The Best Cryptocurrency to Invest in 2018

The Best Cryptocurrency to Invest in 2018

Everybody would agree that 2017 belonged to cryptocurrency and blockchain technology. Although the first cryptocurrency, Bitcoin, was discovered in 2009, it was only in 2013 that it became huge. Thereafter, there was no looking back for crypto. Today, the market cap for all cryptocurrencies has increased by 4000% in just one year- from $21 billion in March 2017 to $454 billion now! Such phenomenal growth is almost unheard of and this blog will guide you more on the best cryptocurrencies to invest in 2018.

The chart below shows the growth of market capitalization in cryptocurrencies.

Growth of Market Capitalization of Cryptocurrencies
Growth of Market Capitalization of Cryptocurrencies

Source: coinmarketcap.com

For investors, crypto is literally a gold mine waiting to be exploited. But cryptocurrency is no more only about Bitcoin. Today, there are 1500 virtual currencies and all show immense potential. The choice is indeed baffling!

Let’s take a look at the best cryptocurrencies to invest in 2018.

Bitcoin (BTC)

Bitcoin holds the lion’s share of the crypto market, almost 40% of the total cryptocurrency market cap. Being the oldest digital currency, Bitcoin dominates the cryptocurrency landscape. But it has seen its share of highs and lows. BTC’s price soared from $76 in September 2013 to $20,000 in December of the same year and then crashed to $6,000 in February 2018. Investors were alarmed at these wild fluctuations but that hasn’t deterred them from investing. In fact, investors who purchased BTC during the slump have already made 100% profit on their investment till date.

Bitcoin ChartSource: coinmarketcap.com

So, what is the ideal time to buy Bitcoins? Why does its price see such ups and downs? Let’s analyze:

    • On August 1, 2017, Bitcoin split into two- BTC and Bitcoin Cash. Investors who had anticipated this move had purchased big booty before and almost doubled their investment.
  • Entry of rival currencies dipped Bitcoin’s price to $10,000 in early January 2018, almost half of what it was worth in December 2017. This sent panic waves among investors leading to mass selloff of BTC and further lowering of price to $6,000.

What is quite obvious is that Bitcoin is prone to fluctuations but still hold a lot of investor interest. As with other investments, slump period would be a buyer’s market and the nest time to purchase Bitcoins. a word of caution for potential investors: It’s best to stay abreast of latest Bitcoin news and trends so that you can jump ship before a storm hits. Subscribe to our blog for timely and accurate news about Bitcoins and blockchain technology. It pays to be informed.

Ethereum (ETH)

Ethereum is the closest rival to BTC. It showed a stupendous growth of nearly 3000% in market capitalization last year. ETH touched its highest price of $1423 on January 4, 2018, and a market capitalization of $138 billion.

But is this a good time to buy ETH, or has it already reached its peak and is bound to nosedive anytime? Have a look at the chart below to get a grip on price trends for ETH.

Ethereum PriceSource: coinmarketcap.com

The reasons responsible for the troughs and peaks in ETH’s life are:

    • In May 2016, Ethereum received a huge investment of $150 million that shot its price from $1 in January 2016 to $14 in May 2016.
  • In June 2016 Ethereum blockchain was hacked and around $60 million worth of Ether was stolen from wallets. This lead to a sharp fall in ETH’s prices in a day from $21.52 on 17th June to $9 on 18th June.

Ethereum is more than a digital currency. Unlike Bitcoin, it is a more advanced blockchain platform where entrepreneurs can easily build their blockchain applications. It’s client-friendly interface and robust architecture has endeared it to millions of people who swear by its security, transparency and scalability features. Come 2018, many new features are poised to be added in Ethereum. So, watch out for this trendsetter!

Read: Bitcoin vs Ethereum

Ripple (XRP)

2017 saw a happening kid on the block- Ripple (XRP). Ripple grew by 36,000% in a year- from $0 to $2.4. Though Ripple’s value is much lower than both BTC and ETH, its market capitalization of $35billion is not something to be taken lightly. In terms of market share, XRP is placed third, behind Bitcoin and Ethereum.

Ripple’s USP is that it’s not just a virtual currency but also a payment gateway. Funds transfer using Ripple are efficient, cheaper and securer. International giants such as JP Morgan, American Express and Santander trust Ripple enough to conduct their daily business using its blockchain.

Investors need to look out for Ripple’s trends. If it forges any more strategic partnerships with financial firms or banks, its prices could go upswing and Ripple could just be out of your reach. Presently, XRP is at a low of $0.908, so it might be a good buy.

Ethereum’s Price Trend


Ethereum’s-Price-Trend-cryptocurrency-parangat-blogSource: coinmarketcap.com

Litecoin (LTC)

Litecoin is the last contender on our list. LTC’s close proximity to Bitcoin keeps grabbing eyeballs. Litecoin was invented in 2011 as an improvement over Bitcoins. It performs transactions 4 times than Bitcoin and was the first blockchain to perform a Lightning Network transaction- transferring 0.00000001 Litecoin from Zurich to San Francisco in under one second! This is a pro in favor of Litecoin and is bound to help increase its price over time.

Litecoin Price Trend

Litecoin-Price-Trand-cryprocurrency-parangat-blog

Source: coinmarketcap.com

Investment Strategy Roadmap

So, how should you decide the best cryptocurrency to invest in 2018? That depends on your investment goals and some key differentiators.

Compare crypto currencies as per the following differentiators:

    • Founders and technical team
    • Future roadmap and projects in the pipeline
    • Technological competency
  • Market insights and trends

The following questions about your investment objectives will help you identify your best bet:

    • Are you looking for long-term investment, more than 6 months at least?
    • Will you be selling your crypto at once or in lots?
  • Would you sell it once it reaches a particular price or after a certain time period, regardless of its market value?

