What to consider when investing in CryptoCurrency for long-term?
As an ordinary person, I have gone through many failures and regrets in my life until 2012. Luckily, failures turned into great lessons, and I started to make great decisions since 2013. One is start investing in CryptoCurrency.
If you are long-term investor like me, my recommendation is to ask 2 questions.
Q1. Why will people use it?
Q2. What is the monetary benefit for coin holders when people use it?
Q3. If answer is none for question 2, then why will demand go up?
If there is good answer to the questions, then investing in a long-term might make sense and may have better chance than others. However, you still need to do your own research on potential competitors.
I will share my (subjective) answer for my current investments. EOS and TENX.
EOS [Why did I invest in EOS?]
Q1. Yes, since EOS technical specifications are far superior then competitors, dapps are more likely to build on top of EOS when EOS main network launches. Also, end user may like to use dapps that are using EOS network because they offer zero transaction fee.
Q2. None.
Q3. EOS coins guarantee the utility/network capacity proportion to their holding portion. This will make dapp companies to acquire more EOS coins which will increase the demand.
TENX
Q1. Yes. TENX made a credit card where you can use your coins to purchase goods. TENX has solved the main problem CryptoCurrency had for long time - usability.
Q2. 0.5% of the transaction fees will go to coin holders.
Please note this is my personal opinions. I welcome readers to leave comments not only asking questions but also providing other opinions to me and to all readers.
Hello, I'm also a believer in EOS and I am also accumulating (although I don't have nearly as many as you have). I am also looking into TenX but just recently learned about Metal which has a similar concept but pays users rebates in Metal tokens. I'm also a big believer of NEO as I just traded half my ethereum tokens into NEO. I was initially 100% "all-in" into ethereum but since I learned about the different coins, I decided to diversify a bit. I consider EOS the riskiest in my portfolio but has the greatest reward so I thoroughly enjoyed your EOS post! Welcome to Steemit and keep up with the great posts!
I will continue to share why I am extremely bullish on EOS. Maybe, my next post will be about full detail on EOS capability. However, at the end, I agree it is risky investment since EOS don't have any product/network yet.
I am also holding NEO!
I'd like to respond to your general questions with some personal opinions as well. I don't know if they will convince you to invest in cryptocurrency longterm, but I hope it will give you a new perspective on it.
Q1. Why will people use it?
Why would people use it as opposed to physical currency like the US Dollar? Cryptocurrency is surprisingly liquid and can be converted quite easily with cheaper conversion fees as opposed to say...going to a bank with $100 and wanting to change that into Euros. Micro-transactions also become possible so the values of your goods and services are calculated more accurately.
Q2. What is the monetary benefit for coin holders when people use it? (other than price change)
Some coins / cryptocurrency are used to be able to use a company's technology. For example, the tokens we are minting here at Kr8os / Kr8os Project are so that those who have purchased our tokens can have access to our adfraud blockchain solution. Those who would like to use our solution but do not own any of our tokens unfortunately cannot access our technology.