What to Consider while Buying Crypto in 2023

Share on facebook
Share on twitter
Share on linkedin

Cryptocurrency and its technology are the future, as many vital spheres have been using it for a long time. Healthcare system, logistics, credit systems, food industry, real estate market, and so on. We conclude that crypto and its technology are already here. All that remains is to figure out what to do with it in 2023. 

Is it Worth Investing in Cryptocurrencies in 2023?

Without a doubt, yes, and yes again. And this statement is supported by many reasons. At the very least, cryptocurrency as a phenomenon emerged in parallel with the global economic crisis of 2008 and is still developing. I will say more, despite the obvious security problems and rate hikes to which it is exposed, the world increasingly perceives it not as something from the shadow financial sphere, but as a real possibility to revolutionize the economic sphere. 

Let’s not go far and just briefly recap everything that happened to the crypto world in 2021: 

  • A pandemic-induced crisis is raging outside, and financial markets are struggling to stay afloat. 
  • El Salvador accepts bitcoin at the state level as legal tender, while China sharply resists crypto as such. 
  • At the same time, the world’s first exchange-traded investment fund is being launched. 
  • The art universe is increasingly working with cryptocurrency and successfully selling artistic works. 

Processes happen quickly and without intermediaries, which greatly simplifies life and meets the rhythm of existence in the digital age. This is why the crypto market is growing exponentially. In one year, the bitcoin grew by 70 percent, which allows us to say – the industry is at the top of its popularity. 

What is Important to Consider When Buying Cryptocurrency in 2023

It is worth remembering that any investment is subject to certain risks, but it is also an indicator of potential earnings and a contribution to future prospects. The main thing remains the right approach to the question. 

First of all, it is worth defining your own requests regarding cryptocurrency. That is, what final result after investing you expect. Studying this question, you will find a currency that is not questionable. Again, the ease of use will help reinforce confidence. The mechanisms of operation, exchange, and withdrawal should be fast and not cause a lot of resource costs. It is this aspect that shows the user that the project is not only profitable from a financial point of view, but also technically. That is, it implements innovations to keep up with the times, and thus provides the user with everything he needs to successfully promote his investment. 

Also, an important selection criterion is the “media” of the project. The more users of the cryptocurrency community are interested in it, the more capitalization it will get. At present, on the market, there are several emerging giants, which are worth paying attention to. These include the familiar Bitcoin, Ethereum, and, of course, Solana. 

So, let’s go in order. Why Bitcoin? The fact that it knows the whole world from schoolchildren to serious investors. This coin is the first of the Mohicans, and it does not require any advertising. That’s why its capitalization is 762 billion dollars.

The second after bitcoin is Ethereum. In turn, this currency has fairly serious technological support. Thanks to smart contracts from Ethereum, two parties can enter into contracts quickly and without intermediaries. This significantly reduces the waiting time for a transaction, eliminates all the bureaucratic hassle, and makes the transaction as transparent as possible. Using Ethereum contracts, you can, for example, buy a house as easily as you can pay for lunch in a cafe. For the long term, Ethereum is creating new business models and decentralized applications to solidify its status as a promising currency with emerging potential. 

Solana was the first to provide the technical ability to conduct parallel smart contracts. This means that it is now possible to conduct tens of thousands of contracts simultaneously. Also, it was the system that solved the blockchain trilemma, allowing for unification and possessing decentralization, security, and performance at the same time. Yes, Solana occupies a relatively small part of the market, but the value of the coin is constantly increasing. This process is driven by constant development, so it’s worth taking a closer look at Solana’s capabilities.

Where to Choose Profitable Project

Analytics, of course, is great, but where to go to choose a profitable project? 

In this matter, by the way, there is nothing complicated either. Today there are whole companies that are engaged in the process of selecting potentially profitable projects and presenting crypto ranking. The platforms offer the user a huge list of available projects, breaking them down by rating and categories. This way, you are provided with professionally verified information on token audits, placement platform audits, and market capitalization information is shown. In addition, sites check submitted projects for potential cyber threats, which, unfortunately, the cryptocurrency market is prone to. The creators of a quality smart contract always take care to prevent phishing attacks, as well as the dangers associated with the threats of replay attacks. This protects users’ assets and avoids human error, which is checked even before the project is launched. You will also find all this information on the page provided above. Thus, the resource will help you keep track of changes in the market and make the right choice.

Based on the foregoing, we can conclude that cryptocurrency is a revolution in the economic system around the world, which promises a lot of discoveries and will probably be able to erase the borders between countries. The main thing is not to be afraid of innovation, because the future is always scary, but it will surely come.    

Safdarali Rizvi

Safdarali Rizvi

Safdarali Rizvi the management graduate. Has been an avid book reader all his life so naturally loves playing with his words. His curiosity for discovering futuristic opportunities drives him to enlighten the entire Geekymint team with exclusive and intriguing news. He has a real passion for calisthenics and sports. His management abilities and hunger for learning brings tremendous value to our team.

Leave a Reply

Your email address will not be published. Required fields are marked *

Recent Posts