By now, you have probably heard of cryptocurrencies like bitcoin, but still don’t know much about them. You may also have read about the stories of people becoming ridiculously rich from investing in the e-currency when it was worthless, and then selling when it peaked at around $20,000 at the end of last year. It might be too late to make a fortune from putting money into the original cryptocurrency, but is it worth buying up some of the newer, smaller options?
At the beginning of 2018, there was a lot of hype around cryptocurrencies, as many of the smaller altcoins had boomed at the same time as the bitcoin spike. This led to people jumping on the bandwagon and thinking they could make money by investing in one of the many options. Things like Litecoin, Bitcoin Cash, Dash, and Ripple all found a wealth of new investors, who believed that the initial spike of 2017/2018 was purely the beginning. Unfortunately for those investors who have chosen to hold until now, the value of all cryptocurrencies has sunk drastically since then. Some people have decided to hold on anyway, while others cashed in their chips and got out of there.
Right now it looks like the people who sold up may have been wise to do so, but there is also a strong argument that the holders are right. Looking at the rise of Charlie Lee’s Litecoin should fill some of these holders with hope. At this time last year, the coin had just become listed on Coinbase. It had been in existence for a number of years, but never really held any value. In July 2017, the coin was worth under $20. However, this quickly changed, and by the end of 2017 it was trading at over $400. Other Altcoins also grew rapidly, and if the timeline of 2018 mirrors that of the previous year, cryptocurrencies could be about to go crazy again.
People who are contemplating investing should take these things into account, because now may actually be the perfect time to get on the cryptocurrency train. Many people believe that having a global currency for the internet will be the future, but as it stands it is pure speculation on which one will prevail. Some economists suggest that bitcoin may not be the one, with some of the newer, slicker coins offering more. Dash, for instance, is tailor-made for one of the internet’s biggest industries, online gambling. It has speedy transaction times and provides users with anonymity. Those interested can click to learn more, and the more you read, the more you will think about investing. There is no doubt that the online casino sector will play a part in helping a certain cryptocurrency to prevail.
Those thinking about investing in cryptocurrencies should understand that there is a considerable amount of risk involved. Make sure you do your research first, and only invest funds that you can afford to lose. If you do decide to go for it, putting money into a young cryptocurrency with solid, promising features could be the way to go.