Cryptocurrency has proven to be one of the most profitable investments in recent times. Not only that, the huge investment in this newly found goldmine and the mouthwatering returns it promises have made Cryptocurrency a good investment.
If you are reading about Cryptocurrency for the first time, it refers to decentralized digital money used over the internet. This digital money strictly follows a decentralized form of control and governance. This is the major difference between Cryptocurrency and a central banking system. The latter operates a centralized system and is not digital like Cryptocurrency.
The first known Cryptocurrency was Bitcoin but we have several other Cryptocurrencies today. Some of them include Enjin, BAT Token, Stellar, and Ethereum, among others. The number of Cryptocurrencies is reported to be more than 16,000 and they obviously do not carry the same value on the market. Bitcoin has a market capitalization of close to $900 billion while that of Ethereum, regarded as the second largest of Cryptocurrencies, is close to $500 billion. Generally, these Cryptocurrencies operate through the blockchain, which is a distributed ledger technology.
Also, if you’re still on the hunt for a great crypto exchange, we’ve got 5 of the best to check out right here.
Benefits of Investing in Crypto
One of the advantages of investing in Cryptocurrency is the improved liquidity of digital money. Liquidity means the measure of the ease and quickness involved in the conversion of a Cryptocurrency into cash, without having any impact on the general market price. The importance of liquidity Includes quicker transaction times and better pricing.
Cryptocurrency is very easy to access and that is a very huge benefit. The accessibility of Crytpocurrency is not restricted to anyone but open to all. With a smartphone or computer with an internet connection, you are good to go. Setting up a wallet (Cryptocurrency wallet) is so easy and fast, especially when compared to opening an account with a traditional bank. No background check, no verification, just create your wallet and get started.
Another benefit of investing in Cryptocurrency is the security it offers. Your funds cannot be accessed without your permission, nor can your transactions be signed without your consent. If you have your private key and no other individual or group of persons can access it, your funds are secured. However, if you lose this private key, you will not have access to your funds. After extensive research and testing, this article breaks down the 7 best sleeper altcoins in 2023.
1. Enjin
The Enjin Coin (ENJ) is basically regarded as the Ethereum token that seeks to create an easy pathway for individuals, brands, and businesses easy to use non-fungible tokens (NFTs). The Enjin coin is used to directly support NFTs value minted in the Enjin ecosystem. This Cryptocurrency is also an ERC-20 token that is traded on the Ethereum blockchain.
The technology of the ENJ supports an ecosystem that was created to accommodate gaming, NFTs, and other digitally distributed apps. Some blockchain products found on Enjin include wallet, marketplace, and developer platform.
Potential
As for its potential, Enjin has a very good prospect among several other Cryptocurrencies. In terms of long-term price predictions, the Enjin coin is unlikely to attain $100 anytime soon. According to “WalletInvestor,” the Enjin token could climb up to $2.988 in 2023 and reach $8.335 by 2027, which is more than its November 2021 all-time high ($4.6858).
2. Sushiswap
Launched in August 2020, SushiSwap (SUSHI) combines both the characteristics of a decentralized exchange and a cryptocurrency token. SushiSwap provides a platform for an individual willing to swap cryptocurrency.
SushiSwap could be an entertaining one due to the nature of the exchanges made on it. Its liquidity was recently estimated to be worth over $3 billion, according to www.fool.com.
Potential
The increase in the price of this Cryptocurrency has been rising geometrically ever since its creation in August 2020, which translates to a huge potential market for future investors.
3. Bat Token
Through the use of blockchain technology, Basic Attention Token (BAT) was created to give maximum efficiency, fairness, and security to digital advertising. The token is accommodated on the Brave web browser developed on Ethereum (ETH).
Though the BAT project has been in the process of development as of February 2022, the Brave browser on which it can be found is very much available for download. The number of active users of BAT continues to rise every month. As of the time of writing this, there are now over 55 million active users monthly and an estimated 16 million users make use of the Brave browser daily.
Potential
Companies have employed new ways to use the latest and best technology like the Basic Attention Tokens as a result of the continued increase in digital and blockchain currencies. The technology is used to solve problems related to web-based advertising and web browsing. Many more companies are sure to use this innovative technology in the future.
