With so many cryptocurrency companies going up and down in value recently, many have been wondering if Bitcoin will still be considered the best bet for your money. What really sets it apart from other competing companies like Ethereum and Ripple?
As of right now, Bitcoin is the most valued cryptocurrency company out there with each share priced at $14549.89 with its subsidiary Bitcoin Cash priced at $2,915.84. But, if anything has been proven over the past couple weeks, we know that these prices could change in the blink of an eye. However, with Bitcoin being the most well known of these companies, the question remains: will they be able to come out on top once all of this excitement over cryptocurrency dies down?
Edwin Dearborn, the CMO of the Blockchain-based decentralized secure messenger e-Chat, believes that because Bitcoin will always be the entry point for people curious about this new form of currency, that it will always remain the gold standard. It’s all about the brand name recognition.
“The leader of the pack always has the opportunity to seize market share, regardless of who is emerging in the marketplace of talking about cryptocurrency,” explains Dearborn, “this is because people's minds will always use simple comparisons to attempt to understand complex or obtuse subjects. This is a truism that can be shown in any marketplace. All soft drinks will be compared to Coke. All social media will be compared to Facebook, all new startups to Uber. More conversation and buzz only makes Bitcoin more visible.”
Dearborn’s company offers everyday people help and advice for investing in this new industry that many people are still scratching their heads trying to make sense of. So with how unpredictable everything has been in the markets lately, how would Dearborn approach investing in cryptocurrency?
As he sees it, this is an industry just like any other and because this it is so new, the highs and lows are to be expected. You just have to know when to buy a ticket for the ride.
“Do what the winners do in any market. Buy low, sell high,” says Dearborn, “markets are fickle like people. Sentiment, not reality, drives markets more than any other factor. When the hype is the highest is when to hold back. After a crash - which is inevitable - people are now scared and burned. This is the time when the real players buy, capture massive market share.”