Cryptocurrency has recently taken a big hit.
Two of the biggest cryptocurrencies available on the market, Bitcoin and Ethereum, have taken a pretty big dive and it has scared quite a few people while warning off others.
Do these cryptocurrencies dropping and stalling show warning signs that cryptocurrency will soon be worth nothing much, or is it just a temporary lull?
The good news is cryptocurrency is still fairly viable, and a hot topic, so it likely isn’t going away, it is just changing.
What Are the Risks?
Like with any trading or investing, there is a lot of risk with using cryptocurrency.
The biggest one is that crypto is highly volatile.
Since most, if not all, crypto works by being decentralized, the value comes almost completely from interest (suggest you elaborate on this; do you mean interest as in financial, or interest in terms of people being intrigued).
If people start dropping out of using crypto and certain currencies aren’t desired anymore, the cost can become worthless almost overnight.
There are also issues with regulations. In some countries, crypto isn’t allowed at all, and there are no ways to regulate or determine how to use it.
Plus, with the number of scams out there, it is hard to tell if you are even buying into the actual cryptocurrency or not.
Another danger is you don’t even know what cryptocurrency really is.
At the end of 2022, there were well over 20 thousand different kinds, and most of them weren’t invented until after January 2022.
This makes it almost impossible to know which cryptocurrency is real, which is a scam, and which is worth spending money on unless you have a lot of experience.
Similarly, another danger is cryptocurrency keys being lost. Since it isn’t physical money (meaning you don’t need a NYC chauffeur service to drive you to the bank to pick it up or deposit it), it can pretty easily be misplaced. Most of the time, it is stored in a digital wallet either on your computer, an external hard drive, or a website. To access your crypto and log in, you need a key or a password.
If that key, which is usually pretty long and complicated, goes missing, then you have no way to access the money stored within it. Some companies are now allowing for recovery of the account, but there are still millions, if not billions, of cryptocurrency tokens that are missing. For example, Bitcoin believes that there are around 4 million bitcoins missing, which is worth billions of dollars, due to the loss of important keys.
Finally, the future of cryptocurrency is still in the air. There are a lot of opponents of cryptocurrencies, with some being those that want to protect the environment. Since cryptocurrency mining uses a lot of computing power, more computers have to be made, which causes more harmful mining practices. The electricity used to run these computers is also carbon-heavy and releases an abundance of greenhouse gasses.
Is it a Solid Investment?
Despite the issues so far with cryptocurrency and the dangers, investing in digital income is still a good idea.
Since it is fairly new, there are plenty of investing and trading opportunities for those that want to get involved.
There are also plenty of new cryptocurrencies appearing every day that can be good investment opportunities which will give you a return on your investment as they grow.
If you are willing to accept the risks and be patient, investing in crypto can be well worth it.
What Are the Best Cryptocurrencies to Try?
Obviously, the two best cryptocurrencies are worth the most; Bitcoin and Ethereum.
But if you don’t own either of those already, it is nearly impossible to buy some unless you have enough money to make enormous investments without worrying about losses.
However, if you want to get into the game early with a new cryptocurrency, then you might want to try some of these below.
They are newish, so on the cheaper end, but have a lot of potential for growing in the future and providing a good return on your investment.
1. Meta Masters Guild
Meta Masters Guild has a lot of potential for 2023.
It is a mobile gaming platform and the first one dedicated to a Web3 platform.
It has quickly grown to $1 million in investments in less than two weeks.
Right now, it is only a couple of cents per coin, but it is making huge leaps in its prices that make it look amazing.
Some experts in investments and cryptocurrency estimate that due to the high popularity of web gaming, the Meta Masters Guild will quickly grow even further in popularity.
2. Fight Out
Another Web3 cryptocurrency is Fight Out.
This is a gym and fitness app.
It uses smart trackers and an algorithm to measure workout regimes and create an exercise plan unique to every individual user.
In addition to its unique style, which is drawing attention, it is bringing in investors with a bonus of around 50% more tokens depending on how long they lock in their tokens for.
Disclaimer: This article was published by the FrankNez curating team. Opinions and thoughts published by the curating team are not Frank Nez’s.