Which Cryptocurrencies to Buy and Invest in for 2024

The world of cryptocurrencies and investing in them is often a mystery to the average person. Digital currencies have brought not only new technology but also a new perspective on trading.

If you’re at the point where you’re considering investing your funds in cryptocurrencies, be sure not to overlook finding relevant information, sorting it into essential and non-essential, and especially understanding the processes that can bring you success in the crypto market. We’ll guide you on how and where to follow cryptocurrencies, which ones are IN and worth investing in, and which are OUT and should be avoided. Furthermore, in this article, we’ll reveal which cryptocurrencies have a future and are worth buying in 2024.

In this article, you will learn:

• What cryptocurrencies are
• Which cryptocurrencies have a future in 2024
• Which cryptocurrencies to buy and invest in for 2024
• How to store cryptocurrencies in the right wallet
• Which cryptocurrencies to buy in 2024 with Fumbi
• What to invest in

What Are Cryptocurrencies?

Cryptocurrencies are digital currencies that operate on decentralized technologies, such as blockchain, enabling secure and anonymous transactions without the need for intermediaries like banks. They rely on cryptography, which secures transactions and controls the creation of new currency units. The popularity of cryptocurrencies is growing due to their potential for high investment returns and their independence from traditional financial systems. If you want to learn more about what cryptocurrencies are, why they were created, or read a guide on how to start investing in cryptocurrencies, visit these articles.

Can the Future of Cryptocurrencies Be Predicted?

Tracking the prices of individual cryptocurrencies is an essential part of the crypto world. Just as Bitcoin drives the crypto market (everyone has likely heard of it), the CoinMarketCap website is the first stop for all crypto enthusiasts. The site offers a basic overview of the value of individual cryptocurrencies, the exchanges and currency pairs they are traded in, and their historical price trends. Understanding these metrics saves time when looking for information. It is a primary step in deciding which cryptocurrency to invest in and buy.

The value of individual cryptocurrencies is determined by supply and demand. There is fierce competition among cryptocurrencies. If you plan to buy only one cryptocurrency in 2024, your money could be at risk. To reduce this risk, diversify across various digital currencies. This protective measure against the loss of your entire investment capital is called diversification. Diversification should play a significant role in deciding which cryptocurrencies have a future and which to buy for your portfolio.

When investing independently, it is crucial to consider economic and technical risks. Economic risks include choosing the right cryptocurrency, timing your purchase (whether your chosen asset is rising or falling), and the strategy you plan to use (when to sell, how much to hold, or when to buy more). Technical risk primarily involves storing the cryptocurrency securely.

Which Cryptocurrencies Have a Future in 2024?

When investing in cryptocurrencies, it’s essential to consider several key factors to help you determine whether a cryptocurrency has the potential for growth and long-term stability. Here are a few crucial criteria that can guide you in selecting a cryptocurrency with a future:

1. Quality team of developers and founders: Carefully check who is behind the project. Reputable developers and founders with proven success in technology or finance are a good sign. Transparency and team experience are key to knowing that the project is led by someone with expertise and long-term goals.
2. Real use of the cryptocurrency: Successful cryptocurrencies often have clear and practical use cases. See if the project addresses real problems or offers innovative solutions for the industry. Cryptocurrencies used in decentralized finance (DeFi), smart contract technology, or artificial intelligence have a higher chance of sustainability and growth.
3. Technological foundation: The technology behind a cryptocurrency should be advanced and secure. Strong blockchain infrastructure, high scalability, and low transaction fees are signs of a technologically advanced project.
4. Partnerships and adoption: Projects that already have partnerships with major companies or platforms are more trustworthy. Another important indicator is how quickly the cryptocurrency is being adopted by users and whether it is integrated into a broader business network.
   

Not every cryptocurrency is reliable, so it’s also good to watch for warning signs of fraud. Here are a few red flags indicating a potential scam:

1. Unclear or missing information about the team: If it’s not possible to find out who the project’s founders or developers are, it’s a red flag. Fraudulent cryptocurrencies often hide their team’s identity.
2. Unrealistic promises of high returns: If a cryptocurrency promises guaranteed returns or huge profits with no risk, be very cautious. The cryptocurrency market is volatile, and no one can guarantee stable growth.
3. Ponzi schemes and referral programs: Cryptocurrencies that require you to bring in new investors in exchange for a commission often operate as Ponzi schemes. These projects usually collapse when there are not enough new investors.
   

