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Home CRYPTO & BITCOIN

How to Select the Best Crypto for Your Financial Goals

Dr Artem by Dr Artem
July 22, 2022
in CRYPTO & BITCOIN
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Whether you’re trying to make a quick buck by investing low and trading high or looking for a long-term investment in the crypto world, knowing which token is your best bet for success can be challenging.

There are many factors to consider when selecting which cryptocurrency to invest in, and each token has many different benefits. Here are a few tips when choosing the best cryptocurrency for your financial goals.

Table of Contents

    • READ ALSO
    • Cliff Pierre Releases Free Bitcoin Masterclass Course Teaching People How To Buy, Sell & Trade Crypto 
    • How Can Leverage Be Used in Cryptocurrency Trading?
  • Tokenomics
  • Community Perks
  • Generating Rewards

READ ALSO

Cliff Pierre Releases Free Bitcoin Masterclass Course Teaching People How To Buy, Sell & Trade Crypto 

How Can Leverage Be Used in Cryptocurrency Trading?

Tokenomics

One of the most important things to consider when selecting which cryptocurrency to invest in is the tokenomics of each coin. Tokenomics has to do with the rules, regulations, benefits, and incentives built into the token’s design. Each new cryptocurrency incentivizes traders in some way to invest in and actively use the token.

You can find the detailed goals and motivations behind the creation of a token through its whitepaper. Some unique benefits of the new FTX Token include clawback prevention to minimize losses to the community when accounts go bankrupt, airdrops of SRM to encourage trading on the new Serum DEX and burn mechanisms to fight inflation and protect the user.

Always consider the unique characteristics of each token before making your investments. Each token is unique, and understanding their differences could help you better speculate within the market.

Community Perks

Investing in a cryptocurrency isn’t just investing in that token; you are also investing in the exchange you use for trading and the community around that particular token. When considering the FTX token vs. other tokens, one benefit is its strong community of crypto experts and the perks of becoming a crypto BFF in the FTX community.

Holders of FTT get access to benefits like airdrops and fee discounts and are invited to actively participate and have a voice in the governance of the token. Crypto BFFs are invited to exclusive events and encouraged to share their opinions and ideas with the FTT community.

FTX is dedicated to expanding its platform and improving the utility of its token; with the input of traders, the FTX community is active and constantly evolving to benefit the user. Investing in a cryptocurrency with an active and involved community can be a good sign for the long-term success of that particular token.

Generating Rewards

You may consider the long-term investment opportunities available through specific tokens depending on your financial goals. Tokens built on proof-of-stake blockchain models give users a unique chance to stake their coins to generate long-term rewards.

Any coin holder in a proof-of-stake blockchain model may become a node on the network using their personal machines, which can verify transactions on the blockchain. Users can stake their coins with these nodes for a greater chance of being selected to verify transactions.

With each successful verification, all coin holders in the stake pool receive a percentage of the rewards generated. Staking is an excellent option for growing your investment over time and earning up to 20% in rewards.

Liquidity or yield farming is another excellent option for long-term investing in the crypto world. To join a liquidity farm, you pay an entry fee and enter into a smart contract that locks your investment into the liquidity pool for a specific period. During this time, your coins are lent out to borrowers on the network in exchange for rewards in the form of fees and more.

Liquidity farming is a great way to generate rewards but can be risky, as with any investment. If you’re looking to hold your crypto for an extended period, staking or yield farming are great options for effortlessly growing your investment.

There are many factors to consider when selecting the right cryptocurrency for your investment goals. Take a look at the whitepaper and the blockchain network the coin is built on to better speculate about the short-term and long-term opportunities with each new token. 

Read More About: Crypto world 

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