How do you select the right cryptocurrency for your portfolio? What is the criteria that need to be met in order to be interesting for you?
To me a currency need to have the following checkmarks to become interesting:
- Zero Transaction fees
- Speed
- Application
- Save
- Known
- Value
Lets get into a little more detail on each if these points.
1. Zero Transaction fees
The first point deselects already more than 90% (if not more) of all Cryptocurrencies out there. Why is that point important. If you can choose between 2 equally strong currencies, one with and one without fees the answer is that you would go for the currency without fees.
No one likes Transaction Fees and preventing paying fees is one of the reasons people looking into crypto currencies. They want to have an alternative to the fees they need to pay in the regular monetary system, so any project that has no fees is right of the bet more interesting.
Source: Pixels.com
2. Speed
If you ever waited for a Transaction come through than you know that speed is another important factor many people look for. If you can't pay a coffee or send funds instantly than this will be a problem for many. So every project with fast transaction speed has an advantage over similar projects with slow transaction speed.
3. Application
Does the project has any application that can be used by people to interact with, like for example an exchange, blogging platform, decentralised applications or smart contracts? When there is no application for people to use the currency with than how can it have value to them?
4. Save
Knowing that your funds and personal data are save is one of the most important aspects for any user. This might be very well the most important point since no user would use a platform, no matter how fast, cheap and fancy if not secure.
Source: Pixels.com
5. Known
How many people know about a particular blockchain project. Is it widely known, is there information about it out there, is it easy to find. Marketing might cover this point the best and is very important for value creation. I know a few projects that are great on many of the points listed but not many people know about it because of no or bad marketing. Similar to the 4th point (save), if just a few people know about a great project than the value will stay still low no matter how good developed all other points are.
6. Value
Value is driven by all points mentioned above. If a project is widely know, save, fast, secure and useful to use by people it will have value and increase in value.
The point here is that you need to find good projects that look promising but haven't met all points fully yet. If you invest in these projects early you will certainly make a profit over the long run.
So why is STEEM the most versatile blockchain?
To me it is because it matches all the criteria I am looking for when investing longterm into a crypto currency.
- Zero Transaction Fees
- 100.000 Transactions per second
- Web applications like Steemit.com, Busy.org, ChainBB.com, DSound.audio and DTube.video
- Mobile application like eSteem
- Innovative in introducing Smart Media Token (SMT) with APPICS being the first one
- Rang ~2000 on the Alexa global website ranking
- Great market value potential since not overbought yet.
I am very interested what you think about this post and if you either agree or disagree. Please let me know in the comments.
Thank you and all the best!
I also believe that Steem is the most versitile crypto on the block. I think Steem is just a little ahead of its time.
For us that know Steem and Steemit we know we have found the golden goose !
You also make a good point which I think is so true. A lot of crypto don't have any real application except that they are a cryptocurrency.
Just because it's a crypto and because it's based on the blockchain doesn't mean anything anymore because there are already thousands of coins out there like that. But there is only one coin with the unique functions like Steem and when more people realize that the true value will be come for Steem ! Nice post
Thank you very much @dandesign86. We found a golden goose, I like that one!!
Haha we are definitely lucky 🍀 :) Let's just hope they solve the technical issues as soon as possible because I already answered this message once and it disappeared . Let's try again :)
Great Post I agree with every point you made, but why is it that the market hasn't discovered the value of Steemit. I mean steemit is also around more than one year and still it hadn't its hype phase where you could say that it is overvalued.
Steem was last year between 0.10 and 0.20 cent, so it made already a big jump from that level. I think it is just a matter of time until we see another big jump from the 1 usd level.
Galsklarer Resteem :-)
Wunderbar und vielen Dank!
Clear and to the point. Great post Tarekadam!
:-) @roused
Thank you @roused, I am happy you like it.
@tarekadam,
I also feel the same! To me Yeah STEEM is the best! Moreover, it's the fastest and it has a great future too! So, thank you very much for sharing such great tips with us!
Cheers~
Thank you for your feedback @theguruasia, I much appreciate it.
Very informative post, thanks for sharing
Thank you, I am glad you like it!
Steem is definitely the most perfect in every terms of use hope it reaches to moon soon good time for investors to get in :)
Yes I agree @bazing
Sometimes I spend lots of time doing research other times I just like the coin idea or even just the name. I just got some GUN coin because I like guns that simple ha.
Great article. Upvoted, resteemed and followed. 🤗
Thank you, very much appreciate it!
Interesting article, just wondering about the point transaction fees. Don't the coin exchangers usually charge some kind of fee for converting let's say Bitcoin into Steem?
Yes that is right. I was referring to Steem to Steem transactions.
Ok, than you are completely right!