Whilst Bitcoin and other mainstream cryptocurrencies will have a ever-present place in the market and in my opinion, should have a strong place in anyone crypto portfolio, I believe altcoins will be the key to true growth in wealth.
But now there are over 1,600 different cryptocurrencies, who all want to be the next Bitcoin, it is a bit like finding a needle in a haystack!
My approach for choosing altcoins starts with finding critical, future-proof, and already-popular industries which will evolve as they use blockchain technology.
First one for me is messaging apps.
If you have a smartphone, it is almost certain you will have multiple types of messaging apps - WhatsApp, Facebook messenger(1.3 billion monthly users between these two apps), WeChat (980 million monthly users), Telegram etc. - They are a smartphone essential app!
Messenger apps are not going away and already have billions of users all over the world. A mature market.
However, in a world of growing uncertainly, manipulation, data breaches, hacking and dark web, people are getting more concern with where their data is going, and who has access. There is no such thing as privacy anymore.
This is where blockchain can come in.
My altcoin here is Status (SNT)
Decentralised communication, truly private messaging. Decentralised Web3 browser without being tracked. A secure crypto wallet for your SNT tokens. An advanced spam filter to stop robots, scammers and hackers from sending annoying messages, trying to sell you things you aren't interested in, or stealing your money is also in development, along with many other great features.
The token are used to access and power decentralised services across the Status Network and play a key role in how this app and other associated softwares will be developed.
Take a look at the chart below from Coinmarketcap.com
From an all-time high of $0.675, each token is currently worth $0.009147USD. However, it's market cap is around $31.7 million USD and 24 hour volume is £13.4 million USD, which is showing to me that this isn't an idle network that is about to die.
Even just returning to all time high would currently bag you 7279% gain in your portfolio. Enough to turn 100 dollars, pounds, euros into over seven thousand!
In my eyes, it's definitely worth HODL at least £50! What do you think?
Next post will be on my favourite crypto "bank" / financial institution altcoin - Keep an eye out!
