Your Guide to Investing in NewYorkCoin (NYC)
In 2018, cryptocurrencies finally made it. Although they’d been around for nearly a decade, the actual value of a cryptocurrency pierced the consciousness of the general public. Everyone, it seemed, wanted to get their hands on this potential investment vehicle.
That is when the problems began. For starters, almost everyone drifted toward Bitcoin. They did so because that’s what investment professionals told them to do. It was the established name in the cryptocurrency world. It had plenty of supporters. It had a proven track record.
And its value was exploding. At its height, Bitcoin once topped $19,000 in value. At the start of 2017, Bitcoin was valued less than $1,000. At the end of 2017, it topped $10,000 for the first time.
Although this run was historic, it also followed a path that is quite familiar. Those who invested early got the best chances to cash out profits. Those who invested late found themselves struggling to break even with their investment.
That’s why investing into NewYorkCoin is the option to consider for 2018. It is the only cryptocurrency which uses a similar structure as Bitcoin. It is accepted for transactions, just like Bitcoin. It is also much faster to use, and it is much easier to get involved with it.
How to Properly Analyze NewYorkCoin
Before investing into any cryptocurrency, it is important to evaluate four key factors to ensure you’re making a smart investment.
#1. Circulating Supply
You need to know how many coins are currently in the market. That includes the number of coins that are currently in the wallets of the general public.
#2. Total Supply
You’ll also want to know the exact number of coins that are in existence. If your cryptocurrency has verifiably burned coins, then this number should not be counted with the figures for the total supply.
#3. Maximum Supply
You must know what the maximum number of coins will be over the lifetime of the cryptocurrency. Having an indefinite number of coins or not having this information listed is an indication that it is not an investment-quality vehicle.
#4. Market Capitalization
This allows you to determine what the overall size of your preferred cryptocurrency happens to be. You can figure it out on your own by multiplying the current trading price with the circulating supply.
You need to focus on these four key points because there are many false impressions acted upon in the world of cryptocurrency today. Just because one cryptocurrency is worth more than another does not mean it holds more investment value. A cheaper cryptocurrency is not automatically a better investment either.
You must look at the whole picture. That is why NewYorkCoin is such an attractive option for investors today.
What Are the Advantages of Investing into NewYorkCoin?
There are three clear advantages which become immediate when you choose NewYorkCoin as your cryptocurrency of choice.
- It offers confirmations that are 20 times faster than Bitcoin. It is even 5 times faster than Litecoin. That is why it is useful at the retail level for point-of-sale transactions.
- It is completely open-source. The code has been published at Github since its launch in 2014. NYC featured a fair launch, without pre-mining, and was created in a similar fashion as Bitcoin.
- It is free to use. There are no fees to receive or send NYC anywhere in the world.
The specifications for NewYorkCoin are highly competitive when compared to other cryptocurrency options as well.
Since its launch, there have been 135 billion NYC mined. The average block time is 30 seconds, with the block reward being 10,000 coins. It’s current market cap is $9.6 million, with a daily volume of $18,000 traded.
To keep NYC competitive, the community is considering a fork to create a lifetime supply of 150 billion coins and lower block rewards to 1,000 coins.
That means you’re getting involved early-on in the process of growing NewYorkCoin. Even though it is 4 years old, NYC was left virtually untouched for a majority of its lifetime. Only now, when cryptocurrencies of all types have been gaining more attention, has it begun to spring to life.
You can visit the community roadmap here.
Transparency and NewYorkCoin
One of the most important factors that investors must take into account before choosing a cryptocurrency is the overall transparency of the project. Teams should not be anonymous unless they must be, such as the development of a private coin.
Although NYC was created by an anonymous developer, the open-source nature of this cryptocurrency is what helps to make it unique. Everyone can be involved in its development and growth. You can be as active as you want to be.
Community engagement is another factor to consider when evaluating the investment value of a cryptocurrency. There should be timely updates, information shared in relevant news circles, and active development efforts to get more people to accept the currency.
NYC shines in this area. In the past 12 months, nearly two dozen new businesses have started accepting this cryptocurrency for transactions. ATMs that work with NYC will be installed in 2018. Coinomi is adding it to their #1-rated mobile wallet for cryptocurrencies.
Now the fact that NewYorkCoin is growing because of volunteer boosters is either what will make this currency a great investment or a great failure. Volunteers are very committed to seeing growth happen. Some volunteers can be very passionate, however, and have little knowledge of how cryptocurrencies work.
That is why you must examine all the pros and cons of NYC personally before choosing it as your preferred investment option.
How to Buy NYC
- Register on your preferred exchange or access your account. Make sure the exchange lists NYC as an option. (YoBit, more coming soon)
- Verify your identity.
- Go to your wallet and make funds available for trade. You may need up to 24 hours if you are depositing new funds from your bank account.
- Initiate your transaction. This process is similar to purchasing stocks and other investments. You’ll be purchasing NYC based on its current trading price. At the time of writing, that was $0.000072.
- Finish the purchase. You should then see the full value of NYC within your wallet. You can use the exchange-based wallet if you wish, though Coinomi and other wallet options may be a better choice to safely store your coins.
NewYorkCoin investments entail risk. The goal is to see growth within your portfolio. Not every investor may succeed. That is why each key point offered in this guide must be carefully evaluated on a personal level.