How to Anticipate the Best Coin to Buy in Cryptocurrency

With the emergence of Bitcoin and its spectacular ascent in recent years, investors are investing millions of dollars into cryptocurrencies There has been a drastic rise in the money poured into cryptocurrency projects. This indicates that the crypto market is diversifying and is ready for new and innovative ideas. 

According to crypto market capitalization aggregators, there are over 5,000 cryptocurrencies on the market now, with more being released by the day – making it difficult for investors to determine which to invest in. The question that arises is, how can you anticipate the best coin to invest in besides the famous ones? The answer is fairly simple, you need to look into the functionality of a particular project, evaluate the whitepaper and determine if it is aiming to solve an existing problem or is a mere money-grabbing scheme. 

Evaluating a Coin 

For newbies, who are just starting their crypto journey, the information available can be very daunting. Understanding the functionality of a coin and the jargons used in the crypto world is the basic step in getting started. Research is the key to enlightening yourself. You have to stay vigilant while investing and choose wisely. We have enlisted below the basic things to look for in a token for your ease. 

  • Token’s Whitepaper: Scrutinize the token’s whitepaper and determine if the goals mentioned are realistic or sound too good to be true. Also, make sure the things stated in the whitepaper make sense instead of being just technical jargon. One of the latest crypto projects in the market that has been creating a buzz is BFIC. The whitepaper is available on their website that states their goals and roadmap clearly. The functionality of BFIC is explicitly explained along with its aim to create a sustainable digital ecosystem. 
  • Tokenomics and Distribution: It is crucial to understand the tokenomics of a coin and the distribution mechanism. How a crypto coin is distributed is one of the major variables determining its value. The information regarding the distribution is usually mentioned in the whitepaper along with social media handles. 
  • Supply of Token: The supply of a token is a critical metric to consider while studying the tokenomics of a cryptocurrency. Noticing a token’s quantity can be a reliable predictor of its future. Active mining is used by developers to enhance the circulating supply of a cryptocurrency. If the circulating quantity continues to grow, investors should expect the token’s value to rise. On the other hand, if too many tokens are issued, the value may fall as well. Tokens with fixed maximum supply tend to increase in value over time as supply is limited while the demand keeps increasing. Bitcoin is a classic example of this. Similarly, BFIC has a limited supply which is a clear indication of higher future value. 
  • Market Capitalization of the Token: The market capitalization or market cap of a cryptocurrency is a statistic used to determine the popularity of the token. Even in the long run, the market cap is a good predictor of the token’s value. As a result, small-cap cryptocurrencies are riskier. Large-cap cryptocurrencies, on the other hand, frequently promise better returns and safety.
  • Utility of the Token: A token with no or little utility is practically useless. Utility tokens are useful because they have a wide range of applications and can fulfill a variety of functions. They can enable smooth blockchain transactions, payments for decentralized services, project development funding, and much more.
  • Staying Updated on the Token: You don’t want to buy in a token and then fall asleep, especially when your money is at stake. As a result, it’s a good idea to follow the project on various social media networks. You can stay up with the newest announcements by following these outlets.

The above-mentioned points determine the success and failure of a token. A token-passing evaluation will eventually prove to be beneficial for the investors

Does BFIC pass the Evaluation Test? 

BFIC is a decentralized coin that has high utility and limited supply. It is based on 3rd Generation Blockchain technology that ensures smooth and swift transitions. More than 100,000 transactions can be performed per second which is more than any other blockchain. BFIC has an open-source blockchain. Developers can use it to develop their own multiple projects. 

BFIC
Evaluation CriteriaDescriptionChecklist
Token WhitepaperAvailable on the website
Tokenomics and DistributionLimited Supply to be distributed over 5 years.
Supply of Token21,000,000
UtilityExtremely high. Supported by a massive ecosystem containing 16 projects.   
Social PresenceHighly active on all social media platforms.

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