By following these criteria and watching for warning signs, you can minimize risk and increase your chances of successful cryptocurrency investing.

Which Cryptocurrencies to Buy and Invest in for 2024

• Bitcoin
• Ethereum
• Solana
• Cardano
• Polkadot

Bitcoin is primarily used to store and transfer value among participants in the Bitcoin network. The Bitcoin network is intentionally and originally designed so that no one, including the creators, governments, banks, or interest groups, can directly control, counterfeit, or influence the amount of Bitcoin in circulation. Therefore, there is no “central point” or authority that can make decisions for the network.

In general, the maximum amount of Bitcoin in circulation will never exceed 21 million. Once the total possible supply of Bitcoin is mined, its supply in circulation will pause unless the protocol is changed to allow a higher amount. Because Bitcoin has a fixed supply, we can say that this cryptocurrency has a deflationary nature. While inflation causes a decrease in purchasing power, deflation increases the purchasing power of money. The fixed supply means that at a certain point, Bitcoins in circulation will only continue to diminish.

As fewer and fewer Bitcoins become available, demand for it will increase according to the law of supply and demand, positively impacting its price.

The key characteristics of Bitcoin include decentralization, pseudo-anonymity, resistance to censorship, and transparency.

Advantages:

• Decentralization – no central control.
• Protection against inflation.
• Transparency – all transactions are public.
• Immutability – once a transaction is recorded on the blockchain, it cannot be cancelled or modified.

Disadvantages:

• High volatility – the price of Bitcoin can rise and fall quickly.
• Energy-intensive mining.
• Longer transaction times compared to more modern blockchains.

More information about Bitcoin can be found here.

TAKE ADVANTAGE OF CRYPTO’S POTENTIAL

It was created in late 2013 when young Canadian-Russian programmer and Bitcoin enthusiast Vitalik Buterin published a document called the “Ethereum Whitepaper,” defining the fundamental philosophical and technical principles related to Ethereum’s development.

The Ethereum platform is used by a wide range of real-world businesses because it enables the creation of applications with built-in economic functions. Additionally, thanks to its high level of transparency, neutrality, and easy auditability, it eliminates censorship issues and reduces counterparty risk.

The Ethereum network has its own native currency, Ether, which has various uses. It provides a primary layer of liquidity that facilitates efficient exchange between different types of digital assets, and more importantly, it provides a mechanism for paying transaction fees on the Ethereum network. In decentralized finance (DeFi) services, Ethereum is used as a form of collateral.

Advantages:

• Support for smart contracts.
• Platform flexibility for developers.
• Faster innovation cycle compared to Bitcoin.
• Ability to create DeFi applications with various use cases – lending, insurance, and decentralized exchanges.

Disadvantages:

• Higher transaction fees (especially during network congestion).
• More complex technology, which may be challenging for users.
• High interaction fees compared to competitors.

More information about Ethereum can be found here.

Currently, Solana is one of the most scalable programmable blockchains, making it one of Ethereum’s biggest competitors.

The origins of the Solana blockchain platform date back to 2017, when Anatoly Yakovenko, the main figure behind this project, publicly published a whitepaper describing Proof-of-History (PoH).

The native token of the Solana network is $SOL, which serves as the network’s fuel. Users in the Solana ecosystem need the SOL token to pay transaction fees when conducting transactions or interacting with smart contracts.

As a relatively new blockchain project, Solana has managed to solve many issues of more traditional blockchain platforms in a short time. Solana has introduced a new transaction verification structure and a more efficient consensus algorithm to the crypto space.

Advantages:

• High scalability – fast transactions.
• Low transaction fees.
• Suitable for decentralized applications and DeFi projects.
• Strong community behind the project.

Disadvantages:

• More centralized infrastructure.
• Technical issues that have occasionally caused network outages.

More information about Solana can be found here.

TAKE ADVANTAGE OF CRYPTO’S POTENTIAL

Cardano can be considered the world’s first “peer-reviewed” Proof-of-Stake blockchain. The non-profit Cardano Foundation, responsible for the platform’s development, gathered academics and scientists from the world’s top universities to review Cardano’s protocols before their release.

Cardano, as a third-generation cryptocurrency, was created to address the problems and shortcomings of the first and second generations of cryptocurrencies. In addition, Cardano is a platform focused on the development of smart contracts, offering high scalability and security through a multi-layered network architecture.

