Everybody’s talking about Bitcoin! Well, not everybody. If I were to tell Grandma Mabel that I had invested some of my money in a currency that doesn’t actually exist she’d probably encourage me to go to the farmers market to seek out a purveyor of magic beans in stead.
Nonetheless, Bitcoin has never been far from the conversation on investment websites and the news since its inception by Satoshi Nakamoto (who was thought to be a pseudonym for Elon Musk which he has since denied) in 2009. Indeed the past few weeks alone have seen the cryptocurrency rise to an all time high before plummeting by 20%.
Bitcoin naysayers in the financial services industry are gleefully running their hands together and practicing their “I told you so”s while long time proponents feel confident that the drop is a temporary slump that will shortly stabilize. While time will tell who’s right, the drop has understandably made casual and small time investors nervous.
If you don’t feel like waiting out the slump, and would like to steer your money towards more seasonable climates, here are some popular alternatives to Bitcoin…
Many refer to Litecoin as silver to Bitcoin’s gold… but I prefer to think of it as the Samsung Galaxy to Bitcoin’s iPhone. It’s similar in so many ways and is even superior in some, but Bitcoin has better branding. Litecoin has faster transaction confirmation due to its faster block generation rate. Like Bitcoin, it is a decentralized cryptocurrency and is based on an open source global payment network.
Forex is not a cryptocurrency. Rather it’s the strategic trading of one foreign currency against another. As it is a somewhat more traditional investment it’s preferred by those who are inherently wary of cryptocurrencies. Investment in Forex obviously requires a meticulous knowledge of foreign markets and fluctuations of currency values and exchange rates. Thus it’s recommended that you use a reliable broker like trustedforexbroker.com. Trying to ‘wing it’ in the world of forex will rarely reap huge dividends.
Etherium has the second highest market capitalization of all the cryptocurrencies ($41.4 billion in fact). Etherium is treated similarly to Bitcoin, even though it’s totally different. Etherium is an open software platform built on blockchain technology If Bitcoin is email, etherium is the internet. Etherium is used to distribute currency but it also facilitates the exchange of content,software applications, shares and even property via smart contracts. Etherium is usually used as an exchange system by developers but if you have the time to get to know it, it can pay dividends for investors.
Ripple is in many ways the interstice between Forex and Bitcoin. It is a global payment settlement network for facilitating international payments quickly, securely, at low costs and with absolute transparency on both ends.Ripple currency (XRP) was released in 2012 and has a market capitalization of $1.26 billion.
Any of the above may be a worthy investment, but should be entered into with realistic expectations and a coherent strategy.