What, in your honest opinion, is the best #cryptocurrency? This is a question that becomes harder to answer every year, as the number of such currencies increases and the technologies which facilitate their use becomes more and more sophisticated. It is also difficult enough to answer as it is, at least without some further definition. What exactly do we mean by ‘best’ and best for whom? Best for the true believer in the philosophy behind the original creation of cryptocurrencies, who wants a currency that transcends national boundaries and the policies of governments? Best for the investor who uses cryptocurrencies as part of a balanced portfolio? Best for the trader in cryptocurrencies? Best for the cryptocurrency miner? Chances are that different parties will give answers that are, at least in part, different. Here we look at some of the contenders for the top slot.
If by best we mean longest established and having enjoyed the most success then there is one name raised far about the rest and that is, of course, bitcoin. This father and mother of cryptocurrencies were, by the end of 2017, enjoying unparalleled success and its future looked even rosier. The preceding year had seen a torrent of good publicity for bitcoin; its success had been labelled as ‘unstoppable’. It seemed to be on the verge of even greater things, with the breaking of the psychologically significant US$10,000 barrier predicted to be broken in the first quarter of 2018. That was not all that the new year was deemed to hold in store for bitcoin. There was the very real prospect of the currency acquiring investors of an institutional level. Also, the development of promising second stage solutions and an increase in merchant adoption were predicted. Clearly, the future seemed bright. What could go wrong?
Perhaps nothing, but some few sounded a cautionary note. They pointed out that bitcoin’s success could lead to pullbacks which might do short-term damage; others wondered if the sort of success that bitcoin was enjoying might come with a built-in disadvantage. The currency was, after all, used by many investors as part of balanced portfolios, in the same way that gold was used; the balancing factor came from the way in which bitcoin was unlike other stocks and shares and flourished or fell in value with different sorts of stimulus. If Bitcoin became more of a ‘known-quantity’ then might not its appeal wane, at least somewhat?
Such cautionary notes were, however, very much in the minority and the consensus among most observers was that when it came to cryptocurrencies, the original was still the best! Other strong and potentially strong performers were mentioned by some, such as Aragon, under-priced but with great potential, Ethereum available at an attractive price, Stoxx, predicted by some observers to be the next year’s ‘ten-bagger’ and Blocktix which was set up to provide an anti-scalping ticket marketing platform. All had promising features, but bitcoin was, by the end of 2017, the best of the cryptocurrencies.
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