In a bid to understand more about the relatively unknown cryptocurrencies out there, I asked this question on a leading fintech forum in my country:
Is there a cryptocurrency that you keep in your portfolio that doesn’t really make much financial sense but you do so anyway because you really like the project/Developers/use cases/brand logo etc?
So this is what I mean by passion cryptocurrencies, the ones that don't necessarily make you a lot of money but hold a special place in your heart? Since investing is a matter of both heart and mind, I wanted to know how my fellow men reconcile the yin and yang in their crypto portfolios. I have received only 3 responses so far, but I will like to share them with you because their responses broadened my knowledge. Each was eye-opening in its own way.
1) Monero The first commenter said that he has Monero because he is a firm believer of privacy. Founded in 2014, Monero uses privacy-enhancing technologies that obfuscate transactions and make them confidential and secure. Virtually all transaction details are concealed, so this means that the identities of both sender and recipient are never revealed. CNBC however released an article that cautioned how cyber criminals are turning to Monero, specifically because of its ability to achieve anonymity.
2) MINA The second commenter enlightened me about MINA. Apparently, it's the world's lightest blockchain as it strives to reduce the blockchain from gigabytes to a fixed blockchain size of 22 kilobytes. It's as small as a couple of tweets, so users can verify blockchain transactions at the speed of light. Okay, maybe I made an exaggerated claim but you get what I mean. It harnesses a technology called “zk-SNARKS" to preserve its transaction records without saving every block. Thus, its ability to process transactions by being so lightweight.
3) Titan Tokens The last commenter informed me about the collapse of the Iron Finance project on the Polygon network and how this caused Titan Token to plunge from a price of more than $60 to a few thousandths of a cent within several hours. Even billionaire investor Mark Cuban was not spared. He still keeps his millions of Titan Tokens so that he can remind himself of the age-old adage: if something sounds too good to be true, it probably is.
What about you? Do you have a soft spot for any cryptocurrencies?
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