Bitcoin introduced investors to the world of cryptocurrencies and remains the most widely recognized form of cryptocurrency on the market. That’s not to say there aren’t other alternatives though and many experts agree that it’s better for beginning investors to avoid Bitcoin altogether and opt for one of the many other choices currently available. Even if experienced in Bitcoin it’s common to diversify portfolios with other less well-known digital currencies to create more room for profit.
Cryptocurrency Alternatives for New Investors
Bitcoin is engineered for large scale investments, requiring a substantial pool of resources to pay for investing fees and maintenance costs. For that reason, it primarily attracts seasoned investors and large investment firms like E World Holdings, as opposed to new or moderately experienced investors. The costs make it an unattractive option for most people with limited disposable income.
That’s not to say there aren’t better options available to cryptocurrency investors. In fact, three of the most popular types are Litecoins, Dogecoins, and Feathercoins. Each one of these options requires the use of consumer level mining hardware, but the actual investing expenses are lower. Additionally, the potential for growth is much more promising. For instance, the current rates for Litecoin provide an earning potential of anywhere between .50 to $10.00 daily.
Dogecoins and Feathercoins are less popular, so they earn a little less on a day to day schedule. As they grow in popularity, their growth potential will increase as well. Another option is Peercoins, which is newer and expected to grow as well.
The Future of Cryptocurrency Investing
The current levels of growth for all cryptocurrencies aren’t expected to last. As the investment possibilities begin to attract more individuals, the industry may produce more expensive hardware to mine the coins. Additionally, coins may become more difficult to find and mine. This means it will be necessary to invest more resources into cryptocurrencies or you will have to look for a less costly coin in which to invest. There may always be cheaper, new start-ups that will attract beginning and moderate investors though. Given the unpredictability, it’s important to do your research or enlist help from an investor or firm who has an extensive knowledge of the sector.
Cryptocoins aren’t always the lucrative opportunities people once expected from them. There’s enough growth to earn you money as a second income, particularly from the above mentioned lesser known currencies, but not much more than that as a hobbyist. Even an investment of up to $5,000 in hardware will only boost that $10 a day to $50 daily. Certainly an attractive option as a second source of income, but that doesn’t offer hope as a single income source.