Ever since the emergence of Bitcoin in 2009, the fintech sector has undergone a major transformation. Bitcoin revolutionized the field and paved the way for many other similar cryptocurrencies – also known as altcoins – to be created. Today, the cryptocurrencies leading the market are Bitcoin, Ethereum, Litecoin, Ripple, etc.
Cryptocurrencies have flooded the market in the past few years. The first and still the most successful cryptocurrency is Bitcoin. Traders with a prescience who trade in Bitcoin in its initial days profited immensely. The small trader who started at $1,000 are currently millionaires.
With nearly a thousand active cryptocurrencies and hundreds of ICOs in the works, experts and traders have been wondering which one will be the next Bitcoin? So many options on the market make choosing a winning investment a challenging task. But how do you find the next cryptocurrency that can make you a millionaire?
Ways to Find the Next Bitcoin
1. Monthly Volume
Winning cryptocurrencies can be identified through trading volume. The more popular a coin with greater profitability potential, the more traders it attracts. Volume begets volume, and the excitement and popularity of the coin push its prices higher.
You can look at the cryptocurrencies that have consistently been in the top 25 lately. There is a high chance that one of them is the winning coin. Currently, apart from the well-known coins such as bitcoin, ethereum, litecoin, and ripple, lesser-known ones like cardano, monero, tron, etc., are also climbing up the ladder.
Buying coins whose prices are already surging can be a smart move. Momentum can cause further price increases. Many professional traders in financial markets use this tactic. One way to use this tactic is to look for the top 10 coins 10 days prior to investing in any of them. 24 hours before investing, you can again check the top 10 coins. You can invest in the coin(s) that have consistently been showing an upward trend and also have a good volume.
3. Does the Token Solve Any Real-World Problem?
There are about 5,000 cryptocurrencies on the market, with only 1000 of them active. Even within the active tokens, many of them might not have any real-world function. For instance, Bitcoin, the most popular cryptocurrency, acts as an alternative currency that can be used in the real world for trades and exchanges. The real-world functionality gives Bitcoin wide acceptance, which helps it gain volume, momentum, and price surges. Other real-world applications of cryptocurrencies include smart contracts, healthcare applications, and even decentralized blockchain technology.
4. Creators or Managers
Just like stocks, every cryptocurrency has a creator and/or a management team. This team is responsible for the application the currency is built upon and is also crucial for its success. In order to find the next Bitcoin, it would be wise to look at the creator/management responsible for the launch of the application supporting the cryptocurrency. You can also look at the relevant achievements and experiences of the team.
With only 21 million coins in existence, Bitcoin’s creators incorporated scarcity into its design. This has helped the long-term upward surge in its prices. When looking for the next winning currency, you should look for its self-limiting feature or managed control over its supply.
VersaCoin™: Could it be the Next Bitcoin?
VersaCoin™, introduced with the aim to revolutionize eCommerce, might just be the next Bitcoin. Main features include:
- Script hashing algorithm
- Proof of work (PoW) scheme
- Advanced checkpoint protection (ACP)
- 32 MB block size
- 2 minutes block time
- The difficulty of retargeting every block
- The Dark Gravity Wave (DGW) difficulty adjustment algorithm
- Instant (0-conf) transactions
Built on robust technology, with many attractive features, VersaCoin finds itself in the running for the next Bitcoin. Even though it is new on the market, its trading volume is rising and it has momentum. VersaCoin serves a very important real-world function of community-building and eCommerce. It has an experienced team of community contributors and it also has a fixed supply, thereby implementing scarcity into its design.
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