New to Crypto? So Am I.
For those unfamiliar with cryptocurrencies and their trending implementation in today’s society, it may seem a bit absurd to stray away from traditional forms of exchange. A cryptocurrency is a digital or virtual currency that is secured by cryptography. This makes it nearly impossible to counterfeit, and as well are generally run on decentralized networks. Similar to shares of a stock, a cryptocurrency’s value varies with every purchase or sale of that particular crypto asset. Like most goods and services exchanged, the value is completely dependent on supply and demand. I would like to share some basic information about crypto in general, and then share with you a newer but very useful cryptocurrency that have a strong foundation backed by a solid project; This crypto token would be something to consider investing in for those late to the game, while still having a good opportunity to make a decent profit. Though, it is important to note that I am not a financial advisor, and though I have been researching some alternative tokens recently, I suggest everyone only invest money they wouldn’t be left stranded, if lost.
When I was first introduced to cryptocurrency, the rant and rave was all to do with Bitcoin. Bitcoin is the most popular, long-lasting, and sought-after crypto-asset in today’s market. With a lower than average supply (factoring in other currencies) and a high demand, Bitcoin has a tremendous market-cap of roughly $900,000,000,000. A market cap, in short, is the amount of coins available multiplied by its current price. A person who invested in Bitcoin 8 years ago, would be a very happy camper today if they managed to hold onto their wallet credentials. Bitcoin was created c. 2008 by a person or persons using the name Satoshi Nakamoto. The idea was simply to create a decentralized form of exchange. Bitcoin is earned by “Mining.” A simple explanation of mining is having your computer solve mathematical equations to check for a solution on the global ledger. Once an equation is solved, it will reward the user that completed it with a share of NEW Bitcoin. It will then update the global ledger to account for the new tokens. There is a limited supply for the majority of crypto assets. They either become harder and harder to acquire over time, or simply have a limited supply that when reached, will no longer create new tokens. This will limit dilution of the asset.
For those looking to invest in a more ground-up project, there are a few good options available. One my my favorite and the one I will talk about is NyCypher.
NuCypher (NU) is an Ethereum token that can be staked to run a node on the NuCypher network. NuCypher describes itself as a threshold cryptography network that provides data privacy and key management for decentralized applications and protocols. It is a very solid project that has a lot of applicable uses, and as well, is relatively new. You can learn more about it by visiting their website at NuCypher.com
NuCypher has grown considerably in the last few weeks, and is looking very bullish. It is projected to continue to grow throughout the year, and into following years. For those of you looking play the short game, and day trade; NuCypher occasionally has massive bursts while still, for the most part, maintaining part of its growth after the correction. A lot of alternative tokens aren’t backed by anything, and therefor are mostly useless and value only set in arbitrary psychological hype caused by trendy news and social media (ie: Dogecoin) NuCypher has the potential to be implemented in many future projects, 1st and 3rd party.
Currently, you can purchase NuCypher on a few exchanges; With Coinbase being the most popular. If you opt to use Coinbase, I suggest you only use the base Coinbase site/application for viewing and storing you assets. You should use Coinbase Pro to actually make the purchases and sales, as they result in a much lighter fee. NuCypher is projected to increase in value, in addition to its normal rate, once available on other popular exchanges such as Binance.
A few honorable mention tokens that also have potential for growth are:
OXT — Orchid
GRT — The Graph
NMR — Numeraire
You can research these coins as well if you’re looking to spread out your investments.
Thank you for reading. I hope that you learned something, or maybe at the least, have sparked some interest in Cryptocurrency. I believe that it is still very early into their lifetime, and later will become a more implemented part of society and trade.