Cryptocurrencies to Watch Out for in 2018
All of a sudden, cryptocurrencies are all over the news. Bitcoin, especially, with its huge jump in value in 2017, made people aware of the potential of cryptocurrencies. Suddenly, everyone is talking about blockchain technology. There’s a new way of trading and thinking about finances in the air, powered by high-end technology and how connected we are these days. And now you’re thinking: “What cryptocurrencies should I be watching out for in 2018? Which ones are worth investing in?”
Whether you’re investing in cryptocurrencies so you can afford law school one day, looking to get rid of credit card debt, or raising funds for the business of your dreams, these are the cryptocurrencies to watch in 2018:
RELATED ARTICLE: CRYPTOCURRENCY: WHAT IT IS AND HOW IT CAN HELP YOUR BUSINESS
One of the things that many investors worry about when it comes to cryptocurrencies is how stable they are. After all, many people are comparing cryptocurrency investments to the penny stocks of the 1920s. That in itself can create mistrust for anyone looking to invest. That said, however, cryptocurrency is here to stay. However, because of these fears, creators are now designing many cryptocurrencies so that they can be trustworthy.
That’s where the TrueUSD cryptocurrency comes in. It’s a collateralized stablecoin. This means that it’s USD-backed. According to coinannouncer.com, “TrueCoin has incorporated a network of fiduciary and banking partners that manage the 100 percent collateral in US Dollars that backs TrueUSD. With these measures in place, TrueUSD offers its users a variety of enforceable legal rights as beneficial owners of the underlying funds, making TrueUSD the first trustworthy USD backed Stablecoin.”
There’s a reason why a third of millennials will be invested in cryptocurrency this year. In large part that’s because these currencies are becoming more trustworthy. Plus, a variety of them have the kind of potential that traditional banking doesn’t.
According to Fortune.com, “Unlike bitcoin, Ripple is not just a currency but a system through which any currency can be transferred or traded. The Times advised to think of it as a Western Union without the heavy fees. As [of the end of 2017], Ripple was trading at a rate of more than $0.25 with a market cap of around $9.82 billion.”
There’s a real benefit in Ripple because it’s both a currency and a system. That inherently makes it more powerful. Especially because of its liquidity, speed, and low transaction fees, it’s definitely a cryptocurrency worth investing in. Plus, it’s faster than bitcoin transactions.
Our world is more connected than ever now. Therefore, this cryptocurrency, along with its system, comes as no surprise. Simply put, it allows us to complete international transactions for both a low price and with quick speed.
Monero differentiates itself from other cryptocurrencies with a special feature: anonymity. According to marketwatch.com, “With Monero, the details of every transaction, including sender, receiver and size, are recorded on a public ledger, but are obfuscated to reportedly make them untraceable. Use Monero, and, in theory, there’s no way for anyone else to connect the dots between the sender, receiver or size of the transaction.”
When it comes to anonymous donations, for example, charities will be able to receive them. However, they will not have any way of receiving information about them. And for anyone who’s ever made a donation, dreading the possibility of ending up on a mailing list that never disappears no matter how many times they unsubscribe, it’s not a surprise that this is becoming a popular cryptocurrency.
And good news: if you’re worried about criminals using this cryptocurrency, startups are now forming to fight against cryptocurrency abuse, according to this article from Inc.com. In fact, according to Forbes, Monero has gained popularity among musicians, including Lana Del Rey, the Backstreet Boys, and Dolly Parton. This is no surprise considering that “Monero is currently the ninth largest cryptocurrency.”
On 12 February 2018, the value of Monero was $249.74, much higher than it was even just months prior to this date.
Finally, there’s Ethereum, which, according to Trade Finance Global, is “a more sophisticated and advanced technology, allowing for Smart Contracts and Distributed Applications to be built and run with no interference, fraud or downtime. Deemed as the cryptocurrency that banks will look to run on, and also hailed as Bitcoin v2.0, we believe that Ethereum has opportunity within the trade and invoice finance space.”
It’s the smart contracts, especially, that make this cryptocurrency so valuable. After all, this makes it possible for parties to negotiate without needing a third party. In other words, it’s the transparency of the system that enforces the obligations on each side. No one else needs to verify them.
The price of Ethereum was up 2,000 percent from the beginning to the end of 2017. So it’s worth watching.
These cryptocurrencies are going to be huge in 2018. What cryptocurrencies are you excited about?