Good day, Crypto AcademyCommunity. after learning from the Steemit Crypto professor @besticofinder where he discussed about How to invest in cryptocurrency, the lecture was very Cautionary and Educative and I want to attend to the task.
HOW TO INVEST IN CRYPTOCURRENCY
As with every investments that will have Sustainability, it is important to carry out basic investigative research study before making a decision to which cryptocurrency to invest in, considering a lot of factors. One of the basic things to consider is the cryptocurrency Valuesand Prospects, after being comfortable with a particular crypto based on its rank in market capitalization it is also important to read the crypto's whitepaper and this will open your understanding to a lot of information about your choice crypto . And this process of gathering information about the Crypto is Very Basic and FUNDAMENTAL.
Some factors to consider before investing in Cryptocurrency
The Use : It is important to understand what use is the crypto you are trying to invest in and this will equip you with required knowledge of why you are investing in such crypto and what benefits it get you.
Competition: It is also important to consider the crypto's competitors to know what are the likely challenges your investment would face. Which is normal with every business
Market Values and Exchanges : This is another great factor to consider before investing in a crypto knowing the total volume in circulation and its availability for trading on exchanges.
Above are some factors to consider in the process of Basic analysis. For this study, I will be considering investment in TETHER GOLD for the year 2021 and I've considered a lot of things about XAUT before making this decision. Please see the reasons below.
Tether Gold price today is $1,736.94 with a 24-hour trading volume of $31,165. XAUT price is up 0.4% in the last 24 hours. It has a circulating supply of 85 Thousand XAUT coins and a max supply of 85.4 Thousand. Bitfinex is the current most active market trading it.
Tethergold is a cryptocurrency. It is intended to be a decentralized digital currency that is based on cryptography and Blockchain. Which can operate without the need of a central authority like a central bank or a company. It is not like government-issued or fiat currencies such as Dollars or Euro or Pounds in which they are controlled by the country’s central bank. This decentralized nature allows it to operate on a peer-to-peer network whereby users are able to send funds to each other without going through intermediaries. And with the Features the Government of the day can never control or influence this currency and its great way to hold Gold.
Tether Gold (XAU₮) is the only product among the competition that offers zero custody fees and has direct control over the physical gold storage, safely held in a Switzerland vault, adopting best in class security and anti-threat measures. Today, Tether Gold (XAU₮) is the best way to hold Gold.
Purpose of the Project: Tether gold as the blockchain-based decentralized platform comes with the prupose by which one can mine, Buy and Hold Gold.
Team: The teamwork on the Tether Gold network encompasses; Core system: just like every other blockchain network, XAUT conversely works in a decentralized manner. Since there is no central figure like a bank to verify the transactions and maintain the ledger, hence its transacted on ERC-20 token on the Ethereum blockchain and as a TRC20 token on the TRON blockchain, can be transferred to any on-chain address from the purchasers’ Tether wallet.
Factors to support my consideration for Tether Gold.
Market Capitalization: Having Tether Gold at number 241 gives more assurance that the future of the crypto is bright. And as such, it is regarded as a capital assets and the Best way to keep Gold . Categorised with less risk of investment and reasonable profits on investment. Its estimated that by December 2021 one XAUT will be worth over $3,000
Analysis is a very great tool and method to gain insight to some cryptocurrency before making a decision to invest . Thanks to the crypto professor @besticofinder for this week's great lecture as it helped my knowledge to the aspect of fundamental analysis. I deeply appreciate y'all for reading.
Written by; @ugoh-tee