Mana is moving fast!
Mana is the currency used within Decentraland. Many people have been asking me about the currency after I wrote several blog posts about it. Mainly they want to know what other currencies I see going up in the near future. In this post, I will detail the things that led me to choose Mana in the first place.
Be aware that I do not have a crystal ball, and this method is not a guarantee. As we see cryptos falling here lately, Mana is on the rise.
If you get MANA, feel free to send me some at 0x560b56542dd620284d86cc8687b9d172a18340f3 much appreciated.
Where to buy?
The last time I posted Binance.com was actually down to new users. It has now been re-opened for new accounts. You can register at Binance.com to buy Mana or any other currency you are interested in within the Crypto world!
Use this link to create your account today!
What to look for when purchasing cryptos
I first started writing about MANA on December 5th because I believed it was a crypto that could survive a bubble. Here is the chart from the past three months:
I will now detail the things I looked for that led me to purchase this coin on Binance.com
When talking about crypto currency this term gets thrown around a lot because crypto currencies have fairly weak elements of intrinsic value. They are being used more as a store of wealth and speculation tools. Your friends may have told you they bought a certain crypto currency. Have your friends ever told you what they bought with the currency?
This is where MANA wins in the intrinsic value category because it is tied to a world where you buy land. A virtual world. The auction led people to spend millions of Mana on plots of land. This means that people are actually spending this currency. You want to invest in a currency that will be used so the buyers do not run out.
The problem with Bitcoin is that the buyers are limited. Many people are buying the currency right now, but there are very few sellers. This causes the price to go up due to natural supply and demand laws of economics. One day the last buyer will buy a bitcoin, and this is when the bubble will collapse on itself.
Bitcoin is not being used in stores, there is nothing beyond the technology giving Bitcoin value. Being the first crypto currency to gain prominence is one of Bitcoin’s strengths. The idea behind Bitcoin was great, but the original idea is long gone.
The currency MANA is scarce, but the land you buy in the virtual world is also scarce. This gives MANA another level of value that most crypto currencies do not have. The investors of MANA will need to spend time on the land they purchased in order for the value of MANA to go up. This creates a community of people that will work to drive the currency up. People can rent their land, build a casino on their land. Owners of the land have freedom to do what they want on the land.
When this world is up and running, I imagine it will be an exciting place to check out.
IS it Interesting?
Many crypto currencies are tied to other things. What you have to look for is what will be interesting? Is it being done already with a fiat currency? Let’s say the crypto claims to allow people to work for you across the world. There is already an app called fiver that fills this need fine, so what would be the point in buying another currency? Fiver.com has this set up around the world already. Cryptos claim they are tied to something revolutionary when they are often just rehashing an existing idea into a crypto currency.
Other virtual worlds
There are other virtual worlds, and they can create another one very easily that rivals decentraland, but I think the general idea is revolutionary enough to give it an edge of being the first of it’s kind. Second life is very similar. They are working on phases that lead up to VR, and this will be monumental if they are able to pull it off.
Do your research!
In conclusion I say, do your research. Don’t just buy a currency because your friend said so. These are in a massive bubble, and there will be some that come out worth nothing. The ones that survive the crash will be tied to something other than just the technology itself. This is what you want to look for when doing your research. How active is the community? Look for these things to determine if the currency you are interested has value.
Let me know if you have any questions!