By its very nature, cryptocurrency and decentralized finance is an ever-changing and ever-progressing field. As the cryptocurrency space continues to grow and expand, more and more projects will compete for funds, users, and publicity, and the public will have so many choices to select from. With the internet, users can read reviews and do extensive background research before they buy a cryptocurrency. With so many different cryptocurrencies to choose from, the choices may be overwhelming. Here are just a few cryptocurrencies I see that have a lot of potential and could be extremely popular in the coming decade.
This is not a recommendation to buy or sell. Everything written in this article is for educational purposes only.
Civic is a new cryptocurrency with its HQ based in San Francisco. Civic has a major focus on identification and safety. The website describes the project as being “privacy-focused: When you verify your identity, phone or email, an attestation of that verification, not your data, is stored on a blockchain and not in a centralized database.” (1) The implications of identity verification that is stored on the blockchain have major implications on daily life. The need for giving banks and financial institutions your Social Security Number may be over as the Ethereum-based Civic network would give proof that your identity was verified, and your private information would never be stored on a central server. This highly decreases the possibility of private information being hacked because the decentralized nature of the blockchain makes it extremely difficult to hack into.
Synthetix Token (SNX)
Another interesting project is Synthetix Token. Without getting deep into the technical details of the token, synthetic assets represent a huge potential for cryptocurrency and the long-lasting potential for a completely cryptocurrency-based economy. Synthetic assets allow an external asset such as Bitcoin or the United States dollar to be represented by a “pegged” token. This allows for the representation to exist on a network with other synthetic tokens. This vastly expands the possibilities of cryptocurrency as an asset that can be traded.
United States Dollar Coin (USDC)
For those looking to get into cryptocurrency, I highly recommend buying some USDC. This pegged coin is always at a one-to-one value to the United States dollar. If you buy USDC on Coinbase, you can transfer regular USD in a one-to-one ratio with USDC and pay absolutely no transfer fee. This means you can buy and sell USDC and never lose the value of your initial investment. Coinbase also has a 0.15 percent APY on holding USDC, which is considerably higher than most checking accounts. USDC is an excellent project for those looking to get a taste of cryptocurrency holding and trading, risk-free.
Whether you are looking to trade for profit, or hold and wait for the next bitcoin, cryptocurrency is the future and new projects arise often. Keep an eye out for new cryptocurrency projects and maybe, just maybe, you will land on a hidden gem. But as always, only invest what you are willing to lose. Even the best investments can cause you to lose money, so always be careful. Cryptocurrencies are especially risky investments because they deal with daily high rates of volatility as well as uncertainty, as it relates to financial regulators. As always, be careful not to buy a crypto project unless you believe in the project and want to get in on it. Otherwise, do not just invest to be speculative, because that can lead to major financial and economic losses.