Your Crypto Game Plan for 2022-2023
Your Crypto Game Plan for 2022-2023
The world of cryptocurrencies can be a tough one to navigate, and the space is relatively young with numerous projects in development all at the same time, both new and established. That’s why it’s important to consider any coins or tokens carefully before investing in them, otherwise you can easily lose your funds on a project that ends up going nowhere, or worst case scenario, ends up as what’s known as a rug pull, which is when the team behind a project suddenly sells all their holdings and/or drains liquidity from the project, leaving their holders stuck with a worthless coin or token. Thus the question is begged, which crypto coins or tokens are worth adding to your “game plan” for 2022 to 2023?
For many, the “safest” option (bearing in mind the volatility in crypto) is to invest in a project that will be held for a long period of time, not just bought and sold as a quick flip. These projects should have a long-term vision with major utility functions, realistic goals, a large and active community, and/or have a trusted team behind them that are consistently delivering on their promises. Most of these tend to be the native tokens or coins tied to a blockchain such as BTC, ETH, BNB, SOL, MATIC, AVAX, DOT, etc. Since coins/tokens like these have been around for quite a while and have a high trading volume and/or a large amount of holders, it’s safe to assume they are worth considering an investment in and being held onto for an extended period of time.
Another method many crypto enthusiasts will participate in is staking and/or yield farming popular coins and/or tokens. Staking and yield farming both involve locking up your coins/tokens (either alone or in liquidity pairs) on a decentralized finance platform for a predetermined amount of time to help contribute to the respective blockchain network’s governance and transaction facilitation. Why would you want to lock up and lose access to your tokens? In order to receive rewards! By staking and/or farming, users are able to accumulate additional crypto coins/tokens as rewards incentives, usually given based on an APY percentage. This percentage will vary depending on which coin or token you’re locking up as well as which platform you are using to stake/farm on, and sometimes only certain amounts of rewards can be claimed at once, but regardless, this can be a great way to earn back some extra crypto just for letting your investment sit out of reach temporarily. Note that there is still an inherent risk of impermanent loss when engaging in staking and/or yield farming, so be careful when dealing with especially volatile assets.
The importance of doing your own research on a coin/token or a project, its team, and its goals cannot be understated enough. Scams are unfortunately rampant in the crypto space and your hard-earned money can be lost with ease if you’re not careful, so as with any investment, never invest more than you can afford to lose. Good luck!
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