2 cryptocurrencies to buy now and keep in your Wallet in 2022: Cardano and Avalanche





Key points

The stock market suffered its biggest correction since 2020, and the crypto-Coins were punished even more. In a recent three-day period, the aggregate value of all digital currencies decreased by $600 billion.

But for patient investors with a long-term horizon, some cryptocurrencies can offer excellent returns. See also: Botpla announces a public sale of tokens for its community.

Shiba Inu-themed cryptocurrencies were very popular in 2021, but in 2022, make way for “useful” cryptocurrencies!

The most popular cryptocurrency in the world is not worth buying.

Despite being one of the most popular cryptocurrencies on the planet, thanks in part to its historic gain of 46,000,000% last year, the meme coin Shiba Inu (CRYPTO:SHIB) is not among the digital currencies that I believe will reward long-term investors.

Although a handful of factors work in the Shiba Inu’s favor, such as the number of unique wallet holders exceeding 1.1 million and the average SHIB token holding period falling from six days to 68 days in just over three months , there are several red flags that should keep long-term crypto investors as far ahead as possible. This may interest you: ARK Invest predicts a $20 trillion market capitalization for Ethereum by 2030..

For example, no matter how many new owners it doesn’t change the fact that the Shiba Inu lacks a competitive advantage or true differentiation. An internal upgrade to layer 2 of the blockchain, known as shibarioIt should help reduce Shiba Inu transaction fees, but it’s unlikely to be enough for this payment currency to stand out in a space where multiple next-generation blockchain projects can offer so much more.

Shiba Inu are also not particularly useful outside of cryptocurrency exchanges. Even after hundreds of new merchants greenlit SHIB as a form of payment since early October, the total number of global merchants accepting Shiba Inu currency is just over 600. By comparison, there are more than 500 million entrepreneurs around the world.

History has also not been kind to payment coins that have made momentous gains in a very short period of time. Cryptocurrencies that have seen short-term gains of five or six digits have almost always seen pullbacks of more than 90% after reaching their respective highs. A reversal of the same magnitude is likely planned for Shiba Inu.

These cryptocurrencies are much smarter purchases than Shiba Inus.

Instead of putting your money into a payment coin that has been incessantly hyped on social media, the following two cryptocurrencies can be bought with more confidence, to bet on for the long haul. See also: Crypto Mining: Jack Dorsey Goes Solo Mining Amid Bear Market.

avalanche

It’s no secret I believeavalanche (CRYPTO:AVAX) offers the greatest potential and appeal long-term of all cryptocurrencies. That’s because Avalanche offers multiple competitive advantages and true differentiation in a crowded space.

Avalanche is a smart contract-powered blockchain network that offers incredible speed and rapid scaling potential, while giving users the ability to develop financial and non-financial decentralized applications (dApps).

According to the developers, Avalanche is capable of completing transactions in less than two seconds and can support more than 4,500 transactions per second (TPS) on its blockchain. “Transaction finality” describes the time it takes for a transaction to be confirmed as true and established on the blockchain. This figure is compared to the “Big Two”, Bitcoin and Ethereum, which take respectively 60 minutes and six minutes to complete a transaction. Also, Bitcoin and Ethereum can only manage 7 TPS and 14 TPS, according to comparison site Avalanche.

In addition to being faster, cheaper, and more scalable than the two most popular smart contract-supporting blockchain networks, Avalanche is also highly compatible. For example, himEthereum virtual machine (EVM): The very popular software used to create dApps in the ethereum block chain – already runs on the Avalanche blockchain. Incorporating EVM into your blockchain should serve as bait to attract developers to your network.

With so many clear advantages over Ethereum and a path to real-world utility unlike the Shiba Inu, Avalanche is a must-buy cryptocurrency in February.

Cardano

Cardano (CRYPTO:ADA) is another smart contract-based cryptocurrency that could be a smart buy in the long run.

As I have already pointed out, the transparency of the development team by Cardano is probably the biggest asset of this project. The developers have always laid out a detailed plan for how they will build Cardano from scratch so that it becomes a popular choice for dApp developers.

Although some of the planned upgrades did not take effect when originally planned, a number of key improvements have been made to the Cardano networks over the last 19 months. For example, the Shelley update went into effect in July 2020. Shelley allowed network participants to run more nodes. Following this update, we have seen a rapid expansion of the Cardano network and an increase in transactional activity. What was a network that processed 2,000 transactions per day is now a network that regularly sees more than 100,000 daily transactions on its blockchain in 2021.

Shelley was followed by the Goguen upgrade in September 2021. It was Goguen who introduced smart contracts to the Cardano blockchain. Smart contracts are the secret sauce that allows dApp developers to build financial and non-financial applications on the blockchain.

But the most exciting development for Cardano might be the Hydra update. What makes Hydra so intriguing is the rapid scaling potential it offers. Once live, Hydra will route transactions from the main blockchain to staking pools, called Hydra Nodes. In theory, up to 1,000 of these nodes will be able to process 1,000 transactions each. Although there is no official timeline for Hydra, its potential TPS could destroy all existing cryptocurrencies and traditional payment processing networks, such as Visa.

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Be vigilant and consult your financial advisor before making any investment decision. Mirror-Mag is not responsible in case of bad investments. Before using any third party service, you should do your own research.

Almaye
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