11Be Knowledgeable About Your Investments.
Bear market got you down? Forget about it, these ten cryptocurrencies can turn your money market woes into small long term gains. The Cryptocurrency space is overrun with “products” for you to buy. From Meme coins, cult coins, political coins, etc. As a neophyte in the space your head is probably spinning while trying to figure out which coins you should buy. Below is my list for what I believe are the 10 best cryptocurrencies to buy during the month of July.
Honestly, I’m not sold on Cardano. Yes, it has Charles Hoskinson who helped invent Ethereum. Yes, it is a proof of stake coin. Yes, it has fast transaction speed. Yes, you can stake for interest in the Yoroi wallet. You know what though, almost every other coin has this functionality and they also have way more defi apps than Cardano. Cardano has fanboys equivalent to the stock investor Matthew McConaughey played in the Wolf of Wall Street. They are all about just buying more Cardano because they feel the numbers will drive the price. Halfway true, but what will eventually drive the price even more are real world use cases. Cardano has no real world use cases as of right now. So I don’t view it as highly.
This crypto has tons of potential. It is a supply chain focused cryptocurrency which wants to power real world supply chain logistics platforms to streamline and secure the transfer of goods and services across the world. It has a very active development team and the white paper is very clear. VeChain is also very cheap and you can earn interest on the coin just by holding it in its native wallet: VeChainThor — where you will earn VeChainThor Token. The more VeChain you have now the more VeChainThor interest you will earn. Buying in early could net you quite a bit of profit later on down the line when the price of this crypto increases. It is only a matter of time before it does.
I used to view cosmos much more highly but now not so much. The idea behind Cosmos is that it connects other blockchains together. They call it cosmos because it is the universe of blockchains essentially. There are lots of coins being run alongside Cosmos infrastructure. The issue is that it is currently outadvertised by its older rival, Polkadot. Cosmos is also a Chinese based coin and with the recent crackdown on cryptocurrency in China Cosmos has taken a huge hit in terms of value (I would know, I’m still holding a small purse). Overall, I do still see it outperforming Polkadot so I think it’s a solid investment thanks to its low total supply.
7. USD Coin / TrueUSD / Tether / Dai
Stablecoins! You either love them or you hate them. Stablecoins are the real reason governments hate cryptocurrencies. Stablecoins claim to be valued equivalently with government backed money (all of the above are valued with the US Dollar). The problem is that the assets backing the stablecoins are often non-existent. USDCoin is fully audited so it is likely the most trustworthy of all stablecoins which is probably why Visa and other financial companies are integrating it into their own operations. Stablecoins typically have high interest. I got some of my 60+ year old relatives invested in Crypto and they haven’t cried once about the market because their prices does not fluctuate and they enjoy interests of 10% or more. The only problem with Stablecoins is that there is no potential for growth on the coin’s value — what is a dollar will always be a dollar.
6. Crypto.Com Coin
Grow with CRO! Crypto.com coin offers a plethora of opportunities despite being a centralized coin. One can sign up for the Crypto.com visa card and if you stake $4000 you can get 100% rebates on Netflix and Spotify. The interest on CRO is also 10% so not only are you earning massive interest but you’re getting huge amounts of CRO each month thanks to the rebates. The coin is too entangled with Bitcoin and since you can purchase other crypto with it on Crypto.com’s platform without fees most people don’t hold their bags for long.
Wait, what! Bitcoin at fifth place? What is wrong with me?! Yes, I am serious. Bitcoin is at the halfway mark for me. Personally, I see Bitcoin -with all its problems- as a dying coin. Think of the horse and buggy when the automobile became prominent. Bitcoin is the horse and buggy, proof of stake altcoins are the automobile. Bitcoin’s value is only staying afloat due to its reputation as the first cryptocurrency. Many companies have integrated bitcoin into their operations but are slowly pulling away due to its high carbon footprint and scalability issues. I see Bitcoin as a crypto on the way out. It will crash and will probably take the market with it, but altcoins will rise at that time.
4. Polygon (MATIC)
I think Polygon is a great investment until Ethereum upgrades to proof of stake. At which time Polygon will no longer be needed in my opinion. Polygon is a platform for Ethereum scaling and infrastructure development. It makes it easy to conduct cross chain transactions and reduces fees to do so. In my opinion the coin would be stronger if it stood on its own blockchain. Relying on Ethereum (which has way more developers) leaves Polygon vulnerable to being coded out of its usefulness. For now it makes a great coin, you can stake it in some places for interest but the returns are normally abysmal (you don’t want too high of an interest because that is also a bad sign).
I like Ethereum. Currently it is in the same position as Bitcoin but with the soon to be released (any day now) upgrade to proof of stake I think Ethereum will inherit the crown as king of the cryptocurrencies. It is popular, secure, and has fast transactions although gas prices tend to suck. Future upgrades would make this coin a beast. Now if only Vitalik Buterin could stop entertaining meme and dog coins.
2. Elrond (EGLD)
They have solved the issue of sharding. This allows them to have the fastest transactions speeds on the planet in terms of cryptocurrency exchanges. The Maiar App is ridiculously easy to use and stake in. The soon to be released Maiar Exchange will allow users to swap Elrond and Elrond Assets with other coins and tokens on other blockchains. It is quite easy to program for, has a pretty good team, and is slowly rising in popularity. Don’t let its current price fool you. The total supply of Elrond is 21.95 million. It could have the same value as bitcoin with a similar market cap. Definitely keep an eye on the little known coin.
Algorand is my personal favorite cryptocurrency. I love it, MIT loves it, the city of Miami loves it, soon the world will love it. Algorand is an amazing blockchain and cryptocurrency. Staking is done by simply holding Algos in your Algorand wallet. You will earn interest based on how many coins you have. My favorite DeFi project, yieldly, is also on Algorand and you can stake Algorand to enter a weekly no loss lottery to win big prizes. You’ll also earn yieldly coin which you can restake to earn more coin. Aside from that, developing for Algorand if you are a programmer is very easy. I code in python and have already launched my own coin to the mainnet. If anyone asks me which crypto to invest in, I always say Algorand.
Investing in Cryptocurrency is challenging but eventually everyone finds a project that for one reason or another they love and they invest in it. If you want to make quick money off of crypto then you should look into shorting right now as the prices are always dropping and I know a guy who makes $2k a day shorting cryptocurrencies (I’m a little too lazy to watch graphs all day). In the end, do your own research and you’ll see the potential the above cryptocurrencies have in becoming more prominent in our decentralized finance futures.