The most important thing
- Buying Algorand may seem complicated, but it is not so, since this cryptocurrency is listed on the main exchanges of the market such as Binance, Fluyez, etc.
- Unlike major cryptocurrencies such as Bitcoin and Ethereum that use the Proof of Work protocol, Algorand employs Pure Proof of Stake being more scalable, secure and decentralized.
Investment Guide: What You Should Know About Algorand
Investing in the Algorand cryptocurrency or any other, is very risky because the price is very volatile, that is why it is important to first get as much information as possible about the project behind the coin.
Below we will answer more frequently asked questions about Algorand. We recommend that you conduct your own research on the project.
What is Algorand?
Algorand is a project that is focused on expanding cryptocurrency use cases without affecting the trilemma that are scalability, security, and decentralization. Simply put, Algorand provides ultra-fast transactions that are relatively cheaper than other networks by removing the complexities associated with blockchain technology.
This project was officially launched in 2019 with the ALGO cryptocurrency that introduces all holders of this asset to its new economy.
Algorand also allows users to create smart contracts and tokens to represent different existing assets.
These features of the project have managed to attract investors to finance the development of the platform.
Who created Algorand?
Algorand was created by Massachusetts Institute of Technology (MIT) professor Silvio Micali,who was also awarded the Turing Award in 2012, which represents the most notable award in the world of computer science.
Micali and Stony Brook were the authors of algorand’s white paper that was published in 2017. The research work is being funded by the Singapore-based Algorand Foundation.
How does Algorand work?
The Algorand project uses a unique protocol called the Pure Proof of Stake Protocol (PPoS). The influence of a user in the choice of a new block is proportional to their participation (number of tokens) that is, the more SOMETHING you own, the greater the probability of being chosen to propose new blocks.
All participants of the network have the opportunity to be selected to propose and vote. In the same way the vote and the weight of its proposals is in direct proportion to the number of tokens it holds.
Algorand works with four separate, but interconnected entities, which are:
- The Algorand network: This blockchain is public i.e. a permissionless system comprising tools and resources that allow developers to create new forms of decentralized applications powered by finance.
- ALGO:It is Algorand’s main cryptocurrency and plays an active role in governance and in the settlement of transactions on the network in short periods.
- Algorand Incorporated: This is the company that is behind the continued development of algorand’s network as well as cryptocurrency.
- Algorand Foundation: The Foundation aims to build a permit-free and reliable public infrastructure for the borderless economy.
Is the Algorand network secure?
The PPoS approach of the Algorand project is based on the fact that most of the money is in honest hands and it is impossible for the owners of small shares to corrupt the system and in case of the owners of large money positions they are prevented from performing because the value of the coins would be affected.
PPoS vs. Proof-of-Work
Proof of Work (PoW) is an approach in which network participants compete to solve very complex cryptographic exercises, this process is also known as mining.
The first user who manages to solve the exercise has the right to add new blocks to the chain and for this work will receive a reward. Bitcoin and Ethereum are some of the chains that use this approach.
Below we will see the comparison between both protocols:
- PoW is very expensive and wasteful: Mining often requires specialized equipment and consumes an enormous amount of electrical energy. On the other hand, Algorand does not need users who solve cryptographic puzzles to propose or validate blocks, any participant of the network that is eligible. And the generation of blocks does not require any expensive calculations.
- PoW leads to the concentration of power and centralization of power: Because of this there are many miners grouped together and these can erase or even change the order of the blocks, as is the case with Bitcoin which is controlled only by three groups of miners and Ethereum is controlled by only two. With Algorand’s PPoS, malicious users won’t gain any advantage even if they split their participation into many accounts (i.e. pretending to be many users) or grouped into one. A user can increase their influence only by increasing their engagement.
- The PoW delay time: The blocks take 10 minutes to propagate to the network, thus generating a bottleneck. The opposite is true with Algorand which takes only a few seconds to propagate on the network.
What are the advantages and disadvantages of Algorand?
The most important thing is to analyze the Algorand project to understand in depth the patterns of the future prices of ALGO, then let’s analyze the advantages and disadvantages of Algorand:
- Algorand is a major player in the creation of CBDC: The Marshall Islands seeks to be the first country to issue a digital currency that employs blockchain as a technology and for that purpose is interested in the Algorand blockchain. Many countries are interested in creating central bank-issued digital currencies (CBDCs) such as South Korea, Indonesia, Norway, Sweden, Japan among others. If Algorand succeeds, it is very likely that most countries will use its technology.
- SOMETHING is extremely affordable: The ALGO cryptocurrency is very affordable for investors, at the time of writing the price of ALGO is at $ 1.4 in the same way as the other cryptos on the market.
- SOMETHING is grossly undervalued: Algorand proposes a project with a unique innovation and aims to provide software that is capable of scaling transactions.
- Algorand climbing time: Algorand’s blockchain is more scalable than other networks like Ethereum that followed Bitcoin’s path.
