ALL QUESTIONS ATTEMPTED IN A CHRONOLOGICAL ORDER 👇👇👇
1. Answer to @Ugospecial's Question
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It is true that experienced crypto investors get skittish knowing well enough that most altcoins are created as cheap duplicate of Bitcoin as there are almost 7,500 altcoins existing at the moment. Even though some altcoins are faster, cheaper and unique yet very many add less value except copy-pasting and mere change of protocols.
It is even a top opinion on Reddit platform that several altcoins may sink into oblivion leaving Bitcoin as the king still. This has led some to sell off their altcoins for BTC thus increasing BTC's dominance while devaluing alternative coins.
2. Answer to @Loretyachinasa's Question
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"Surprised we're seeing the Bitcoin price fall in this environment, would have expected the opposite," Brian Armstrong, CEO of the popular US exchange Coinbase, tweeted on March 9, likely expressing what many Bitcoin fans were feeling.
The pandemic badly impacted hard on Bitcoin discrediting the views of those who saw it as a safe haven. On the contrary, altcoins have witnessed boom and increasing use cases under the auspices of Defi projects, yeild farming and staking programs. Altcoins has also become a safe haven for inflation-beladen country like Venezuela helping its citizens convert Petro to USDT thereby maintaining value.
It is impressive to make a point that the pandemic brought true progress to the altcoins than Bitcoin.
3. Answer to @Everruth's Question 1.
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There are rare accurate financial advisory recommendations world over without iota of risks. That is why investment decision is a private matter as no true investment advisors may guarantee returns on investment and so is my position as I can only recommend based on personal opinion on potential and market performance of altcoins in 2020. And anyone following my recommendation does at his/her own risks.
Bitcoin cash (BCH), Litecoin (LTC), Ethereum (ETH), Binance coin (BNB), Tron (TRX), Chainlink (LINK), EOS, Filecoin (FIL), NEO and Ripple (XRP).
Any of the listed altcoins can be invested on despite price fluctuations even now. It is advisable to invest in ones with more use cases that give returns on either Defi or Yeild farming than just buying them for Hodling.
4. Answer to @Everruth's Question 2.
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It is true that USDT has seen steady increasing supply in the crypto market to secure the third position that it has now!
This success is not far from the contributions of Covid-19 pandemic, increasing intermediary roles and hyperinflation that leaves investors with no better choice than Tether. So to say! There is no fixed market cap for stablecoin as token's peg to USD is achieved via maintaining a sum of dollars in reserves that equal the number in circulation and due to this axiom, USDT becomes illimitable in supply. The scalability that enables USDT function on Ethereum, EOS, Tron, Algorand, SLP and OMG blockchains, has been the bane of its unstoppable success.
According to Bloomberg's crypto outlook report for Q4 2020 written by senior commodity strategist Mike McGlone, USDT is likely to take the number two position by market cap from ETH in 2021. The report cited the "stagnant market cap" of ETH presently as less than $45 billion. Likewise, USDT will definitely surpass BTC cap over time just as BTC is limited to 21 million coins. Therefore, we can expect USDT market cap to surpass both Ethereum and Bitcoin faster than imagined as the world battles with problems of hyperinflation at post Covid-19 era coupled with increasing demand for Tether in Defi, yeild farming and intermediate financing.
5. Answer to @Brendy 's Question
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As at the time of this write up, there are only 10 altcoins available for investment on the remitano invest platform besides USDT which could not be listed except it functions on intermediary exchange roles.
The listed coins available are: EOS, Binance coin (BNB), Cardano (ADA), Stellar Lumens (XLM), Tron (TRX), Tezox (XTZ), Chainlink (LINK), Ethereum Classic (ETC), NEO and Monero (XMR).
From my investment stand view, Chainlink is the most profitable altcoin to invest on in 2020. The success of this crypto asset is not far fetched from partnership with Google, GCPcloud, ICON, Ontology and other blockchain tech that increases its use cases.
Chainlink statistics: This oracle protocol consensus asset as at 22-10-2020 GMT 23:07, has circulating market supply of 388,509,556 LINK with the day traded volume of a 118M and market cap $4 billion. A link is worth $10.90 with 24 hrs gain of 6.45% as while it seats at 7th position on Coinmarketcap. Historical analysis has it; link has seen good days in 2020. After rising from less than $2 but crashed back. Then it picked at $12.38 in Sept before falling low to $7.61 but it bounced back on 24 Sept to $9.99 and stays at $10 since then. Surprisingly, only LINK set the highest 24 hrs gainers record at 14.18% on LINK/USD daily chat in 2020. No altcoin has been able to beat this record with impetus and sky is just the beginning for LINK in terms of more progressive metrics.
