Spending the last ten months in a bear market shows just how euphoric the market was at the height of the last bull run. Many projects had little to offer in terms of development, resulting in highly overvalued projects.
To top it all off, the majority of coins or tokens from the last bull market are likely utility tokens and may not have much to speak of in terms of value (since utility tokens are not securities, a successful project does not necessarily lead to higher token prices). This sentiment is right in line with the 2017 prediction that 95 percent of cryptocurrencies would fail this year.
That being said, the public now approaches the crypto markets more critically. Bitcoin is obviously the top choice, in terms of market cap, sentiment, history, and mainstream interest. But what’s number two? Could Monero (XMR) be the best alternative?The Facts About Monero
Monero is an anonymous coin, meaning that it has the ability to make transactions anonymous, compared to the public ledger and history seen in Bitcoin. “Monero uses ring signatures, ring confidential transactions, and stealth addresses to obfuscate the origins, amounts, and destinations of all transactions. Monero provides all the benefits of a decentralized cryptocurrency, without any of the typical privacy concessions.”
Monero also reportedly has a total supply of about 18.4 million. (The total supply will increase by a small amount over time, even after final distribution, maintaining mining incentive, security, etc.)Reasons To Be Bullish On Monero
Assuming that most current coins/tokens are utilities, leaves a handful of promising coins in the payment sector to choose from. The goal of these coins is to become a payment solution, store of value, etc.
However, this list can be further shortened by removing Proof-of-Stake coins, due to the argument that PoS is centralized.
Monero is Proof-of-Work (PoW) and did not have a pre-mine, making th...