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Thursday, December 14, 2017

What's The Best Cryptocurrency To Invest In Long Term And Why?

What's up everyone!  Today's awesome post is from a fellow blogger who covers the continuously changing landscape of cryptocurrencies.  One word should suffice to get a rise out of most investors: Bitcoin.  Yeah, like if you don't own any of it (like me) you feel like an ass, you're jealous of those that do, and are secretly hoping the whole damn market implodes to make yourself feel better.  Or, if you do own some coins, even fractions of one coin, you're feeling like an investing rockstar and want the massive gains to keep coming.  Whatever your situation around cryptocurrency may be, I've got the scoops coming to you via the latest person to join the My Homies Club, Alex Mirzaian.  This is the first of several posts on the topic he'll be sharing with us:

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Bitcoin, Ethereum and the remaining top six cryptocurrencies minus Bitcoin forks are known as a promising coins for a long-term investment. Bitcoin especially is considered a very valuable long-term asset as it was the first cryptocurrency and remains the most widely accepted cryptocurrency around the world. Being around the longest, at this point it has the best branding. When people think of cryptocurrencies in general, they always refer to it as Bitcoin. But, it is not without issues of its own. The most prominent one of these issues can be explained in one acronym; ASIC (Application Specific Integrated Circuits). These are specially designed hardware just for the purpose of mining on the bitcoin network. Due to the purpose specific design and engineering, and high cost, the original function of Bitcoin--to let individual users help secure the network--has taken a backseat and now big Bitcoin mining cartels are ruling the mining industry.

In order to break the heavy influence of these coins, different alternative approaches are being promoted. Ethereum most famously is moving away from the Proof-of-work system altogether and joining the Proof-of-Stake process instead. A proof-of-work is a resource intensive process while the Proof-of-stake depends on the amount you have in your staking wallet and the longer it has been sitting there as it depends on chance.

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Proof-of-Work is considered a better system despite the resource intensive nature. It ensures steady awards to people working remotely based on the actual grinding work they have to do rather than lay a staking claim every now and then. Now we see some cryptocurrencies using an alternative approach that limits the functional capabilities of ASICs while mining. Bitcoin Gold was also started as a measure to control the ASICs and their hold over POW mining. Vertcoin is also a promising coin that will be beneficial for the long-term due to its ASICs resistant POW mining.

It is evident that no matter what you do, there are always going to be designable ASICs on a POW system. Then how do we solve this problem? Vertcoin is a very innovative platform that is built to counter the effects of the ASICs. It basically changes the hashing algorithm and hard forks itself to preserve the level playing field. For example, before it was being mined on Scrypt-Adaptive-N algorithm but later on when an ASIC was produced to make the process more profitable, the platform introduced a new hashing algorithm called Lyra2REv2 and forked to it. Vertcoin is doing all this to encourage GPU mining rather than CPU mining to stop PC bots from ruining the game all the time.

What makes Vertcoin a good long-term investment?

Vertcoin is only just starting to see an increase and an influx of investors. It’s market cap has recently went from below $100 million to almost $500 million with a total of 84million coins. It also offers a lot more for the future. Next to Bitcoin, Vertcoin is much faster and cheaper as far as transaction fees go. If Bitcoin is the new gold, Litecoin is the silver to that and Vertcoin is the Bronze of it all. Vertcoin is something that will have a more daily value to use as an everyday coin.

Vertcoins block creation is at just 2.5 minutes rather than 10 minutes for Bitcoin. Just like Litecoin, its total circulation of coins is set at 84 million coin but due to its resistance to ASICs. The average transaction fee of Vertcoin is also much less, averaging half a penny. Vertcoin also went through their halving on December 11, 2017. This means that the block reward is being decreased to 25 Vertcoins per block. In the long term, this will cut down how many coins come into the circulation which can increase the price of per coin in the long run. Vertcoin is definitely a great coin to invest for the long-term. It will only get better and better.

Alex M. has been active in the cryptocurrency space for the last 3 years, soaking in everything there is to know.  He shares his latest news and updates in cryptocurrencies at CoinPupil.com.  To learn about him and his work, go here.   


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