Are Altcoins Worth Investing in Right Now?

Many online businesses are seeing the rise of Bitcoin and cryptocurrencies and are starting to see them as a viable method of payment.

It’s a strange time we’re living in. The world’s economy is struggling and many businesses are sinking without a trace as they look to cope with the current pandemic.

Over the last few weeks we’ve also seen some altcoins bounce back well, even quicker than Bitcoin has. So is now the perfect time to invest?

The market cap of Binance USD has increased from $68million to $190million, while Paxos Standard has grown to $246 million.

Of course, it’s not as simple as investing. As the economy begins to bounce back, there will undoubtedly be fluctuations, but the benefits are clear.

If it’s something you are considering, below you’ll find a series of benefits to investing in altcoin…

Lower Fluctuations Than Other Investments

While many people are looking at investments currently, scouting out what will make money during the pandemic and post-pandemic. The likes of Rio Tinto and GlaxoSmithKline are being tipped as good investments currently, but altcoins have also proved to be good investments, as mentioned recovering well.

They look a safe investment at the moment and have seen lower drops during the pandemic and have recovered much more quickly.

The growth of altcoin is strong and always has been. We are approaching a second wave following the arrival of Bitcoin. We all know how lucrative the rise of Bitcoin proved and the potential growth of other cryptocurrencies could follow a similar pattern.

The evidence that they have stayed fairly steady during this pandemic is a good indicator that we are on the verge once again and experts are suggesting investing in baskets of altcoins in the hope that one will skyrocket.

They are worth watching over the next few months, particularly as other industries begin to get back to normal.

E-commerce & Leisure Sites Encouraging Users to Pay Using Altcoin

Many online businesses are seeing the rise of Bitcoin and cryptocurrency and are starting to see it as a viable method of payment. In fact, many are encouraging the use of altcoin by offering bonuses when used.

A number of retail sites are offering discounts and giveaways, while online casinos have been particularly active in encouraging the use of cryptocurrency with it proving a safe and secure method to deposit and withdraw.

Many are offering bonuses such as free bets for signing up and making a first deposit using altcoin, and they are well worth taking advantage of if you’re looking to start playing the likes of roulette, blackjack and online slots.

If you are looking to invest in altcoin for these purposes, then it is worth ensuring you understand the different types of casino bonuses and sign up to one which offers them, as there can be large variations.

Elsewhere you may find tech stores offering money back when you spend using altcoin or a percentage off your next purchase, to name a few offers.

Online Spending Is Going to Be Bigger Than Ever

That is only going to continue too. One huge area of change over the next few months will be that of the high street.

While online spending was already hugely popular, the death of the high street continues, with more and more businesses switching to online exclusively.

With that comes the adoption of new technology, including cryptocurrency. By investing now you’ll have the bonus of being able to get more for your money further down the line as the value of altcoin increases.

Spending altcoin and Bitcoin has already proved hugely popular, with 32% of spend going on hotels and restaurants, while almost 20% are using the currency to spend on online groceries.

Currently, only 2% are spending on clothing but trends are likely to change as purchases on these particular items increase online in the coming months. The same applies to recreation and culture. At present just 8% of cryptocurrency spend is done so to enjoy the culture. But with cinemas, concerts and sporting events having to rethink how they operate, it could open the door for spending via this method.

That could in turn lead to bonuses and promotions, just as many outlets, in leisure in particular, are doing currently.

Whether you’re looking for added bonuses of investing in altcoin now or further down the line, there’s plenty of reason to suggest that, amidst everything, altcoin is a sturdy investment right now and the rewards are there to be reaped.

Guaranteed Success?

While there appears to be a number of benefits to investing in altcoin right now, there is of course no guarantee that they will make you profit.

Investing in altcoin is like investing in any industry, and while many have profited, many have lost money too.