Did you know that the monthly Crypto trading value can be as high as 500 Billion US Dollars! The world is progressing fast, supported by innovations that weren’t there even a decade ago. Cryptocurrency is of these innovations, and the latest addition we’ve seen in Cryptocurrency is Altcoins. However finding the right crypto gems to get into at the right time is the challenge.
Investing in Cryptocurrency — What You Need To Know
Everyone has heard the name Cryptocurrency, but do you know how to invest in it? Before you decide to invest in cryptocurrency, you must understand what it means and all the baggage that comes with the phenomenon.
Once you’re done with gaining all the necessary information, it’s time to note that mistakes are mistakes, something that needs to be left in the past. You need to have some faith in the future. Moreover, it’s always important to keep an out for volatility, strength, and speed. Learn how to manage risk and never underestimate it. And always overestimate your losses before investing. This will allow you to play it safe.
Finding Legit Altcoins to Buy and Hold
Bias-free and accurate research is the key to finding the best Altcoins. Never rely on only one source. It’s important to keep your sources diverse.
You can also use some tools to ensure you’re getting the real deal. Some of the most reliable tools for finding legit Altcoins include social media, data aggregators, and exchanges.Now that we’ve covered the basics, here are the top 7 legit altcoins to buy in 2023!
1. Crypto.com CRO
Crypto.com Coin’s popularity spread from Hong Kong to throughout the world. When talking about the coin’s popularity, around 10 million people are currently using this currency. Currently, Crypto.com can be used for trading, investing, staking, NFTs, wallets, etc.
When talking about the coin’s pros, it allows its users to use it as an actual currency rather than a simple investment. The platform offers coins that will enable its users to gain a high level of interest on their crypto holdings, and it’s safe to say that it will give you the highest yield.
However, as the cash rewards and other various benefits are paid out in CRO, you may face some fluctuations in the coin’s value.
2. Enjin
The coin surfaced on March 1, 2009. With advanced innovations, you can use this coin in the crypto industry, the gaming industry, and other software industries. Among the many pros of this coin, on the top, we have the coin’s ability to come up with new and distinguishing features that set it out from its competitor.
Due to the number of transactions in the Enjin marketplace, it is much easier for users to buy and sell their unique non-fungible tokens. And besides this advantage, there’s no way this coin will run out as it has a current supply capacity of 1,000,000,000 ENJ coins, which is pretty spectacular. However, you should remember that the coin is not available on an open-source platform. And the usage of the coins is dependent upon a few specific games, which makes it vulnerable.
3. Stellar XLM
Used for monetary transactions, Stellar XLM comes with the ability to link financial entities worldwide. The main goal of Stellar XLM is to reduce the time it takes for money to be transferred from one place to another. Stellar XLM comes with a Blockchain ledger that allows the user to authenticate the transactions throughout every step.
The coin has a much-reduced approval cycle making it easier for its users to make transactions. The coin also tends to support ICOs and smart contacts, making it more diverse. On the other hand, some questions have been raised about the limited supply of the currency, both in coins and tokens. The platform that supports Stellar XLM faces slow development with great risks of sudden fluctuations.
4. Decentraland
Decentraland (MANA) offers something different from others in the market, and nobody is complaining about it. By using this coin, its users can develop virtual reality lands and use other assets to pay for the platform’s services. Investors fully support the view that investment in decentralism leads not only to short-term returns but also in the long run. Decentraland is also backed up by the world’s largest digital asset management firm, Grayscale.
This partnership paves the way for many upgrades and potential investments. However, even though the platform has earned lots of fame and popularity in a short time, You shouldn’t forget that it’s still in its early development stages. Especially after the pandemic, the platform’s sensitivity to external blows has heightened.
5. XRP
As compared to Bitcoin or Litecoin, Ripple (XRP) offers international transactions to take place. This feature of XRP has contributed a lot to the growth and popularity of the coin and for sure sets it aside from others in the market.
XRP is extremely affordable, which means that anyone can get their hands on the currency. Moreover, the use of the coin is supported by many banks worldwide. But besides this, the platform has also made a move towards private ledgers based on the public XRP. However, everyone is well aware of the SEC case against Ripple (XRP), which raises questions about some dirty tactics of the platform.
6. BAT Token
Created by Brendan Eich in early 2016, the Basic Attention Token has successfully attracted lots of investment and attention. The main aim of BAT is to nullify the middle man, any fraud, and tracking. It makes sure the user’s attention is tokenized.
The goal of decentralizing is to ensure the overall transaction period is reduced and that there are fewer complications in the whole process. The token is supported by 250,000 monthly active users, which speaks a lot about the currency’s credibility. However, BAT Token has been rumored to face some adoption problems. This problem has attracted many investors with short-term manipulative goals ruining profit prospects for others.
7. Polkadot
Among one of the most popular cryptocurrencies, Polkadot is soon expected to take the place of Ethereum. Polkadot works as a data-sharing network, connecting with other blockchains. Polkadot has played a great role in the interoperability of the various blockchains.
The platform is backed up by a team of technical and skilled members, including R and D developers and the Ethereum co-founder. However, you must not forget that Polkadot has just recently been launched. No amount of present success can guarantee future success, especially in a volatile and competitive market with Ethereum constantly working to take Polkadots place.
1. 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
2. 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
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
Choosing a cryptocurrency is not a piece of cake, and it isn’t something that you do on a whim. You should do it after detailed research that is free of any inaccuracy or bias.
You should make your final choice after extensive exposure to different coin offerings and knowing what each of them is offering.
