8 Altcoins to Watch Out for and 2 Criteria to Look for Before Investing

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Greg Chase says he made and then lost and then made a fortune again by investing in crypto. He shared what he looks for in coins and how he now secures his crypto. He also shared eight coins he plans to invest in as the crypto crisis ends.

Greg Chase has had a wild ride investing in crypto.

Using the money he earned from his successful YouTube channels including Top Five Best, 100M and FactFile, the now 24-year-old YouTuber started investing in the digital asset space by 2017, creating a portfolio worth $ 394,000. He’s made big gains in coins like VIBE and ethereum, according to a record from his crypto wallet on Ethplorer viewed by Insider.

But he said that after purchasing a cheat code (which ended up being ransomware) for the Counter-Strike video game, he lost pretty much all of his crypto to hackers in early 2019.

The incident didn’t scare Chase out of the crypto space (although he now keeps his key private with a CryptoSteel capsule with a 24-word code). He has since reinvested in space, although he claims to have liquidated almost all of his crypto assets, except around $ 10,000, in April before leaving Canada for the United Arab Emirates, where there is no no income tax.

Including YouTube and crypto earnings, he now has a net worth of up to $ 2.1 million, according to a checking account statement viewed by Insider.

In an interview, he shared what he looks for in cryptocurrencies before investing in them, and eight projects he plans to bet on once the current crypto crisis is over.

8 crypto projects that Chase plans to invest in

Bitcoin, the largest crypto, is still down 17% from its peak in mid-April, and fell almost 50% in July.

If and when the underperformance in the crypto space finally ends, Chase said he plans to invest his money in several projects.

Its two main investments will be bitcoin and ethereum. This is because they are the two most important and established cryptocurrencies, and there is less relative risk associated with them compared to other coins, he said.

He said he waited for bitcoin to drop to $ 24,000 before investing in it. He will also buy Ethereum at this point, he said, as the prices of both assets fluctuate in the same way.

After those two, Chase said he was bullish on qtum because it’s a “mix between ethereum and bitcoin”. He pointed out that he has the security of Bitcoin and the smart contract concept of Ethereum.

“I think it’s undervalued for where it is,” Chase said. “It has unlimited scalability.”

Then he likes Verge, which allows anonymous transactions. “I like the fact that it’s not an ERC-20 / on the ethereum network, but rather that it works on the bitcoin network but much faster and cheaper,” he said. declared. He also likes that it is a trustless system, which means that no trusted third party, like a bank, is needed for a transaction.

Chase also likes Ether Classic. He is a fan of it because it is an original version of Ethereum and relies on volunteer developers.

Plus, there’s Neo, which is also a smart contract project that Chase loves because it was one of the first coins to offer staking, a process in which token holders lock their coins in exchange for an efficiency.

He also likes Litecoin because he thinks it has rightly underperformed compared to the rest of the crypto space.

“Why is Litecoin so cheap? ” he said. “Bitcoin, ethereum, litecoin. That was the talk. Now litecoin is number 16. And when that big boom happened a few months ago, it didn’t go up like other cryptos. , and that’s all.”

Another element that Chase likes is the Basic Attention Token for his use case. The project is an ad blocker and pays users who choose to watch ads.

Chase pointed out, however, that aside from bitcoin and ethereum, other crypto assets will only make up 20-25% of its crypto portfolio and that there is significant risk associated with small crypto projects. He also said his investment plans should not be taken as advice.

What to look for when choosing altcoins

Chase has a small list of criteria he uses when choosing which coins to invest in. The first is to look for projects that offer real value and understand what their purpose is.

“Decentraland is pretty cool, you get paid to play games. But does it have any value? I don’t think so,” he said. “Something like qtum, it’s going to be for business.”

Second, he said to look for coins with a low circulating supply which for him is around 500,000,000 coins (bitcoin has around 18.83 million, ether has 117.79 million, per CoinMarketCap ). Chase is also looking to see if the circulating supply is close to the total supply. He generally does not like coins with unlimited potential supply.

The prices of coins with a larger circulating supply are more difficult to influence than those with a lower quantity of circulating coins.

“People love dogecoin because it’s so cheap, and they think it’s going to hit these extreme highs,” Chase said. Dogecoin has an outstanding supply of 131 billion.

He continued, “But they forget that there are so many coins, so to make up for that you will have to have that much money to make $ 1.”

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