Core Question
As I was picking out the crypto I wanted to go with, I ended up going down a rabbit hole of endless possibilities.
Nothing seemed good...
I was trying to find the best crypto for my needs, however I ended up dismissing every single one. I'll list the reasons I dismissed some of the most well known cryptos, just so that you have an idea.
BTC: I have always viewed this as overvalued, as I believe that there are better cryptos that do more than just sit there as bitcoin does.
ETH: Ethereum is fine, but there is no max cap and a rise in the usage in Layer 2, which further reduces ETH burning and thus making it more inflationary. And, if you want to stake from your wallet, you need an LST.
SOL: Same issue as ETH, though there is no Layer 2 risk, so a bit better.
BNB: This crypto is basically tied to Binance. So if something happens to the exchange, then it is bye bye.
XMR (Monero): Monero fits pretty well. However, there is still no max supply and no fee burning mechanism, though the issuance is always the same. However, something else is that no tax software can automatically fill out the form for it due to its inherent privacy.
XRP: While ranked high in marketcap, it is just not as mainstream for individuals. You can therefore face some issues. Another drawback is that a huge ~30% of the supply is still locked away.
Stablecoins: I just don't like that they are susceptible to inflation, and can be frozen at any time.
Zcash: Sort of controversial and not very mainstream either.
Memecoins: No need for an explanation, you should not buy/HODL these cryptos.
BAT: While great for its max supply and its utility across the brave ecosystem, if Brave goes under, or it loses traction, then the token is in the same position as BNB. It can lose all of its value just like that.
DGB: Simply not enough adoption, and since fees are so low, I fear miners will not be incentivized/sustained enough in the future off the fees alone. That will cause some major changes to the blockchain, potentially altering the max amount of DGB that can exist.
I know these were not all of them, but they were some of the major ones. If you were to give me some other cryptos, I'll be able to give you my reasoning as to why not to pick it.
So, what can I pick?
Honestly, I just can't find a good one. Every crypto either has the danger of needing major changes to remain secured (like DGB, or even BTC), are too volatile (memecoins), have a freeze and central authority (RWAs, stablecoins), not enough mainstream individual adoption (XRP, Zcash, XMR), or are simply too dependent on one thing/company (BAT, BNB).
This is why this is so hard to pick. I just can't decide. I might like a crypto one day, then a few days later, I suddenly find out something about it and decide that it is no longer good. I'm sure exchange platforms must be happy with all the fees I've paid.
I ultimately picked SOL. It fit my criteria the best and has real utility in the future. Especially if I use staking (whether native or LST), then I think I'll be pretty happy.
However, it could be that I end up changing once again. This really is an ever lasting dilemma.