- Restrictive measures against cryptocurrencies: There are many public and private institutions that oppose cryptocurrencies, every time this happens the price of cryptos comes crashing down.
- Competition from other blockchains: Before Algorand was introduced into the market there were already other projects that lead it such as Ethereum with smart contracts and decentralized applications and more than 10,700 coins on the market.
What is the price of Algorand?
The price of Algorand started in 2022 at $1.69. Today, Algorand was trading at $1.45, so the price decreased by -14% since the beginning of the year. The projected price of Algorand at the end of 2022 is $2.85, and the year-to-year change is +68%. Today’s rise at the end of the year: +97%. By mid-2022, we expect to see $2.52 for 1 Algorand. In the first half of 2023, the price of Algorand will rise to $3.71; in the second half the price would lose $0.39 and close the year at $3.32, which is +129% at the current price.
Algorand Price Prediction
Currently, the market is in a moment of correction and that is why the prices of most cryptocurrencies are at the same level as the previous year, taking into account two platforms we will make the predictions for the following years.
According to the prediction of this platform, the price of ALGO will be as follows:
2022, for this year the price will rise to 2.05 USD
2023, each coin will be quoted at 2.25 USD
2024, the price could reach 2.42 USD
2025, they point out that it can reach the long-awaited 2.97 USD
2026, they consider that each ALGO would cost 2.97 USD
2027, the price for each Algorand cryptocurrency would reach 3.98 USD
2028, each ALGO cryptocurrency would be around 5.1 USD
Coin Price Forecast
According to the latest long-term forecast, the price of ALGO will be as follows:
2022, for this year the price would rise to 2.85 USD
2023, the price would reach up to 3.32 USD
2024, would be around 4.12 USD
2025, each ALGO would trade at 5.17 USD
2026, the platform considers that for this year Algorand would be exceeding 6.03 USD
2027, each Algorand token would trade at 6.54 USD
2028, the platform considers 6.57 USD
2029, lacriptomoneda ALGO would trade at 6.21 USD
2030, the platform considers that the token will be at 6.87 USD
Is Algorand a good investment? This is one of the most important questions when investing in a project, whether or not it is really worth buying Algorand, although this question must be answered yourself below we will disclose some criteria that you should take into account before investing:
- Team: As we saw before, the founder of Algorand is Silvio Micali and it is also made up of more than fifteen people including scientists, cryptographers, mathematicians and experienced economists. The team is also backed by cryptocurrency market advisors, economists and scientists. You can check here more about them.
- Alliances: Algorand has a diverse global group of partners representing the technology, venture capital, cryptocurrency and financial services communities.
The Best Cryptocurrencies to Invest in 2022
How to Create Account in EXMO step by step
In this article you will learn how to register in EXMO in 2022, as you well know it is a cryptocurrency platform to trade, as well as buy and sell digital currencies. Next, we are going to make you a quick and easy guide to create your account.
How to open an account in Exmo.com step by step
Access the official website of EXMO to be able to register for free.
At the top right you will have a Registration button, click on it and there you will open a form to place basic data such as username, email, telephone, password and its confirmation, as well as the acceptance of terms and conditions of the platform.
Likewise, if you want you can subscribe to receive news you just have to activate the option. then activate the captcha and click on “Registration”
Phone and email verification
They will send you an SMS to the registered phone to place the verification code and give it confirmation. The same will happen with the email, in which they will send you an email with a link to confirm the account and activate it.
Once you have completed all the registration, you must verify your account, this is quite important that you do it so that you do not have limitations, it is a financial platform and as such, by regulation you must verify your identity and address.
- For identity, you can do it through your ID, passport or other identity document, also a selfie with the document, you can support yourself by linking the mobile if you do not have a webcam.
- In the case of the address, it would be verified with a bill for services such as electricity, water or other document where they can verify your location or residence, this is to raise the limits further.
- For the card, you need to enter your card details and even take a photo and attach it.
Ideally, you should verify everything, but the first thing is the identity, in which you will be required name, surname, middle name in the case you have. Secondly, you will be asked to identify what type of document you are going to use to identify yourself, for example, the DNI.
After that, you must upload a photo of the front and back of the identity document, if you do not have them at hand, you can do it with your mobile and send it to you by mail or web whapsapp or another application, and then upload it from the computer.
Once this is done, it will request a selfie with specific details, where you must write down on a paper the word EXMO, followed by the date of the day of the photo and hold the DNI without covering anything, there you capture the photo and attach it, with these steps you will already be in the process of verifying the identity.
Likewise, you can do it to verify the address with a receipt and in the case of the card you must do the same, they are similar processes quite simple, the idea is that you complete the entire registration process.
Another important point regarding registration is the security configuration in which you can add extra protection and have two-step authentication. Likewise, you can observe other options such as personal information, which you can review carefully.
How to create an account on Poloniex step by step
In this article you will learn how to register with Poloniex in 2022, it is a cryptocurrency trading platform, where you can trade with margin or leverage and you can also do hodl. Here’s a step-by-step way to create an account on Poloniex.
