With all the Crypto-Currency choices out there it is hard to choose which one to invest in. Being that I am a numbers person (20 years in accounting) I could not just blindly throw money out there. My first step was to look at BitCoin because that is where Crypto-Currency started.
Step #1: On July 19, 2010 Bitcoin was $0.06 each, today December 18, 2017 it is $18,948.42. So over 7 years (7 years, 5 months) it has raised $ 18,948.36… Now I don’t know about you but 7 years is a long time for me to wait to make my money, so I looked at just this year. On January 01, 2017 Bitcoin was $997.68, that is $17, 950.74 difference. Now that I can do. I used Coindesk.com for this information here
Step #2: I went to CoinMarketCap.com to see a list of all the current cyptocurrency that are out there (1369 as of the time of this article 12/19/2017). Since BitCoin is #1, I looked at #2 Ethereum. I read up about what it is, what it stands for and how it will work in the future. Impressive to say the least. I like one of the stories I read about how Vitalik Buterin started Ethereum because he was mad that they made changes to his game (world of warcraft). You may not understand this unless you are a gamer but I get it. When you invest time into a video game, tweaking your character to you idea of perfection then they make a change and your character is now differant… Yeah I get it.
Step #3: I when back to Coindesk.com to look at Ethereum trend. VERY simlar to BitCoin. After a lot of thinking long and hard and fighting a strong feeling in my gut, I finally invested in it. I like what Ethereum stands for and I can see it having MANY uses in the future. To be honest, I feel that it can surpass BitCoin, but that is just my thoughts. (I compare the success of almost every coin to BitCoin since it is the “start” of all of this and has made big money).
Other coins that have caught my eye are Litecoin and Monero (Watch out for this one ^ ^ ). Litecoin in my opinion is a faster version of BitCoin while Monero all about is 100% privacy. So needless to say I am backing them as well. Yes there are other coins that intrest me, but I cannot invest in everything so therefore when I “Put my money where my mouth is” so to speak, I invest in a coin that I believe in… One that stands for something. I stay away from coins that attempt re-centralize a decentralized economy…
I hope this helps you with selecting coins in your crypto-journey. My advice to you is to research… While the crypto market will not wait for anyone, you have to know what you are investing in. Choose your investment(s) wisely… and I will spare you the “Only invest what you are willing to lose” speech. Instead, I will say you should back a coin that has meaning… Something that you believe in and ALWAYS be sure to listen to you gut.
As always please share your thoughts, comments, and concerns below. I always look forward to reading and and chatting with you about our articles.