6. Answer to @Florex's Question
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Choosing the most profitable altcoin could be challenging indeed for a novice crypto trader. Considering the fact that there are almost 7,500 crypto coins listed at the moment on the coinmarketcap, a confused or inexperienced trader may fail to chose profitable altcoins by gambling or shylock. The best way to go is to decide on the safest platform that showcases variety of altcoins to trade as does on Remitano exchange. In addition, the novice can take his time to learn about altcoins trading and performances using Remitano intellectual properties on the forum; News, Knowledge, Discussion and Blog to broaden his orison on the topic. Having gained some background, the young trader can proceed to learning deeper trading analytical tools and advance terms relating to crypto sphere available on Remitano in addition to other analytical review sites like coinmarketcap.com, tradeview data, investing.com etc that will enable him understand price actions, trade news, volume report, market supply, profitability, coin ranking and other key metrics.
In summary, gambling or trading on market hyped news can lead to severe trade loss for newbies as financial market is prone to risks. Choosing a profitable altcoin can be achieved by combining collective resources of speculation, historical trendy analysis, authority market forecast and careful study of price actions before choosing a position with a desired altcoin.
7. Answer to @exodusab's Question
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It is worthy of note that limited use case of Bitcoin has been largely responsible for the slow adoption of cryptocurrency apart from weaknesses in speed, transaction cost and scalability issues.
Afterwards, altcoins came with variety that is currently meeting vast needs in which retail payments has not been underserved.
Specifically, altcoins like Ripple, Tron, Litecoin, Dash and numerous privacy, balancer and stablecoins have been impacting greatly on retail payment landscape across the globe by leveraging on DApp, Fintech, Smart contracts and special protocols introduced as PoS, Proof of fund etc.
The multifaceted nature of altcoins has helped in increasing banking adoption, mobile money services, credit, logistics and remittances across the unbanked borders. This use cases of altcoins increase on a daily basis beyond mere digital payment gateways as grassroot merchants with physical stores now accept some altcoins using POS, wallet services or Token enabling devices in place of fiat.
8. Answer to @visiblemoney's Question 1.
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Ethereum gas fees has become greatly inconvenient for its users as the miners rake a staggering $1 million in a 1-hour all high record for the first time in the history.
It has also been accounted that the median Ethereum gas price has massively spiked reaching level as high as 700 Gwei. Although this anomaly in high fee has been blamed on congestion caused by the rise of Defi tokens. Just as this mundane problem would not go away until the launch of Ethereum 2.0 which has been promised to improve capabilities to the bearest fee. A number of altcoins have started seeing the benefits as OmiseGo (OMG) prices surged in August when Ether gas fees continued in hike. In addition, a lot of ERC20 token developers have been migrating to Tron (TRX) network for its ultra-high speed and cheaper fees. A good number of users are now comfortable with the convenience accorded by Cardano (ADA) for withdrawal to fiat at minute fees. To a large extent the exorbitant gas fees has really helped some altcoins having low patronages to gain ground. XRP for instance has now become a large remittance gateway solutions for cross border payments.
All these benefits would not have been enjoyed if gas fees do not escalate!
9. Answer to @visiblemoney's Question 2.
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In my opinion, Bitcoin's days could be numbered as more advanced technologies overtake it. Although Bitcoin is the pace setter being the number one crypto well adopted. Nevertheless, the lateness of altcoins and some tokens do not really make them inferior in value. If we are to clarify value as gains, some altcoins apart from seeing increasing use cases have witnessed more trading volume, profitability and supply in accelerated pace that has been boosting their market cap faster than bitcoin's.
Altcoin like LINK has set the highest 24 hrs gainer record in 2020 so far along with privacy-focused Monero, making stunning surge in prices as well. Whereas bitcoin is limited in use cases, Ethereum is being utilized by the Canadian Securities Exchange and Ripple is being implemented by the Saudi Arabian Central Bank and Western Union. All of these and quite a lot more are the tell tale signs that altcoins with its increasing use cases and values would soon defame bitcoin to low ranks.
10. Answer to @visiblemoney's Question 3.
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Remitano invest is a laudable product of Babylon Solutions Ltd which offers a platform showcasing ten unique altcoins that investors can stake on speculation to earn interest using USDT to subscribe to altcoins of choice.
The asset tray offers: EOS, BNB, ADA, XLM, TRX, TEXOZ, LINK, ETC, NEO & MONERO.
The platform is very transparent as it displays the subscribed asset with an indicator metrics that measures performance of the coin market trend. If the asset is gaining value, the status bar displays positive progress rate in green and could show negative red bar status if otherwise.
The fairness on the platform enables the investors to call off their investment at any point so desired prior to the expiry of the contract duration and in that case a fee of 1% is applicable just as the same 1% is charged on withdrawal of profit plus capital invested. On the contrary, their is no fee being charged where the investment ends with a loss. The most humane thing to be taken home here is that Remitano can sympathize not to charge a fee whenever investors suffer loss using Remitano invest.