4. Crypto.com
Established in 2016, crypto.com has a speed of 2.7m TPS matching engine and possesses a 50 micro-second core latency. Liquidity on this platform is a deep-order one and has been positioned to suit all market conditions. Security on crypto.com is PCI: DSS 3.2.1 Level 1 compliant and SOC2 Type 1 Compliant.
It features the DeFi Wallet for your Keys, the DeFi Earn which consists of a lock-up period and stable returns. There is also the DeFi Swap where DeFi coins can be swapped, and the Triple Yield can be earned.
Potential
Quite enormous. On the crypto.com platform alone, there are over 10 million users, and its insurance coverage is as much as $750 million. Built to accommodate the buying and selling of more than 250 cryptocurrencies with over 20 fiat currencies using your credit/debit card or bank transfers, crypto.com is where you should go for anything crypto.
5. Bitcoin Cash
Bitcoin Cash or BCH is a type of cryptocurrency that shares a lot of similarities in its features with Bitcoin or BTC but also integrates a few attributes and changes that distinguish it.
Bitcoin Cash is only one of the larger and more popular Bitcoin forks, although it is also not the oldest. To an extent, BCH was built to address some of the shortcomings of BTC.
Potential
Suggestions from the “WalletInvestor” indicate that BCH will be worth about $506.94 within the next year and around $1,018.80 in five years.
6. Stellar
Stellar has been created as an open network for the storage and movement of money. With its “borderless, limitless, and powerful” features, the creation, sensing, and trading of digital representations of all kinds of money are made possible.
These monies include pesos, dollars, euros, and any other currency you can think about. Even Bitcoin.
Potential
The various forecasts for the Stellar coin indicate that it has strong future growth potential. The long-term value of this digital asset is evident in the price ranges which are from as low as $0.25 to as high as $13 per XLM coin.
7. XRP
XRP is a digital asset created specifically for payments. It is the native digital platform found on the decentralized, open source blockchain technology known as the XRP Ledger. This technology can help settle transactions in a few seconds.
Potential
Due to its faster and more scalable nature, the XRP is ahead of many other digital assets. Along with the XRP Ledger, XRP is an instrument digital tool that has changed the face of digital payments in our world, and it can only get better with this platform.
Top 3 Best Crypto Exchanges
1. Binance US
Binance US is a cryptocurrency exchange for U.S. residents that allows users to buy, sell, and trade supported cryptocurrency. Binance US also offers “staking,” or lending of several cryptocurrencies, paying users interest for lending their crypto assets. They have a wide list of cryptos available and super low trading fees. You can get started on Binance US here.
Pros
- Great looking interface on desktop & mobile
- Beginner friendly
- Low trading fees
Cons
- Fewer crypto-to-crypto currency pairs than global Binance site
2. Uphold
Uphold is considered to be one of the safest ways to buy cryptocurrency by many digital asset experts. Since launching in 2014, Uphold has maintained an exemplary reputation for security among its customers. The site is unique in the sheer amount of assets it offers. You can get started on Uphold here.
Pros
- Available in more than 180 different countries
- Transactions sent between Uphold users are completely free
- Huge list of cryptos available
Cons
- Fees are unclear in certain buy and sell spreads
3. Crypto.com
If you’re looking for an affordable, all-in-one cryptocurrency platform, Crypto.com might be right for you. The more Cronos (CRO) you’re able to stake, the more benefits you’ll get from this exchange. They also have a huge list of cryptos available. You can get started on Crypto.com here.
Pros
- Wide list of crypto available
- Low trading fees
- Staking available
Cons
- Lack of educational resources
Final Thoughts
The listed digital platforms above are some of the most innovative things that have come out of the digital and tech space in the past few years. They are all worth investing in that is why millions of people from around the world have followed and invested in them. These assets have also changed the shape of the economy, giving both the privileged and the less privileged individuals a level-playing ground through the decentralized form of governance and control. However, if you wish to invest in any of the assets, make sure you have a deep understanding of what such an asset is all about. Make your research approximately and be very calculative in your investment moves before making any decision.
