Bytecoin, is it a good buy?

Bytecoin is another coin with a market cap of about $1 billion at the time of this writing and many people have asked me about it on my channel. Some of them have said it is more promising than Dogecoin because of the technology behind it. You can’t really compare any of the other small cryptocurrencies to Dogecoin, because Dogecoin has a use in the market. Dogecoin is used as a market trade-in coin for many smaller cryptocurrencies and is actually the best market coin for many of the micro ones. There are DOGE markets at most smaller exchanges so that is something that DOGE has that coins like Bytecoin do not.
Bytecoin itself offers privacy for users, blockchain technology for businesses, and maximum returns for investors. Will it go up when the Bitcoin bullrun commences? Yes, of course it will, just like almost every other coin so buying it right now isn’t a bad idea. However, for a long term hold, I have to see more than what its offering right now. I need to see more than a future network launch. I need to see businesses actually adopting the network, I need to see actual places I use everyday to accept the coin as payment. Without these things, most of the coins on the market are nothing more than speculative commodities and while that is fine for right now, you can’t expect something to last if it remains a speculative commodity forever. So, in essence, buying Bytecoin and profiting off of it for the next 3 months is just fine, but for it to be a long term hold, I need to see more concrete applications.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

w

Connecting to %s