Though the cryptocurrency market started to decline alongside Bitcoin’s dip in value a little more than two months ago, true believers of the technology behind crypto and blockchain know that the market will undoubtedly recover sooner or later, and arguably come back even stronger. There’s a massive potential for blockchain technology and NFTs to revolutionize the way the music industry works, and the world in general so we decided to list our favourite cryptocurrencies for you, before we enter a full-on bull market again.
Bitcoin (BTC)
This one comes without question, as it is the most influential cryptocurrency currently in circulation, as well as the one that started it all back in the late 00s. Even though its price has seen a moderate decline over the past three months, currently fluctuating at around $30,000, it is without a doubt going to be bouncing back long-term as cryptocurrencies and blockchain technology start being more widely used and accepted by the general public. Often compared with “digital gold,” this asset’s 12 year history combined with its inbuilt scarcity, emphasis on transparency due to its decentralised nature and already massive institutional support is what makes it the “king of crypto.”
Pros:
- 1. Is currently the cryptocurrency that’s most accepted by the general public
- 2. Numerous vendors around the world are accepting payments in Bitcoin
Cons:
- 1. It’s highly volatile, just like most cryptocurrencies
- 2. Bitcoin has many crypto competitors, some with more utility. There are thousands of cryptocurrencies in existence and no barriers to creating new ones.
Ethereum (ETH)
Ethereum’s technology is pretty much what allowed the birth of NFTs, and its smart contracts technology is very promising long term when it comes to royalty payments in the music industry. Initially proposed back in 2013, Ethereum allows developers to build their own crypto applications on its network, and has proven to be a huge factor for the general rise of cryptocurrencies today. Often described as “the internet” of crypto, Ethereum lays the foundation upon which many other blockchain projects operate.
Pros:
- 1. It’s the second biggest cryptocurrency right now
- 2. Allows the creation of other crypto projects on its network
- 2. Has whole world of potential through its facilitation of smart contracts, providing reliability, transparency and confidentiality of actions for the parties involved smart contracts.
Cons:
- 1. It has very high translation fees compared to other cryptocurrencies
- 2. Has had a high carbon footprint since its release, something that is now being fixed with Ethereum 2.0
Chainlink (LINK)
Chainlink is much more than just a cryptocurrency. It’s one of the first networks to allow the integration of off-chain data, like external data feeds, events and payment methods, into smart contracts. This pretty much connects the world of blockchain with the way technology works in regular, everyday applications, with a truly limitless potential.
Pros:
- 1. It’s very promising in terms of helping crypto technology fully break into the mainstream tech world
- 2. Has parented with numerous colossal companies, among them Google Cloud and SWIFT
Cons:
- 1. Hasn’t been marketed and communicated properly throughout the majority of its run so far
- 2. A large amount of the token supply is still held by the company and not available to the public
Cardano (ADA)
Cardano is an open source coin, that aims to “redistribute power from unaccountable structures to the margins to individuals,” pretty much aiming to help build a more secure and transparent financial world. Cardano was launched back in 2017 and its uniqueness lies in the fact that its holders can vote and participate in the operation of its network, resulting in a very much community-led coin.
Pros:
- 1. It’s considered among the most environmentally friendly cryptocurrencies
- 2. Is run by a very reputable team, among them its founder Charles Hoskinson, who also co-founded Ethereum
Cons:
- 1. There are a lot of competitors for Cardano in the same crypto space
- 2. It is developing very slowly in comparison to other crypto projects
Polkadot (DOT)
Polkadot is characterized officially as an “open-source sharding multichain protocol.” What that means is that Polkadot can transfer and process any data or other assets, resulting in a decentralized and private web, that is user-operated and makes the creation of other applications and technologies much easier. The project is created by ex-Ethereum CTO Gavin Wood and similar to Ethereum, serves as a platform upon which other blockchain technologies can flourish. It’s even been suggested to rival Ethereum at some point in the future.
Pros:
- 1. Very reputable team, similarly to Cardano
- 2. Massive potential to positively influence the world of crypto long term
Cons:
- 1. Also similarly to Cardano, Polkadot is facing a lot of competition
These are just a handful of our favourites and it goes without saying that there are countless other projects to watch, however we stand with these cryptocurrencies because they are so much more than just tokens to cash in on. They are pioneering technological platforms that solve real-world problems, which desperately need to be addressed. Consider this: neither Instagram, Uber, Spotify or Bitcoin existed prior to 2005 and are now tech superpowers. Where will we be in the next decade or two, thanks to the rise and mass adoption of Crypto and blockchain technologies?
Cryptocurrency is a risky investment, only invest being confident in your choices. This article does not constitute financial advice.
