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Nano, at time of writing, is trading at 88 cents a coin which is pretty far from its all time high of $37.62 a coin. It's been a very hard road for Nano holders which is unfortunate because Nano is actually a really cool project. Cryptocurrency, like the name suggests, was created to be currency. Unfortunately, many of the early day projects had trouble accomplishing this. The first cryptocurrency, Bitcoin, was created to be digital cash. The goal was to have a peer to peer payment system in place that was not dependent on any third party system. Unfortunately, Bitcoin had some problems becoming this, and many cryptocurrencies share these same problems.
People using Bitcoin as a currency were met with large fees every time they wanted to use it. Merchants often do not like using it because they have to wait quite awhile before they get the funds to begin with. Also, Bitcoin transactions use a lot of energy which has discouraged many people from wanting to use it.
With the creation of Nano, crypto became far easier to use as currency. With Nano, there are no fees when transferring it. The transactions are instant which makes merchants more into the idea of accepting it. When they can receive the money essentially instantly, it helps merchants get over the fear of trying something different. Also, Nano is far more environmentally friendly.
With all these things being true, one must wonder why Nano isn't being more sought after as an investment. In my opinion, the answer is all about demand for cryptocurrency to actually be used as currency. To prove this hypothesis, I will point to Bitcoin itself. As I mentioned above, Bitcoin was created to be a peer to peer online payment system. However, that does not seem to be the reason most people are buying it today. A lot of Bitcoin buyers see it as a store of value. A digital gold designed to preserve their purchasing power. Bitcoin was never created to be any of these things and yet that is what a lot of people use it for today. I'll also point out that a lot of crypto projects today have nothing to do with currency at all. A lot of investors are investing into blockchain technology itself. The point is, crypto investors seemed to have moved on from cryptocurrency as currency.
To me, it's a shame. A cryptocurrency with no fees that processes transactions instantly helps accomplish the very reason that cryptocurrency was invented in the first place. The idea was to have a new money, and Nano does a good job of being new money. I do believe that Nano is the most undervalued project of all time.
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1 CommentRead More
12/15/2022 12:57:46 am
Thank you for the wonderful content. Continue to post!
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