Go to the official website of Poloniex
Access the Poloniex registration page to later follow the step by step that we will give you to register for free.
Select “Sing Up”
Once you are on the platform you must select in the left menu “Sing Up”, where you must enter the email and password, the latter you must confirm it. Additionally, you must place the referral code (optional), as well as accept the terms and policies that govern this page.
Verify your email
Once the previous form has been completed, you must check the email where a link will be sent for the purposes of verifying the email, in order to continue with the account registration process.
With the email and password data entered, we select “Log In” and access. Among the important things that there are is the “profile”, where you will have to verify your account.
If you want to apply margin for trading or leverage you must verify your profile in “Upgrade” you will be able to select other aspects that will help you verify your identity, you will probably be asked to upload a file, such as a photo of the DNI or an invoice to verify the address.
Then, in the event that you want to use the future option that allows margin up to one hundred leverage, you have to have verified these things.
This request is totally normal, since it is required by all financial platforms by legal issue, with this you would already have verified level 2 and with it you would not have any type of limit.
Right now, you could make all kinds of deposits, normal purchases with certain fairly high limits.
Two-factor authentication verification
To protect your account you can activate 2FA this is double authentication code, so you must enter a code apart from the password to be able to log in.
How to Invest in Cryptocurrencies on Skrill
If you are one of those investors who do not like to deal with many complicated orders, but prefer to hold long-term, then Skrill is an excellent alternative for you. With the simplicity that characterizes it.
But the question is, how to invest in cryptocurrencies within Skrill? The answer will be shown in this article.
But first log in to your Skrill account, then you could already start the step by step that will be shown below.
Access Skrill’s Cryptocurrency Investment Options
Like any financial platform, Skrill puts at your disposal tools so that you can invest in cryptocurrencies within yourself, doing so in a simple and comfortable way. To access these tools, below, we will describe the following procedure:
Within the home screen of your account, in the left sidebar, find and tap on Cryptocurrencies.
Important: It is likely that when you enter this section, you will be asked to accept some terms or similar.
Once there, you are presented with different options in terms of cryptocurrencies. From among these, you will select Invest now, clicking on this option.
Once you access that section, you will be shown an extensive list of existing cryptos in Skrill. In each of which, you are given a Trade option. If you click on any of these, you would enter their trading options.
When you have entered the crypto you chose, you will see a Buy – Sell panel.
Ways to trade cryptocurrencies in Skrill.com
In this buy-sell panel or trading box, you will have some options that will allow you to perform these operations:
Steps to buy cryptocurrencies within Skrill
First of all, talking about the purchase of cryptocurrencies in the Instant mode (which is the usual one), you will be able to do the following:
Select the currency in which you want to buy cryptos.
Set the amount to spend that, for its purposes, must be a minimum of 10 EUR (You are also shown the balance you have available).
Select the cryptocurrency in which you are going to invest.
See what you are going to receive in cryptos in equivalence for what you have invested.
See the commission you will be charged for that transaction.
When you have everything ready, then you can click Next.
After this, you will be able to see the summary of the entire operation; you will be told everything you have added, such as the amount and what you would receive, and also the commission charge, which will be added to the total amount to be spent. If you agree with everything, you can click on Confirm.
Steps to Sell Cryptocurrencies within Skrill
There is not much to comment on in the case of selling your cryptos within Skrill, as they are basically the same steps as in the case of the purchase:
You establish the type of crypto that you are going to sell (and that logically, you should own).
You indicate the amount of cryptocurrencies to sell directly or, if you prefer, using the percentage indicators.
Select the currency in which you want to receive the funds in equivalence.
See how much you will receive, in the same way as the previous case.
Having this ready too, you would click Next.
Following this, you must also click on Confirm in a summary similar to that of the case of the purchase, where you will see important data with which, if you agree, you can proceed to the respective confirmation.
Some other options that Skrill gives you to trade
The options you have in Skrill to trade are very practical and easy to use. And for your convenience, they are not numerous. Here’s what you can find on Skrill for when you want to trade on it:
The Portfolio section
In this section you have at hand some useful things for your negotiations, such as:
The Watchlist, with which you can keep abreast of the indices of your cryptos in the market.
Alerts and orders. With these options you are given the possibility to mark an index within the cryptocurrency, which, if the price reaches it, this will be notified to your email or mobile, as you have it configured.
Recent activity. It is the section where you will get your last financial movements, when it comes to purchases and sales, as is logical.
The Trade section
Within this section, you can do what you are told below:
Visualization of Graphs. This will allow you to take a look at the stock market movement in a not at all complex interface (you can also see the current trend that the market has in terms of sellers and buyers).
As you can see, the trading system within Skrill is not complicated. They are few and simple options, but with the same utility for people like you who do not want to get too entangled in the stock market issue, but to play it safe, but in a simple way.
This tutorial summarizes it this way so that you have a general idea when investing in cryptocurrencies within Skrill.