Once your objectives are crystallized, make an informed decision about the best cryptocurrencies to invest in 2018 this year. Should you need any more assistance, do not hesitate to reach out to us.
In case, you are looking to understand blockchain implications in your business sector in more detail, drop us an email on [email protected] or schedule a free consultation with our team of blockchain experts who can guide you through the blockchain implementation in a specific use case.

Can a Cryptocurrency Wallet Beat PayTM?

Can a Cryptocurrency Wallet Beat PayTM?

Cryptocurrency‘s fever is spreading like wildfire. Out of the total wealth out there (approximately $84 trillion). Bitcoins account for a whopping $41 million. Combined with other altcoins, crypto’s total worth equals $100 million. That shows impressive penetration for a digital asset that’s relatively new. In the Indian subcontinent, crypto is still in an infantile stage. Though only 0.5% of Indians know about Bitcoins, surprising Indians accounted for nearly 10% of all global crypto transactions done till May 2017, as per a survey by Quartz. Clearly, Indians are taking to crypto like fish to water! Cryptocurrency or PayTM wallet? Let’s have a

It’s a well-accepted fact that a majority of Indian population is averse to traditional financing and banking practices. The masses still prefer informal monetary transactions, relying on good faith and goodwill. While PayTM and other digital wallets offer convenient and quick money transfer competencies, they do require validation and tie-up with banks and financial institutions. On the other hand, crypto wallets offer anonymity and transparency to all parties involved. Bitcoin network is a global spreadsheet whose peer-to-peer mechanism is not regulated by any government or individual. It relies on pure mathematical logic and protocols to verify transactions. Bitcoin’s ease of transfer, anonymity, reduced risks and lower transactional fee requirements have given new hopes to the 69% Indians living in the hinterlands who lack access to traditional banks.

But can a cryptocurrency wallet gain widespread acceptance and awareness among the technologically-challenged masses? Can electronic cash pave the way to a cashless economy as envisaged by the current Indian government? Let’s get a well-rounded insight into the matter…

Cryptowallet or PayTM?

Cryptocurrency or PayTM and Tez are digital wallets that are fundamentally different in their mechanism and technology.

BitIndia is India’s first cryptocurrency wallet. The open-source wallet can hold private keys of all your cryptocurrency and can be used for buying, selling, storing, and transacting digital money securely. Founded by John McAfee (of McAfee anti-virus fame) and his team, BitIndia aims to enroll 20% of the Indian population in the next three years onto its platform.

PayTM is India’s largest m-commerce platform.  Launched in 2010 by One97 Communications, today PayTM has over 280 million registered users. From a bill payment and money transfer channel, PayTM has become a popular virtual marketplace with many reputed brands as partners. The government’s demonetization drive has made PayTM a household name. The same has led to a surge of interest in other cashless payment modes. And this is what can drive crypto’s growth in India.

Challenging PayTM’s popularity will be an uphill task for BitIndia and other cryptowallets. Nonetheless, the duel will be interesting to witness.

Cryptowallets

PayTM

  • They are used to buy, sell, store, or transfer cryptocurrency.
  • It is basically a payment gateway and a digital wallet that can hold your currency (INR).
  • A cryptowallet though owned by individuals or firms, deal with cryptocurrencies that are decentralized.
  • This is a centralized exchange for money. It is owned by a single company.
  • Conflicts and discrepancies in transactions are sorted through peer-to-peer consensus mechanism.
  • Transactional conflicts are subject to PayTM’s internal payment processing protocol and procedures.
  • The technology underlying cryptocurrency is blockchain-based.
  • PayTM relies on various primitive tech stacks for its functioning.
  • Cryptowallets are pseudonymous. They don’t require users to reveal their real identities, though regulation is fast catching up on this feature.
  • PayTM users are required to register and all their transactions are well-documented and verified by partner banks.
  • The complete ledger of all transactions is entirely public.
  • PayTM maintains a ledger of transactions within the PayTM ecosystem.
  • Users are required to pay a nominal percentage of the transaction amount as a transaction fee to the host cryptowallet.
  • Users are not required to pay anything to PayTM for carrying out their transactions.

The Way Forward for Cryptowallets

Efforts by the government and private firms to mainstream Bitcoins are on. Healthcare and finance sectors have a lot to gain from the robust architecture and mechanism of blockchain technology that powers Bitcoins. The more acceptance Bitcoins gain, the more popular cryptowallets will become.

A clear advantage that crypto has over PayTM is the backdrop behind its origin. While Indians were forced to resort to PayTM and cashless means due to demonetization, crypto comes at a time when Indians already have a welcoming mindset towards virtual cash. BitIndia can leverage this advantage to race ahead of PayTM.

Read a review of the best Bitcoin wallets in the market today.

Incorporating cryptocurrency into the fabric of the Indian economy will be a challenge. Bitcoin, Litecoin, and Ethereum are still considered a vague concept best left to techno-savvy geeks. Little is known about how easy it is to set up a cryptowallet and how efficient and affordable such transactions are. The good news is that the capable team behind BitIndia, spearheaded by John McAfee, has a stronghold over blockchain technology and its applications. They have garnered support from Indian and international governments as well as institutional giants. In 2016, ICICI Bank conducted a complete cross-border transaction using blockchain technology. Even the nation’s premier bank, RBI, has plans to launch a new blockchain platform for its users. The path seems to be well-etched out for cryptowallets!

Want to get a robust solution developed for your business? Are you still perplexed whether cryptocurrency or paytm, which wallet is reliable for you? For all such queries, get free consultation from us. Contact us or drop us a line on [email protected]