The truth is everyone would have rather found this Bitcoin than look for the next, but with Bitcoin having recently passed $60,000, that ship has sailed, and we have to wait at the dock for the next. The only problem is Bitcoin has done so well, made many people crypto millionaires and a handful billionaires, that there are now many ships at the dock, and if you’re not careful, you will find yourself on a ship headed full tilt to the Bermuda Triangle.
So, how? How do you find the right ship, the ‘next bitcoin?’ Here’s how, but first, let’s get realistic.
Realistic Expectations
There is no next Bitcoin. While it is important to keep an open mind and never say never, chances that we will see another crypto reach the same heights as Bitcoin are unlikely at the moment. These cryptos are considered the ones with the most potential in 2024; investing in them with proper research is likely to yield dividends, but it is unlikely that the turnover will be as was and is experienced with Bitcoin.
You need to understand that BTC came first. It was a radical new idea in 2009, and being the front runner has set and continues to set it aside from the rest. So much so that whatever cryptocurrency would launch at any time would only ever be considered an alternative to Bitcoin – essentially an altcoin.
Helpful Tips for Finding the Next Bitcoin
But still, we must carry on. The following are some tips you want at the back of your mind as you scour for the next Bitcoin.
1. Get in on the Ground Floor
The ground floor is different things for different people. If you have lots of cash to put into cryptocurrency investment, then any crypto at whatever price is the ground floor to you. But suppose you are more careful about your investments and perhaps working with a smaller budget. In that case, prioritize projects with relatively low prices so you can accumulate as much of that coin for whenever it goes boom.
Keep in mind Bitcoin at launch was worth close to nothing and gained a value of $0.0009 when Sirius sold 5050 BTC for $5.02 on PayPal. So, just because the coin is worth nothing now does not mean it will not have a $60,000 price tag in the future.
2. Know the Maximum Supply
The maximum supply is the total number of a particular coin that will be mined. Since Bitcoin is on the spot, it has a maximum supply of 21 million coins and a circulating supply of over 19 million coins. This cap is put in place to ensure the coin remains valuable while controlling the chances and the effect of inflation. This is why crypto is more valuable than its fiat counterparts and can be printed at will by the central bank or any other similar authority.
Any coin with a ceiling too high for its maximum supply would take too long to be mined and just as long to appreciate. Although there are some intelligent ways to handle the supply for coins with no max supply, they include the following:
A. Inflationary Supply
Inflationary supply can be seen in place in the Ethereum Blockchain, where the amount of coin mined and available for use is dependent on the demand for the coin and the number of users currently on the blockchain. This is why Ethereum can still stay valuable and have a circulating supply of over 120 million coins.
B. Deflationary Supply
The opposite of inflationary supply is deflationary and does the opposite. It reduces the circulating supply to increase the demand for coins. This can be noticed with the Binance Coin (BNB) Burn, which means some of the coins in supply are destroyed.
3. Market Dynamics and History
When choosing your next Bitcoin, you want to have all the facts. Not just when it is green but also when it is in the red. You should check the market dynamics and how it moves in the bull and bear cycles so you have the big picture for when you are ready to invest.
Also, since Bitcoin still largely dictates the market’s sentiment, you want to check the price history of your Bitcoin alternative as it relates to Bitcoin’s highs and lows.
4. Use Case, New Tech and Innovation
You want to ensure the coins in your shortlist are there for the long haul. There are not too many concrete ways to know this for certain, but you can get a great idea where it is headed by reading up white papers, seeing what the coin is offering, what problems it is looking to solve, if it is introducing new technology, if there are multiple use cases and if it can find utility in multiple industries. When it satisfies this condition, you can begin to guess that you do not have a dud on your hands.
If otherwise, you should cross that off your list as your search continues.
5. Community Acceptance
Someone needs to buy into what the coin is offering, and one way to judge who does and how much is to weigh community following and acceptance. It is crucial to note that these are not iron-clad and can be falsified. However, with thorough research, you should be able to see through the fad, find the news, and shut down the noise. Only when you are convinced that it satisfies this condition should you push forward with the coin as a consideration.
Next Bitcoin: Our Picks
You have all the tools to choose from, but here are some suggestions. Do your research. Without further ado:
1. Ethereum (ETH)
No Blockchain 101 class is ever complete without Ethereum. It is the representation of the power of the Blockchain and how it can be harnessed while still promising plenty. The Eth blockchain allows people to build and deploy smart contracts and decentralized applications without interference from intermediaries, fraud, or downtime. This, coupled with the fact that its proof of stake mechanism is faster and consumes less energy than Bitcoin’s proof of work consensus mechanism, although more stable, is all the reason Ethereum can indeed be Bitcoin regen.
2. Solana (SOL)
It is considered by some to be the Ethereum killer as its blockchain offers similar functionality to the Ethereum blockchain. It offers scalability, speed, low transaction fees, and the option to launch smart contracts on the blockchain.
3. Binance Coin (BNB)
If utility is the top consideration for you when choosing coins for investment, then it does not get better than BNB. It is backing the largest crypto exchange, and this provides credibility for the coin. It has multiple use cases and various utilities on the Binance platform. It is worth a look over, considering that it has gone from 15 cents for each coin to well over $400 as of the 4th of March, 2024.
Conclusion
There’s probably no next Bitcoin, but that won’t stop us from trying. The above features helpful tips that will help you make that investment decision that yields exciting profits, along with some suggestions from us to keep you on track. Good luck!
