Having made its public debut on May 10, 2021, Internet Computer Token (ICP) has quickly climbed the ranks to become the eighth most valuable cryptocurrency based on market value, and for good cause. Being a new investor, you might be thinking that is icp crypto a good investment? So, we have compiled this post for you to know everything about ICP.
The DFINITY foundation, which is made up of a fantastic team of professionals in blockchain and encryption, is the organization that constructed the Internet Computer.
What exactly does the term “computer internet” mean?
Compared to the great majority of other public blockchains that support smart contracts, Internet Computer (ICP) has a number of distinctive features that make it far more useful. Transactions may be handled by Internet Computer in a fraction of the time and cost of using the Ethereum network.
The company has been able to do various things in the blockchain and cryptography industries for the first time as a result of the research carried out at the DFINITY foundations. These advancements have led to extremely quick processing times and no capacity restrictions. Blockchain processing times are comparable to those of the internet.
Digital Internet Token
The token’s primary function on the Internet Computer network is to provide a mechanism for the ICP network to access more processing power. We might say that the token is a deflationary kind of money because these transactions involve the burning of tokens. The maximum number of tokens is 469 million, but there are now only roughly 123 million in use.
It’s likely that additional tokens will devalue the ones you already have since only around 25% of the available tokens are now in use. The cost of an Internet computer reached an all-time high on May 10. One costs approximately $370 today, which is less than half of what it did on May 10. The cryptocurrency is the tenth most valuable cryptocurrency in the world with a market value of $46 billion.
Value Of Cryptocurrencies At The Moment
It cannot be denied that the bitcoin market is currently experiencing another bull market. The price of cryptocurrencies is still being negatively impacted by the market meltdown. However, some tokens used in the Decentralized Finance (DeFi) industry as well as meme tokens like Dogecoin and Shiba Inu are seeing an increase in value. You should keep a watch on cryptocurrencies with significant market capitalizations, such as Bitcoin and Ethereum, if you want to know where the values of cryptocurrencies are headed.
Ways You Can Buy ICP
Internet Computer Token has just begun, so only a few exchanges can currently deal with it. You’re in luck if you already have an account on Binance.US or Crypto.com. These exchanges let you to purchase ICP, and you can purchase it on Binance using USD or a stablecoin such as USDT or BUSD. If you currently possess cryptocurrency, you can swap it for ICP using a stablecoin or other intermediary token. If you do not already have a platform for trading cryptocurrencies, it is simple to sign up for one of these. Before you can trade, you must provide confirmation of identity if you reside in the United States. You should always carry your Social Security number, your home address, and your driver’s license number with you.
You should not store your coins on an exchange if you engage in cryptocurrency trading. Exchanges are in control of all investors’ private keys, which means that if hackers obtain them, they could take your funds. Considering that you control both your private keys and your bitcoin, storing it in a cryptocurrency wallet is the safer alternative.
You can use either a market purchase order or a limit buy order to acquire Internet Computer tokens. Limit orders will not be executed until the token’s price falls below a specified threshold, whereas market orders will buy ICP tokens at the current market price immediately. Because ICP is still so young, dollar cost averaging may be a prudent investment strategy.
You can use dollar cost averaging by investing in little amounts over time. For instance, if you wish to invest $1,000, you could purchase ICP ten times per week at a cost of $100 per purchase. Depending on your financial goals, you may wish to invest for a longer or shorter length of time.
Due to the novelty of Internet Computer, hardware wallets are not yet compatible with it. Hardware wallets, which store currencies on an offline device, are the most secure method for storing cryptocurrency.
Is investing money on an Internet computer a wise move?
One of the most exciting cryptocurrency ideas to emerge in recent years is without a doubt Internet Computer. Some of the most knowledgeable individuals in the field of cryptography make up the DFINITY Foundation, which is supported by renowned venture capital firms. Even with all of ICP’s perks, only time will tell if the protocol will overcome Ethereum and become the ideal blockchain for smart contracts. Even with all the nice things ICP has to offer.