We have all had idle fantasies about what we would do if we had a time machine. But for those who dabble in finance, ideas about preventing the Kennedy assassination or attending the first-ever Super Bowl pale into insignificance compared with the money they could make if only they had made certain investments at a critical moment.
Buying a whole heap of shares in Microsoft in the 1970s is one example, but even that is dwarfed by the meteoric rise of Bitcoin over the past 10 years. Of course, the truth is that time travel is not an option, and if you were not there at the outset, the chance for those 1,000 fold Bitcoin gains has passed.
Looking forward, not back
Today, Bitcoin continues to appreciate, but not at these explosive rates. But that doesn’t mean you can’t still get rich from crypto.
It is simply a case that instead of looking wistfully into the past, you need to look forward.
Today’s trade market offers more choices than ever when it comes to cryptocurrency investments and these altcoins might just be the ones that could pay dividends in the years to come.
Ethereum – the Bitcoin stalking horse
History has shown that with an all new product offering, it is often the second or third to market that really achieves big success.
We see it in everything from search engines to electric vehicles to social media platforms, and cryptocurrency could well go the same way.
Ethereum has a steadily growing following and a young, enigmatic founder who has captured the public imagination.
It also uses superior technology that will ease the scalability issues that many feels will make Bitcoin impractical from a mass adoption perspective.
The Ripple effect
Ripple (also known as XRP) has been the surprise package of 2018 and overtook Ethereum in terms of market capitalization earlier this year.
A large part of this growth has derived from its adoption in B2B and among some big players in the financial markets.
It is still early days, but for those looking for significant returns, Ripple clearly has a great chance of becoming the next big thing in the blockchain.
There are some within the industry who feel that to take a long-term view of cryptocurrency, we need to look beyond the current blockchain technology.
One up and coming digital currency that does exactly that is IOTA. It stands for Internet of Things Application and it facilitates direct transactions between devices, thereby negating the need for the blockchain entirely.
In other words, no central ledger, no miners, just a network of devices. It’s an exciting concept that promises speed, low costs and most important of all, scalability.
Where blockchain-based cryptocurrencies slow down as they get bigger, IOTA will essentially become faster and more powerful as adoption increases and more devices are added to the network.
It sounds like the ideal solution, but of course, the technology is still very much in its infancy. Still, for those looking for something entirely new that might just become very big indeed, it is a tantalizing option.