Cryptocurrencies You Should Invest In

While the use of cryptocurrencies is rapidly growing, many people still ask: “when is the mainstream adoption going to happen?”. If you’re a sports bettor, you know the answer to this question. The online gaming industry is one of the areas where cryptocurrencies are thriving. Banking methods have always been a little bit of a headache, but nowadays, cryptocurrencies have made it easier to deposit and withdraw, are faster than traditional methods and deliver lower fees.

If you’ve been banking with these cryptos and have been wondering which to hang onto as a possible investment (likely after you’ve withdrawn your funds from the gaming site back to your wallet), here is a look at the top five currencies right now and which might be worth hanging onto.

Bitcoin

Of course, Bitcoin is the beast these days. It’s the top cryptocurrency and it’s the one that has the most love from the mainstream media. You’ll see that CNBC now has a daily tracker for Bitcoin on their live broadcasts and tons of hedge funds have gotten involved to invest. Many people view Bitcoin as digital gold and that makes sense. It’s a store of value much more useful than regular gold. As Warren Buffet so eloquently put it:

“Gold gets dug out of the ground in Africa, or some place. Then we melt it down, dig another hole, bury it again and pay people to stand around guarding it. It has no utility. Anyone watching from Mars would be scratching their head.”

Bitcoin logo

Young people don’t really think about gold as a hedge. Let’s face it: if there was some kind of civil war in a country or things really went to hell, what good will gold do you? Are you going to carry bars with you across a border or walk around and offer ounces of gold for different services? Sure, that’s an apocalyptic scenario, but Bitcoin is far more portable and useful. Think of Syrian refugees who had to flee their country during a time of war. Banks shut off the taps and they couldn’t get money out of ATM’s. However, if anyone had Bitcoin, they could simply access it in a different location.

The other reason Bitcoin is good to hold is it’s a hedge on inflation. If you hold regular cash, you lose money every single day because of inflation. When governments print more money, that also devalues your current dollars. Holding assets like Bitcoin, which only has a finite amount (they can never print more beyond that) allows you to protect yourself against inflation.

Bitcoin is the cryptocurrency that is most believed in right now. It might not be the best technology overall, but it’s the one that has the most public backing. If you’re withdrawing from a casino or sportsbook, you might want to hold some Bitcoin and see where it goes. There’s a good chance that it continues to grow as many estimates have it growing 10 times what it is now. The question is how long will you have to wait to get that?

Ethereum

Ethereum is the second-biggest cryptocurrency, and it’s one that many feel is the best technology out there right now. That’s because they use something called smart contracts, which adds another dimension to cryptocurrencies. With Bitcoin, you just send back and forth; Ethereum can offer that too, but it can do so much more because of the contracts.

Ethereum logo

One of the areas where these contracts make sense is with what’s called Decentralized Finance. A number of huge companies are now operating as decentralized banks and it’s all done because of these smart contracts. When conditions are met, loans can be made, interest can be paid and money can be transferred automatically. It’s a bit too complicated to get into in this section, but feel free to research what’s known as ‘DeFi’ or smart contracts.

At any rate, Ethereum has a lot of upgrades coming up that will only make it even more useful. Many experts feel this is a good coin to buy and hold, so consider saving a little bit if you are withdrawing from the books and casinos.

Cardano

Although you might see some stable coins like Tether above Cardano in terms of market cap, stable coins are simple pegged to the U.S. Dollar. It’s always one-to-one, so it is not going to grow (for the most part). We’ll leave them out of this discussion.

Cardano is an Ethereum competitor who many are bullish on. Some essentially equate the race between these two blockchains/cryptocurrencies as Apple versus Microsoft. Microsoft (like Ethereum) was first to the market and dominated for a long time, but Apple (like Cardano) got things right by perfecting products, cutting out the bugs and innovating.

Cardano logo

Ethereum is an absolute monster these days with tons of projects and great use cases, but some people feel that Cardano – which basically has nothing running on its network right now – will be able to overtake them one day. That’s because Cardano is sitting back and watching what type of pitfalls Ethereum is dealing with and is addressing them before it fully launches. For example, right now, it costs a lot to transfer Ethereum (gas fees) whereas that won’t be a problem for Cardano.

If you believe that Cardano can take over, they could have a long way to grow. Their current market cap is about $20 billion, while Ethereum is at $185 billion. Even if they only take a small portion of their business, Cardano could rise a lot.

Ripple

Ripple tends to get a lot of polarizing opinions in the crypto community because some people love it and some avoid it like the plague. One of the big reasons people are against it is because it’s not decentralized. With Bitcoin, Ethereum and many other cryptocurrencies, they are not owned by any one person. If you want to buy up as much as you can, you’re free to do that, but it’s very difficult to do. However, with Ripple, there is the concern that the developers – those who essentially created it – can (and do) just continue to add more Ripple to the pool. They can add more, give themselves more or put more in circulation. That has some benefits, but then it also gets rid of the fact that it’s decentralized (since someone controls it). It also removes the hedge from inflation since the value goes down whenever more coins are printed.

Ripple logo

A number of exchanges have recently cut out Ripple trading as the SEC has decided to investigate the cryptocurrency. It’s quite possible they come through it cleanly and the coin shoots back up. For now, it’s been hammered as many felt it operated differently from traditional cryptocurrencies and now, they’re finally being examined more closely. This is one you might want to be careful with for now, so do your research.

Polkadot

Polkadot is one of the hottest cryptocurrencies in the market right now as this coin has shot up out of nowhere. Its price hung out at about $3 or $4 for most of 2020, but in the start of 2021, it has hopped on a rocket ship. Over the last month, Polkadot is up about 400% as many see some great value in it. It’s essentially an Ethereum competitor, but offers some possible scaling that Ethereum can’t do right now. Unlike Cardano, there are some projects already working on Polkadot and that’s seen as some early proof that this might be a more formidable competitor.

Polkadot logo

Polkadot still has a long way to go to prove itself but if you research, you’ll see the technology is quite fascinating. This is probably a cryptocurrency that has a lot of upside but also a lot of risk right now. Make sure you study it a little more closely before you decide to buy and/or hold.

Dave Golokhov

Dave Golokhov

Dave has a long history in the media. His career began at The Score Television Network. He’s since been a radio host on Sirius Satellite Radio, made numerous television appearances as a panelist, and has written for publications like FOX Sports, Playboy.com and The Baltimore Sun. He’s interviewed hundreds of celebrities in both sports and entertainment, ranging from Shaquille O’Neal, to Floyd Mayweather, to The Mannings.

As a travel/adventure writer, Dave has written a number of destination stories covering some of the most unique destinations, such as Bilbao (Spain), Tel Aviv (Israel) to Iceland. He’s also (been lucky to) had the opportunity to review the experience of eating at some of the world’s best restaurants, including Noma (Copenhagen), Amber (Hong Kong) and Eleven Madison Park (New York). All of those stories can be read on AskMen.com, The Daily Beast and The Globe & Mail.

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