Welcome to 2021… A place where many are shifting their investments into cryptocurrencies, especially here in Australia.
With more than 14,641 cryptocurrencies out in the global market, according to CoinmarketCap, it can be tough for any consumer or business to figure out which crypto they should hold on to or purchase.
This new digital economy has plenty of great opportunities to earn, as well as many risks to be cognizant of.
Having safe transactions is an imperative step in ensuring that your money and portfolio are still secure.
An additional move that’s also a must-do is to get a rundown of the potential cryptocurrency investments within Australia.
That information can help you decide and answer the golden question: which cryptocurrency should you invest in?
Here’s a quick guide to the top cryptocurrency investment opportunities within Australia:
** Nothing below should be considered financial advice. Always do your own due diligence and remember cryptocurrency is high risk, so never spend what you’re not willing to lose. Below is simply commentary on various cryptocurrencies available today.**
1) Bitcoin (BTC)
Bitcoin is the gold standard cryptocurrency that most people are aware of whenever the topic of crypto arises and for good reason.
It’s been around since 2009 and is one of the preferred cryptocurrencies for Australian investors.
Bitcoin’s inherent value comes from the technology that backs it, technology that makes it near impossible to make nefarious/unwanted changes, prevents double-spending and has controlled inflation until its 21M Bitcoin supply cap is reached around the year 2140.
Over the last 12 years, many attempts to change or sabotage Bitcoin have occurred.
From those wanting to change its protocol to allow for more speed, albeit with less security, to those public influential figures constantly sprouting ‘The End Of Bitcoin’.
Yet here we are, over a decade later and not only has Bitcoin endured through these challenges, it has actually flourished, and never once been hacked by the shady degenerates of the internet.
From being worth less than $0.01 per Bitcoin in 2010 to now being over $79,000 per Bitcoin, those who’ve chosen to ride the ups and downs of the market cycle are very impressed with their holdings today
Many see Bitcoin as a store of value these days, kind of like a savings account with a great interest rate, due to Bitcoin proving not suitable as a form of day-to-day money with its speed and scaling issues - well, at least the layer 1 network.
The speed and scaling issues with Bitcoin will likely be solved with intelligent layer 2 scaling solutions.
2) Ethereum (ETH)
Australian investors are avid fans of Ethereum, which is one of the cryptocurrencies in the market that was developed back in 2015 - starting at ~$0.67/ETH and currently ~$6,000/ETH.
Ether or ETH is what people purchase when investing in Ethereum. ETH is the native cryptocurrency of this blockchain and is used to pay for the fees (GAS Fees) that come from interacting with smart contracts/performing transactions.
Ethereum blockchain is typically known for smart contracts and DApps (Decentralised applications) as it provides an environment for developers to build exciting projects.
Unlike Bitcoin, which can take 10 minutes up to a few days (depending on backlog) for a transaction to be completed, Ethereum can complete a transaction as quickly as 14 seconds up to roughly 5 minutes.
Also, Ethereum can integrate digital assets and applications via unchangeable, blockchain-based smart contracts (self-executing code), that execute certain instructions when specific conditions are met.
The Ethereum blockchain has a big upgrade in its pipeline, Ethereum 2.0, which will be more secure, user-friendly, and scalable than the current version of Ethereum.
It is also predicted to lower the GAS fees due to the reduction of congestion on the network and the computational power required to validate transactions.
Exciting times ahead for Ethereum!
3) Binance Coin (BNB)
Binance is one of the world's largest centralised exchanges (CEX) and the Binance Coin (BNB) is the native cryptocurrency of the Binance blockchain.
Starting back in 2017 at ~$0.11, today BNB is trading at ~$800.
It is estimated that Binance has roughly 28M users, with a large portion (48%) of them being ‘hobbyists’, had a peak 24-hour trading volume of USD 76 billion and reported profits from 2020 are between USD 800 million to USD 1 billion - not too shabby for a company that started only in 2017.
Binance also has what's called a ‘Deflationary Token’, which means their total supply decreases over time due to them doing quarterly burns.
Their most recent burn was 1,296,728 BNB, which was valued at $393,673,653 USD when it was done.
The BNB token is used inside of the Binance platform for purchasing other cryptos and paying for fees.
The combination of real-world use for their token, with their deflationary tokenomics, sets the stage for a solid crypto.
4) The Sandbox (SAND)
With the recent announcement by Facebook of their name change to Meta and the subsequent announcement of the metaverse they will be creating, projects like The Sandbox have seen a lot of interest from investors.
The Sandbox allows creators to design, share and sell virtual world assets.
The Sandbox is a gaming platform built on Ethereum, which as mentioned above allows for the creation of such projects as The Sandbox.
The Sandbox metaverse has the goal of changing the dynamics of the gaming market by rewarding creators of user-generated content for the value they produce.
SAND (the token) is used for interactions/transactions inside of The Sandbox metaverse and users can also purchase digital real estate (LAND) which are NFT’s on the Ethereum blockchain.
5) Crypto.com (CRO)
Starting in 2016, Crypto.com has grown to become a star in the crypto space.
Users of the platform can trade cryptocurrencies using the exchange, they can participate in staking to earn returns from the tokens they lock up and they can get a CRO Visa debit and spend crypto with the tap of a card.
Recently they have secured a 20-year partnership with a sports arena which has been renamed ‘Crypto.com Arena’, and on the back of this news, the price per token has seen some solid gains.
6) Solana (SOL)
Solana has been making some noise recently and experienced a sharp increase in its price-per-token.
Solana is a programmable blockchain that aims to provide high-speed transactions without jeopardizing its core feature, decentralisation.
The network uses a new method called the proof-of-history.
When you invest in it, you’re purchasing SOL, the blockchain’s native token, which is used for transaction fees and can also be staked.
You can consider Solana as a direct competitor to the Ethereum network.
Conclusion
Whether you’re a veteran or a newbie to cryptocurrency investing, it’s good to have a refresher on the different options you can have under your belt.
Learning more about the potential cryptocurrency that you can obtain is eye-opening, especially for better planning and trading.
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