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It’s High Time Cryptocurrency Investors Start Thinking Long Term

Cryptocurrency traders and investors often experience two types of heartbreaking feelings at different periods in their trading journeys. The first heartbreaking feeling comes from ignoring a cryptocurrency in its pre-ICO or ICO days when it was selling quite cheap. You might end up angry with yourself when the cryptocurrency eventually takes off and you missed the boat. The second heartbreaking feeling comes when you join the crowd to exit your position in a coin during a selloff, only for the coin to rally back to previous highs a couple of days or weeks later.

Earlier this year, cryptocurrencies suffered a massive selloff in response to a tightening regulatory environment. China, South Korea, and the U.S. (among others) have been cracking down on ICOs and cryptocurrency exchanges. The selloff was so bad that Bitcoin crashed more than 70% and more than $550 billion was wiped off the total market cap of the general cryptocurrency market.

In the last week, the cryptocurrency industry has started showing signs of a steady recovery. Bitcoin has moved up to trading close to $11,000 and Ethereum is almost back to $1000. However, as the cryptocurrency industry returns to bullish ways, some coins will fare better than others at a consistent pace over the long term. This piece examines three reasons people trading the NEO coin can expect to see a consistent recovery in the short to medium terms.

NEO is a credible contender to Ethereum

The first reason NEO is poised to be a winner in the long-term cryptocurrency play is that it is a credible competitor to Ethereum. Ethereum has perhaps better prospects of long-term survival and mass market appeal than Bitcoin because there’s more to Ethereum than its cryptocurrency. Ethereum is a platform for creating smart contracts and building decentralized apps. Other companies that want to build their own blockchain products leverage the Ethereum blockchain and they create their ICOs on Ethereum’s platform.

NEO is fundamentally like Ethereum in that it people can use it to create smart contracts and businesses can build their decentralized apps (DApps) on its platform. NEO’s edge over Ethereum stems from the fact that NEO has a barrier to entry for companies that intend to launch an ICO on its platform. While Ethereum’s open-door policy makes it a breeding ground for potential “shitcoins”, very few scammers will go the long route of launching a fraudulent ICO on NEO.

Better relationship with Chinese regulatory systems

Two of the most recent market crashes that the cryptocurrency industry suffered had their origins in China. When cryptocurrency sneezes in China, the rest of the market catches a cold. NEO has decent odds of long-term survival because it has its origins in China and it is the poster boy for Chinese authorities clamoring for a regulation of cryptocurrencies.

In an interview earlier this year, Da Hongfei, founder of NEO revealed his pro-regulation stance despite the general anti-regulation sentiment among cryptocurrency enthusiasts. He noted that the “market has been very hot, very crazy for past year… I think it’s time for regulators to step in”. The fact that NEO is technically at peace with regulators eliminates much of the regulatory risks facing cryptocurrencies.

Enterprise-friendly programing language

A blockchain project is only as good as the developers it can attract because the developers building apps, Wallets, and other services on the blockchain often form the nucleus of its community. NEO is designed to attract developers by allowing them to use popular programming languages such as Java and C# to write their apps. In contrast, developers must first learn Solidity before they can create or build apps for Ethereum.

Businesses that intend to embrace blockchain technology will also find it easier to ride on NEO’s network because they can easily code smart contracts in the existing programming languages. In the words of Brian Evans, angel trader, adviser, and blockchain evangelist, “the big move for NEO is creating an entire smart economy. It has incorporated digital assets, smart contracts, and a digital identity that can be used for real-world applications and become integrated into the real economy.”

The post It’s High Time Cryptocurrency Investors Start Thinking Long Term appeared first on Bitcoin Network, News, Charts, Guides & Analysis.

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In Bear Market, Korea’s Biggest Crypto Project ICON Showed Solid Progress

A goodbye note from Deblock’s now-former Head of Research revealed the progress of their ICON blockchain project in all these months. And they looked extremely positive. As he left the company to pursue his startup, Markus Jun noted ICON as one of the very few blockchain projects that showed significant accomplishments despite staying inside a bleeding crypto market. “My time at Deblock and ICON coincided with one of the worst downturns in the cryptocurrency market. In spite of this, I can say that the ICON team has made incredible progress,” Markus wrote while asserting that their interoperable blockchain project till this date leads the South Korean blockchain industry. “I’ve seen ICON push for significant progress in legitimizing blockchain and cryptocurrencies with the Korean Government, receiving the Minister Award for being an industry leader in the blockchain space, and launching demonstrations and several projects in conjunction with the Seoul Metropolitan Government. I’ve seen several hires in every ICON department, including senior positions, most of which weren’t made public and the team is still actively hiring to this day.” Markus also brought focus to ICON’s international expansion stories, which included the launch of their global accelerator program ICONLOOP in partnership with the Singapore government, followed by its continuation in Tokyo and San Francisco. “Beyond this, there are ongoing efforts to expand ICX Station globally. All things considered, it’s clear that ICON isn’t letting the market downturn affect them in moving forward,” Markus explained. The said expansion is also bringing valuable partners to ICONLOOP. In addition to the Seoul government, ICON has gained support from LINE, Smilegate, Kyobo Insurance, and Jeju Island to develop blockchain solutions for them. It overall makes a long-term use-case for ICON’s ICX public network, indicating a stable growth for its native token ICX as well. Solvent after Crash At the time of the ICO, ICON’x ICX token sale raised close to 75,000 ETH. Their smart contract split the funds into 30 separate Ethereum wallets. Between December 2016 and November 2018, ICO team moved circa 70% of their funds to other portfolios – perhaps as part of a sale. After the post-ETH crash adjusments, the team holds around $5 million in ETH reserves. The figures prove that ICON is far from being insolvent at this time, in contrast to several other ICO projects that have either gone out of business or in a money crisis. Forrester Research’s chief analyst Martha Bennett predicts that a majority of these ICOs are heading towards an outright extinction in absence of users and funds. “Sooner or later, this would have led to a contraction anyway. The crypto crash acted as both catalyst and wake-up call.” Big crypto startups like Coinbase and ConsenSys have also laid off employees in the past two months, indicating that the crypto market, in general, is running out of money. ICON, with a provable business model and an increasing use-case among well-known organizations, could still survive the bloodbath owing to an actual demand for service. “I’ve seen the best of ICON in the worst of times. That’s why I’m confident ICON is here to stay,” Markus noted. The post In Bear Market, Korea’s Biggest Crypto Project ICON Showed Solid Progress appeared first on NewsBTC.

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