Cryptocurrency is going to be the future, however many say there is no future for it, it is evident that it is going to be the future. Slowly many nations and financial systems are accepting bitcoins and their applications. It is the law that prevails in society, whenever there is some innovative and disruptive technology or a method, first, we ignore it then we know about it then we accept it. That is what happening to cryptocurrencies. People are slowly accepting the tech and its advantage on various applications.
Since more crypto coins came into force, naturally trading became into existence, like how we have forex trading for our normal paper currencies. Plunging to crypto was unavoidable when you know that crypto coins are here to stay.
Initially, India had a problem accepting it, but today India is seeing its application which can be widely used. As I was looking to know more about it and make some money I did enroll in a few exchanges to start the ball rolling.
Cryptocurrency trading is similar to our forex trading, you buy during a dip and sell during the rise. The same principle is followed here.
In India, there are few exchanges where you can buy and sell cryptocurrencies.
After trying my hands with WazirX, Binance and CoinDCX I choose to continue with CoinDCX because of the simple usage and UI. It’s better to choose an exchange that has good speed and options to withdraw and deposit Indian currencies.
After doing your necessary KYC verification you can add money to your CoinDCX wallet and start trading. Wazirx was a little late in doing KYC and it had only a few options to add money and withdraw.
On the other hand, Binance was complicated for adding and receiving money and the UI looked a little complex to understand comparing CoinDCX.
cryptocurrencies are chosen with a few basic fundamentals.
Market capital – Analyse the market capital for each coin before investing. More the market capital better it is.
Use case – applicability of the crypto in the real world with projects based on its blockchain
Market Engagement – how well the crypto is engaged with people, how the people believe in its potential and add value to it.
These are the few things we see before investing in cryptocurrencies.
After researching online I chose to invest in a few best coins in 2021.
This is the father of cryptocurrency or the “adam” of the crypto world, created by an unknown person with a stage name called Satoshi Nakamoto. I remember bitcoin had a value of 1$ 10 years back and $48000 now. It has been appreciated enormously. Since it has a large market capitalization, use case, and oldest this seems to be a safe bet, so when there is a dip buy and sell during the peak, the same stock market rule applies here. Each crypto coin has a use case like bitcoin is the first digital currency based on blockchain technology.
One of the best inventions by Blockchain was a smart contract. It’s simply a code that ensures safe and secure transactions without a third party needed. Ethereum was invented by Vitalik Buterin. It is a Blockchain network that supports the use of smart contract technology.
Individuals can build a smart contract on Ethereum that runs on its own after deployment. These are called Decentralized Applications of DApps.
Today, there are over 2800 DAps on Ethereum, which makes 80% of all the available DApps. Ethereum’s token, ETH is the second crypto after Bitcoin. Its market cap stands at $474 billion.
Plus, ETH has a lot of potentials to grow, and some experts even predict that it could surpass Bitcoin.
Chainlink is built on the Oracle network. It’s among the best cryptocurrencies to invest in as it solves the challenge of working in isolation with smart contracts. And since many people continue to use these contracts, you can expect the currency to grow. Also, the crypto has built several partnerships in both crypto and non-crypto markets. It has been integrated with various projects like Binance, AAVE, Polkadot, etc. Chainlink’s token, Link, has a market cap of $9 billion and is expected to grow.
The Polkadot network connects several Blockchains in one unified network. As such, it allows individuals to use applications built on different networks, thanks to its multi-chain design.
Polkadot is referred to as the internet of blockchains as it connects blockchain networks into a single network. For this reason, it is a fast network with a transaction per second of 1000-3000 transactions and is expected to reach 1 million.
DOT, Polkadot’s token, has a market cap of $26 billion and a market price of around $28.
Uniswap is built on Ethereum Network. It was developed in 2018 by Hayden Adams, who received a grant of $65000 from the Ethereum Foundation to build his project.
From $65000, the UNI token on this platform today has a market cap of $7 billion and a price of $15.73. The platform is safe and supports anonymity, making it attractive to many businesses.
The network builds Decentralised applications using smart contracts. It offers stable coins like UST that remain stable for many years.
The platform was built by TeraForm lab in 2018 by Do Kwon and Daniel Shin. It offers various applications like Spar protocol, mirror protocol, and anchor protocol. The current market cap for LUNA, which is this platform’s token, stands at $32 billion and has a market price of $33.28
It’s a virtual world on Ethereum network, combining Blockchain Technology, Gaming, and Virtual reality. The virtual land is categorized into pieces, allowing individuals to purchase and own it in Non-Fungible Tokens form.
This project is mainly about purchasing virtual properties and investing in them. For instance, you can rent, place an advert or conduct a business in the property.
It sounds strange for someone to buy a virtual piece of land with real money. But this is one of the leading projects that offer money value of digital assets. Currently, the market cap is more than 6 billion with a $3.35 market price.
Next is a token called FTT by FTX exchange. The platform offers many unique features like Prediction Markets, Leveraged Tokens, Tokenized stocks, etc. The intuitive user interface and mobile application make this an attractive platform.
FTT currently enjoys a market price and market cap of 5 billion and $41.68, respectively. Plus, in terms of the trading volume, FTT is ranked among the top 5
Lido Finance is among the rapidly growing projects. Once you stake your crypto assets on this platform, you’ll have to wait until they are stalked. Plus, there’s a lock-in period before you can access the assets.
The platform offers liquidity during the period you stake your assets. You can use this liquidity on various Defi platforms to earn more money.
Lido’s token, called LDO, is the governance of this platform. Its market price is $177 at the moment and is expected to increase in the near future.
Last we have this insurance protocol, allowing individuals to take insurance to protect them from loss of crypto funds. Note that previously, if you forgot your private key, you risked losing your crypto assets. Then smart contracts were introduced that enabled people to lock crypto funds in a contract.
However, these contracts were prone to hacks. As such, many investors are still hesitant to adopt smart contracts. However, insurance helps mitigate this risk.
Using this insurance protocol, users can cover the losses caused by smart contract failure through Smart Contract cover.
Nexus Mutual’s token, NXM, allows holders to buy smart contract cover and stake the token to use for governance purposes. Its current market cap is $931aa billion, and it is expected to increase.
Disclaimer: Remember that the market price and market cap figures of cryptocurrencies mentioned here are at the time of writing this article.
