6 Weird Cryptocurrencies You Probably Shouldn't Invest In
These days, it seems like everyone and their gran are investing their hard-earned cash in cryptocurrencies. While we can’t exactly offer you fool-proof cryptocurrency investment advice here at Software Advisory Service, we can at least introduce you to 6 weird cryptocurrencies you probably shouldn’t put your money in.
Firstly, for those of you who are looking rather stressed and whispering crypto-curry-what right now, let me give you a brief introduction to the dark and mysterious world of cryptocurrencies.
With Bitcoin and Ethereum being the biggest names on the market, a cryptocurrency is an entirely digital form of currency.
Put simply, it’s not a real, physical thing.
Bitcoin, for example, differs vastly from traditional currencies, like the British pound, because it’s normally not backed by any central organisation, or item, like gold or diamonds. This is where the risky part begins: since it’s not backed by anything, the value of a cryptocurrency like Bitcoin is based completely on what people are willing to pay for it. At this point, you’re probably rolling your eyes and thinking “but so is money”, and you’re entirely right, of course. The value of money is in many ways based largely on a perception of its worth. That’s why we have stock markets. Furthermore, it’s the reason why economic fear can cause the crash of said stock exchange, or to make inflation get out of control. However, the main difference is that traditional money is normally backed up by a guarantor, for example the government, thus offering a promise of long-term stability.
This, on the other hand, does not extend to most cryptocurrencies.
Cryptocurrencies sounds like risky business, you might say. And indeed it is. Still, people from all over the world and with a sea of different background, continuously invest in cryptocurrencies like Bitcoin and Ethereum. For many, it’s an idea with the possibility of forever changing the world of economics and trade. For others, it’s simply a way of making money, quickly.
Despite popular belief, Bitcoin and Ethereum aren’t the only cryptocurrencies on the market. Ever since the digital tokens first rose to fame, hundreds of developers worldwide have created their own in order to capitalize on the current obsession with cryptocurrencies. And to be honest, some of these cryptocurrencies are straight out mad. So let’s take a quick look at six cryptocurrencies you probably shouldn’t invest all your money in.
Often just referred to as the Coinye, this glorious, music-inspired currency is no longer being traded on the cryptocurrency market. After only a few weeks of trade, the creators of the currency faced massive lawsuits from Kanye West and his lawyers, claiming that they were illegally using Kanye as the mascot. You can read more about the drama with Kanye and Coinye here.
Despite its rude name, this is probably the most straightforward cryptocurrency on the market, empowering everyone to literally “give a fuck”. Why make things more complicated than necessary, right?
Named after Russia’s current leader, the Putincoin is an insane and ridiculous gesture to Nationalism. Supposedly, it supports the ideals of the creator’s country - and "the planet". I think we’re better off by not knowing the nature of these ideals…
Do you happen to be a dentist? Then this one’s for you! DentaCoin is the only cryptocurrency on the market claiming to be “for dentists, by dentists”. While it undoubtedly sounds like a joke, this currency was actually created in order to improve access to dental care worldwide by making it more affordable. Noble, isn’t it?
It sounds unbelievable, but this is actually one of the strongest currencies on this list. Originally created as a joke, and featuring a likeness of the Shiba Inu dog from the “Doge” internet meme as its logo, Dogecoin quickly gained footing in the world of cryptocurrencies and it’s still being traded. You can read more about the joke that somehow turned real here.
After years of unrest, inflation and US sanctions in Venezuela, this is actually the government’s serious attempt at restoring the economy. The current president, Nicolas Maduro, announced that the currency will be backed by the nation’s reserves of oil and gold. The currency barely even hit the market, before the US launched even more sanctions towards Venezuela, this time making the trade of Petro illegal for American citizens. And the plot thickens: of course Russia is involved here, too. You can find the latest developments here.
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