, IOTA is the first permissionless distributed ledger that achieves scalability, making Machine-to-Machine payments for the IoT possible.
IOTA nodes can operate without being connected to the main tangle quite happily. If they later wish to connect to the network (when, for example, an internet connection is available) they can do so with ease.
According to Marco Ciocco, Co-Founder and Chairman of The Montessori Schools in Flatiron and SoHo, both schools have started accepting Bitcoin, Ethereum and, Litecoin as tuition fee payments since June this year. I am glad to see that these cryptocurrencies are being accepted as payments. That simply means they are going mainstream.
To those who are accustomed to traditional stock and commodity exchanges, there may be an expectation of having a single broker or exchange representative who’s on call to offer investment advice. This doesn’t happen to cryptocurrency. That simply means you are on your own.
Cryptocurrency is relatively new to most of us, there isn’t a lot of cryptocurrency experts out there to give you valuable advice. Hence, do your own research and evaluate.
Now, let’s just assume that you own some cryptocurrencies. The next thing you’ll want to consider is where you’re going to keep all those shiny electronic coins.
Although you get a free wallet from exchanges, it is not the safest place to keep your Ether coin because they are still a centralized exchange and store all the private keys in their database. This makes them vulnerable to hackers, especially since they have millions stored in their wallets.
Hence, you are better off investing in a hardware wallet.
Ledger is the best option when you want to store Ether or Bitcoin securely offline. Ledger is the best option when you want to store Ether or Bitcoin securely offline. The level of security provided by Ledger is inferior when compared to the other hardware in the market.
The Ledger Nano S is a hardware wallet that supports Ethereum and other Altcoins besides Bitcoin. You can store Ether, Bitcoin, Lightcoin, Dogecoin, Zcash, Ripple, Stratis, and Dash on this hardware wallet. Other than that, it can also be used for FIDO® U2F, GPG, SSH or build your own applications.
Further Reading: How to Store Cryptocurrency? What’s the Safest Wallet?