Cardano has its own native token, ADA, which is designed to allow its holders to participate in network operations. For this reason, those who own the token have the right to vote on any proposed software changes.

Development on the Cardano platform is making significant progress. Currently, Cardano is the second most actively developed cryptocurrency, with over 37,327 source code changes (commits). On average, around 144 developers contribute to Cardano’s development each month.

Advantages:

• Energy efficiency.
• Scientific approach to development.
• Scalability and long-term sustainability.

Disadvantages:

• Slower development – the project is still in progress.
• Lower adoption compared to competing blockchains.
• Decreasing number of developers.

More information about Cardano can be found here.

Polkadot is a network protocol that enables the transfer of any data (not just tokens) across blockchains. It is a next-generation blockchain that facilitates cross-chain communication (interoperability) by connecting multiple blockchains into a single network. The foundation of the entire ecosystem is an optimized solution where multiple blockchains can operate on a shared base, each focused on solving a specific problem for which it is optimized.

On the Polkadot platform, projects no longer need to compete with each other. Blockchains in the Polkadot network can collaborate and work together to achieve independence from the centralized world.

The native token of the Polkadot network is DOT, just as ETH is the native token of the Ethereum network and ADA is for the Cardano network.

Advantages:

• Interoperability between blockchains.
• High scalability thanks to parachains.
• Energy-efficient consensus mechanism.

Disadvantages:

• Network complexity.
• Potential centralization through network governance.
• The platform may seem complex for the average user.

More information about Polkadot can be found here.

Each investor should consider their options and investment goals to decide which cryptocurrencies to invest in.

TAKE ADVANTAGE OF CRYPTO’S POTENTIAL

Store Your Cryptocurrencies in the Right Wallet

Anyone investing in cryptocurrencies faces a fundamental dilemma—where to safely store the fruits of their labor. Each owner stores their digital currencies in a crypto wallet. Just like a traditional physical wallet where you carry your cash, digital currency wallets serve to hold your cryptocurrencies. They can be divided into two types: online wallets, also known as hot wallets, and offline wallets, also known as cold wallets.

Is an Online or Offline Wallet Safer?

Both types have their advantages and disadvantages. A software (online) wallet provides easy access to funds, enables payments, and allows immediate transactions. It is always connected to the internet, ensuring quick access to cryptocurrencies, but it can also be a more accessible target for potential hacker attacks. Most digital currency experts recommend that users minimize the amount of money they keep in online wallets.

Offline wallets are generally considered significantly safer, as they are not constantly connected to the internet. They can be divided into paper wallets and hardware wallets (HW wallets). Paper wallets have printed public and private keys, usually in the form of QR codes, keeping them secure from hackers. This type of wallet can be created using free web services. Key generation is usually done in the owner’s browser. The most secure, but also the most expensive, wallet is the hardware wallet. However, once you know which cryptocurrencies to buy and which have a future in 2024, you should also invest in a crypto wallet to ensure your money’s safety in the future.

Which Cryptocurrencies to Buy in 2024 With Fumbi

If you’re planning to start investing in cryptocurrencies, are a beginner, lack the time to track all the market changes (which shift daily and require a level of expertise to follow), or feel stressed deciding which cryptocurrencies to buy, try Fumbi.

As a beginner, it’s natural not to know which cryptocurrency will rise or fall. Our Fumbi algorithm effectively allocates your investment into an intelligent and dynamic portfolio. We are the only company in Slovakia providing safe cryptocurrency investment options to the general public.

With us, investing is simple, with a low entry investment starting at just €50 and minimal risk into top-tier cryptocurrencies that reflect crypto market movements. You might wonder why Fumbi selected these cryptocurrencies when investors can currently choose from up to 12,000, with numbers constantly growing.

The reason is that some of them are not suitable for investment. They are purely speculative or can only be stored in online-generated wallets, which do not offer the same security against hackers as offline wallets. That’s why we created a product that allows you to invest in cryptocurrencies safely and easily, without needing to ask yourself, “Which cryptocurrencies should I buy?” or “Which cryptocurrencies have a future?” We answer these questions for you!

The list of cryptocurrencies in the Fumbi portfolio can be found HERE.

Start safely investing in cryptocurrencies today.

TAKE ADVANTAGE OF CRYPTO’S POTENTIAL

What to Invest In?

With Fumbi, you can start buying and investing for as little as €50.

TAKE ADVANTAGE OF CRYPTO’S POTENTIAL