Hey everyone!
With all of the Bitcoin Cash madness going on in crypto-world right now, I believe there are a few great opportunities to pick up some altcoins at a price below where they should be valued.
Note: this post is based on my opinions and research, it is not financial advice. Be responsible for your own investments.
I originally put this up in video form on my YouTube channel a couple of days back, but I thought a full write-up would be great for the Steemit community (and I'm new here, so please hit follow if you want to see more of these!).
So, without further ado...
IOTA (MIOTA)
IOTA have been getting a lot of hype recently, and for good reason.
Yesterday, they announced the IOTA foundation. The foundation is a non-profit organisation that has already received over $100m in funding.
It is thought that there are a number of further announcements to be made by the team, but there are other reasons for why I've included them as an undervalued pick this month.
Firstly, it is heavily rumoured that IOTA will be listed on Bittrex; the largest cryptocurrency exchange in the world. The majority of coins receive a short-term pump after being listed on Bittrex.
These rumours come from two things; firstly, something in the Bittrex source code appears to suggest that support for IOTA has been developed (more on Reddit here).
Secondly, Bittrex recently followed IOTA on Twitter. Not the most reliable of sources, but it could suggest something is imminent nonetheless.
Price when I recorded video: $0.573
Price whilst writing this: $0.568
Vertcoin (VTC)
There has been huge hype for Vertcoin recently; a lot of this to do with the advantages of the project, but also a lot to do with the downfalls of other projects. Namely, Bitcoin (and similarly named altcoins).
The problem with Bitcoin, Bitcoin Cash and more, is that almost all of the power is in the hands of miners.
If the power lies with one specific group of people, it suggests it is heavily centralised — far from the decentralisation that has for so long kept Bitcoin as the poster-coin of cryptocurrency.
The way that miners assert and keep their control is via their huge computer power. If you don't have a) huge computing power and b) cheap electricity costs, you can't compete and therefore can't have control.
But cryptocurrency and decentralisation go hand-in-hand. There shouldn't be anyone in control.
This is where Vertcoin are picking up popularity.
They are ASIC-resistant, meaning that anyone can mine them to a fair degree of profitability — without needing millions in hardware investment and a relocation to China.
There are plenty of ASIC-resistant coins out there (IOTA, for example, is ASIC-resistant by default, due to the fact that they don't use Proof of Work mining at all), but Vertcoin is becoming known as the go-to example whenever ASIC-resistance is mentioned.
I found this pro-Vertcoin infographic on Reddit today, and thought it was worth sharing here to highlight some of its other advantages:
Price when I recorded video: $3.95
Price whilst writing this: $4.34
Litecoin (LTC)
This needs no introduction, and is by far the most expensive cryptocurrency that I've included in this post.
I'm hoping that in comparison to the likes of Bitcoin ($6,500+), Dash ($415), Ethereum ($325) etc., Litecoin still counts as a 'cheap'-ish cryptocurrency.
The reason I've included Litecoin is again because of the fall-out between Bitcoin & Bitcoin Cash.
One of the main points that anyone in favour of Bitcoin Cash makes is that Bitcoin is not suitable to meet the original vision of creator Satoshi Nakamoto; to be a store of value that could be used for transactions, replacing traditional FIAT currencies like pounds or dollars.
The issues with Bitcoin are that it's too slow and too expensive to ever be used as anything but a store of value.
Whilst Bitcoin Cash is picking up a little bit of traction because it is both quicker and cheaper to transact with than Bitcoin itself, so is Litecoin. In fact, many cryptocurrencies are.
Litecoin is significantly cheaper and faster to use as a currency than Bitcoin is, and I think if demand continues to increase for these two things then hype around Litecoin will only continue to build.
Price when I recorded video: $58.77
Price whilst writing this: $61.31
SALT (SALT) & Monaco (MCO)
I included both of these picks because I really like the project, and I think they're good 'sleeper' investments that can be held for a while, and I personally believe that it's a good time to invest in them at current prices.
I'm not going to give further details on these projects here because I have recently invested in them both.
I am not looking to 'pump' or over-promote any projects, so I won't even try to push them in any way here.
If you did want to know more about them, I do speak about them both in a little detail in the video format of this post that you can watch here.
SALT
Price when I recorded video: $3.43
Price whilst writing this: $3.83
Monaco
Price when I recorded video: $5.27
Price whilst writing this: $6.20
Thanks for the tips. I'll definitely be checking out some of these, especially the ones that I could potentially mine.
Hope to see more recommendations from you in the future.
Thanks for stopping by! There's definitely a big demand for easier-to-mine cryptos right now. The thing is, though, that more difficult mining does actually add security as it's harder to attack the network.
This is very timely - I was just talking to my husband today about what we should get into and SALT popped up, so I told myself I'd look into it today. What do you think about Pillar? Hubby says he thinks that would be a good investment right now too
I really like the look of Pillar! But I'm not a massive fan of investing in something at their all-time highest price. I guess it's not quite there yet, but it is close! I think I'd be more tempted if it were to drop back down to the 9-10c range.
That's a fair assessment - I still have some research to do, but we'll see where it all leads!
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STOPGreat post! Thanks for sharing
I like iota - buying a bit each month, alongside a few others
Everyone loves them right now I think! They look great imo.
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