10 Reasons Buying Other Cryptocurrencies When Bitcoin Price Soaring
Eight years ago, the world was introduced to Bitcoin, the first cryptocurrency, and has changed immediately. It was created by an unknown IT specialist, holding a name of Satoshi Nakamoto. Thanks to him, millions of users worldwide got a chance not only to earn but also to get access to online purchases without any regulations.
Cryptocurrencies are not only able to be converted in a blink of an eye but also sent across the web with minimum fees, avoiding papers, lots of terms and conditions. However, if your cryptocurrency is stolen, you won’t be able to prove anything.
Despite such high risks, cryptocurrencies occupy minds of users across the world, and currently many of them may surpass Bitcoin and here are the reasons why:
1. There are a bunch of other cryptocurrencies besides Bitcoin
If you are still not aware of what a cryptocurrency is, don’t worry! The only thing you should keep in mind is that it is an analogue to regular money, represented in digits online. It can be used for transfers and purchases, linking users and enterprises across the world.
Bitcoin is the most famous cryptocurrency at the moment but there are also many other representatives on the market, like Ethereum or Dash, which will be discussed later in the article.
All of the coins can be traded and exchanged on world currencies, avoiding governmental rules and regulations, which greatly contributes to the liberalization of the process and encourages users to invest their funds in cryptocurrencies.
2. It is too late to invest in Bitcoin
If you are familiar to the stock market and any financial operations, you probably know that it is impossible to answer whether it is too late to invest in Bitcoins, as it greatly depends on the situation and decisions that are made by users worldwide.
Some say that Bitcoin has already passed its peak and will be losing its positions in the nearest future. However, there are also those, who claim that its value may reach 1 million!
3. Bitcoin can lose its positions in the nearest future
According to Investopedia, there is a huge risk for Bitcoin to lose its positions and if you don’t want to waste your funds, the best way is to listen to the experts and not to those, who only focus on digital currencies, forgetting about the influence of the global market.
Most of the investors say that even if you have missed your chance to buy a Bitcoin and benefit from it, there are more than 4,000 various types of coins, which have lower prices and higher returns. The only problem is that such currencies will most likely follow the same path, as the leaders and if Bitcoin falls apart, they will do the same.
4. There are cryptocurrencies that may surpass Bitcoin
For those, who don’t have sufficient funds to invest in Bitcoins but still want to enter the market, Quertime is offering five main cryptocurrencies, which may repeat Bitcoin’s destiny:
Ripple – It was launched in 2012 and since then has been operating, as a financial technology, which allows making global payments without any restrictions. The main difference is that it doesn’t require any mining and puts distribution first.
Litecoin was created to help users make payments and send money to one another without any third parties. It was designed by a Google Engineer and uses an MIT/X11 license. Although it is using a centralized technology, it has not regulations and authorities.
Dash is one of the biggest peer-to-peer networks, which engages thousands of master nodes. This helps to increase capacities and decentralize the whole system. Miners benefit from securing these nods and block chains.
NEM is written on Java and was first introduced in 2015. It has offered its users a variety of additional features, like multi-signature accounts, messaging and much more. At the moment, NEM is integrated with Mijin, a Japanese block chain.
5. There are even more cryptocurrencies that may surpass Bitcoin
Apart from these main cryptocurrencies, there are also those, which have followers all around the world due to lower prices and favorable terms. However, the market is not stable and it is impossible to predict which currency will stand and which one will drown in history.
For example, you will hardly remember SolidCoin or BBQCoin, which were taken down by attacks and didn’t have enough user support. There are also Namecoin, Feathercoin and Terracoin that are still standing.
6. Risky investments in Bitcoin
The main question is that any cryptocurrency is a risk and especially it concerns Bitcoin. So its value is based not on the governmental regulations but only on the aspirations and willingness of other users to trade. That is why the main advice is to invest only the sum you are able to lose.
7. Bitcoin price may fall to zero in any moment
The only worth of any cryptocurrency, including Bitcoin, is the sum, which you are able and willing to pay for it. This means that tomorrow Bitcoin’s price may reach $10,000 but it can also fall to zero in a blink of an eye.
Just make sure you are able to take the risk and won’t lose all your savings, while entering the cryptocurrency market. Sometimes it is better to stop than rely on the market, which can easily crash without any obvious reasons.
8. Outstanding returns of other cryptocurrencies
However, high risks usually promise high revenues and you will hardly find a market, which is able to offer you such great profits, as the market of cryptocurrencies.
If you still want to be ahead of the crowd, you should master the main terms, like creating a personal account, making transactions and launching your personal wallet. If you are already aware of all these features, you can easily make thousands of dollars in a couple of days.
9. Following the tendencies of the market
All you need to do is to follow the market, learn about the latest trends and be able to risk your investments. Remember, the longer you are considering your options, the more time you lose to occupy your own niche on the cryptocurrency market.
10. Considering the right investments
We are living in the times, when the world of currency is changing rapidly. We no longer need paper money to make purchases and cryptocurrency is a great example of how the future world may look like.
Some people say that it is the biggest fraud of the 21st century, while others consider cryptocurrency a powerful weapon against the banking system or government regulations.
Consider all your options wisely before making a decision and remember that any financial operation is a risk but it can make you a wealthy and prospering person!