Thousands of new cryptocurrencies have popped up since Bitcoin was created in 2009. Some compete with BTC, while others offer some kind of complementary use alongside the first-to-market coin.
Here, we cover four “new” cryptocurrencies launched within the last five years that show a lot of profit potential.
You might be thinking it feels like the dot-com boom all over again with this cryptocurrency stuff. Just look at how many businesses failed in the tech space pre-2000.
Many cryptocurrency dissenters argue that most cryptocurrencies, too, will end up in a graveyard. They are not wrong.
True enough, there are over 4,000 cryptocurrencies trading right now. And new ones are being added every day, as anyone can make their own.
One man produced a crypto called “Scamcoin” as a joke, and it reached a $70 million market cap in an hour.
But while most cryptocurrencies will fail, those that remain will be the few that offer a combination of utility, security, and marketability.
Thus far, Bitcoin and Ethereum are unbeaten in those departments, with a few “altcoins” – coins other than Bitcoin – battling alongside them.
It’s hard to speculate on how this will play out – it’s still early days in crypto. So we suggest you look at crypto investing like you would startup investing or investing in IPOs.
Diversify across a range of investments and look for quality. That gives you the best chance of landing an investment that will go hyperbolic.
Here are a few new cryptocurrencies that could do just that.
How Cardano Could Replace Ethereum
Cardano has been called the “Ethereum Killer” because it has much of the same functionality as Ethereum, but better.
This is not hard to believe, because it’s founded by five of the initial founding members of Ethereum.
The Best Cryptocurrencies to Watch in 2021
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Much of the crypto community looks for quality in the whitepapers released by a cryptocurrency’s creators. Cardano has written over 90, showing research matters a great deal to the team.
This coin was trading for just a few cents a year ago. But it’s rocketed as high as $1.56 since then. From $0.05 to $1.56 is more than a 3,000% return.
That’s huge. But the greatest benefit of holding a cryptocurrency will be experienced in the long term. People want a secure, well-designed cryptocurrency that can hang around for a while.
Like Ethereum, the usefulness of Cardano is in its proof-of-stake consensus model.
Staking is an alternative to “mining.” For actively validating transactions of the currency, you get more currency as a reward.
The more you stake, the higher your rewards.
Unlike Ethereum, Cardano is deflationary; there is a limited supply. That means the value of Cardano becomes increasingly scarce the more is mined, which is a value-add to holding the currency.
Cardano’s vision is to establish decentralized financial products for the whole world and validate other contractual agreements with its blockchain.
Polkadot Brings Blockchains Together
Polkadot is another proof-of-stake coin with a slightly different purpose. Its goal is to bridge gaps between different blockchains.
The best way to look at this is like a building where different blockchains can meet and talk to each other in the same language, even if they spoke different languages outside the building.
Polkadot also connects oracles,…