Are you thinking about investing in cryptocurrencies but your aims are long term? If that’s what you want from your cryptocurrency investments, you are not the only one. Some people are not okay with the idea of entering the market, making a small amount of money and then leaving it forever.
In fact, some people want to believe in this technology, and while benefitting from it, they want to be a part of it to see it grow. Yes, it is true that many people in the world invest their money in cryptocurrencies because they have a vision of a world operating without the involvement of banks and governments in every monetary transaction.
Now, if you are thinking about long-term investments, you have to first pick the right digital coin. You have to analyze this cryptocurrency from many angles before you can make any decision whether you want to invest in it or not. However, you do not have to do a lot of research when we are here to tell you which cryptocurrency is potentially the best right now for long-term investments.
Keep in mind that the choice is still yours. What you read here is only a speculation or an estimate based on the current status of the cryptocurrency and ongoing events. Things can always change drastically for any asset in the world.
So, what is the best crypto coin for long term investment? Let’s find out.
Ripple – It’s Sending Ripples in the Future
The first thing, as mentioned above, is for you to look at the scope of a digital currency. You can’t just throw your money for investment just because you “like” a digital currency. There are thousands of digital coins out there and they all have come up with some fancy way of saying the things that have been said traditionally as well. In other words, they do not offer anything new, but they label the “blockchain” and “decentralization” terms with their solutions and try to make them appear something different. In reality, they are not different. In further reality, they are not even solutions to any problems in the first place.
When you look at Ripple, however, you notice a completely different situation. You are looking at a cryptocurrency that has addressed a real problem that exists in the world to this day. It has come into existence to make the transfer of money possible in the world. Yes, you already transfer money from one end to another, but not affordably and quickly. The idea of Ripple is to simplify the entire process not only for individuals sitting in all parts of the world but banks as well. It simplifies the transaction to the point that you can send money to someone on the other side of the world within seconds.
In one way, you will not have to deal with any middle parties when you transfer money to someone sitting in a different country than yours. You can do that through the Ripple Network. Yes, if you look closely, we just called it the Ripple Network. You have to realize at this point that Ripple is not actually the coin – it is XRP. XRP is the coin that moves from one place to another for the exchange of value. Ripple is just the name of the system through which this coin moves.
Here are some reasons why you should consider this as a long-term investment.
· It Is Being Accepted
You see a lot of cryptocurrency developers talking about their projects a lot. They admire their projects as though there is nothing in the world like what they are offering. However, when you see in the real world, you do not find them doing anything. It seems as though they do not believe in their own creations.
On the other hand, the creators of Ripple seem to be confident in what they have done. They have been on the hunt to make new clients to make Ripple acceptable around the world. If you don’t know, they have already partnered with a lot of banks around the world to make Ripple a standard.
You will be surprised to know how many different banks have already accepted Ripple as a solution for payment transfers. Some of the banks that have already partnered with Ripple are Santander, JP Morgan, Standard Chartered, the Bank of America, etc. You can already see that these are some big banks, they have an influence already.
· It Is Practical
If you are active in the online community of cryptocurrency traders, followers, and investors, you must have noticed them fighting about the consensus mechanisms of their currencies. While you may ignore it if you want, consensus mechanism does matter a lot in carving the future of a cryptocurrency.
For example, Bitcoin is often thought to disappear from the face of the world because of the way it is mined. For a bitcoin to be mined, you need a lot of computational resources. You need big computers, massive CPU power, heavy GPUs, etc. The more bitcoins you produce the more power you need in terms of these resources.
This particular issue makes Bitcoin very weak in terms of its future use. On the other hand, Ripple uses a one-of-a-kind consensus mechanism that leaves proof of work and proof of stake mechanisms behind.
· It Is Fast and Affordable
For a payment solution to be accepted by masses around the world, it needs to be affordable and fast. That’s what Ripple has already achieved. You can already get your transactions confirmed in less than 5 seconds on this network. Secondly, you are talking about transaction fees that are in pennies. Right now, you have to spend tens of dollars to transfer your money from your bank account to someone else’s bank account living in the other part of the world.
For your long-term investment, you have to pick a cryptocurrency that you think will not be considered useless or practical in the coming times. You to think about a cryptocurrency that offers a solution to an existing problem efficiently. Ripple checks all of those boxes and that’s why it has to be the first cryptocurrency on your list of long-term investable crypto coins.