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Algorand Token (ALGO): Everything you Wanted to Know as a Beginner before Investing!

Algorand (ALGO) is one of the top 20 most popular cryptocurrencies currently. In terms of market cap, it is currently the 19th largest digital currency (over US$11.49 billion in market capitalizations). Should you invest in it? Is it a good investment? To answer all your queries, let me walk you through Algorand, how it works, and many more.

What Is Algorand Coin (ALGO)?

Algorand network is a decentralized, self-sustaining blockchain that supports a wide array of apps. These systems have everything that effective applications must have in the real world. They are efficient, scalable, and most importantly secure. The Algorand blockchain is based on a permissionless pure Proof of Stake (PoS) blockchain protocol.

In June 2019, the ICO (Initial Coin Offering) was held and the mainnet of Algorand also went live. The best thing about this blockchain is that it is capable of handling around 1 Million Transaction Per Second (TPS). Algorand ecosystem was founded by Silvio Micali, a Turing Award (in 2012) winner, and a professor of computer science at MIT (Massachusetts Institute of Technology). 

The main purpose of creating Algorand protocol by the Algorand Foundations is to improve efficiency and also increase the speed of transactions significantly, especially to solve the problem associated with the slow transaction times of Bitcoin and other blockchains. There are three important aspects of Algorand. They are:

  • No mining
  • Lower transaction speed
  • Almost 1 million TPS

The Algorand smart contracts, which are remotely callable, are mainly responsible to implement the logic associated with a distributed application. Algorand communitys approach is vibrant, providing lasting support to maintain global promise of blockchain technology. This protocol has placed itself as the future of finance. DeFi builders can use the protocol to build on Algorand.  

Algorand (Algorand): Facts & Figures

All these facts and figures (as of Oct 23, 2021) will help you to make a decision on investing in Algorand. Before making ALGO transactions, check out these facts and figures associated with this cryptocurrency of choice:

  • Algorand Price: US$1.87
  • Trading Volume (24h volume): US$472,238,605
  • All-Time High (ATH) Price: US$3.28 (reached on Jun 21, 2019)
  • All Time Low (ATL) Price: US$0.1024 (reached on Mar 13, 2020)
  • 24h Low: US$1.83
  • 7d Low: US$1.69
  • YTD (Year-To-Date) Return: 371.09% YTD (Year-To-Date)
  • Market Cap: US$11,534,123,588 (US$11.53 billion)
  • Crypto Rank (in terms of market cap): 19
  • Fully Diluted Market Cap: US$18,741,046,314
  • Max Supply: 10,000,000,000
  • Total Supply: 6,619,654,099
  • Circulating Supply: 6.15 Billion ALGO (62%)

These are the facts that made Algorand a preferred medium of exchange. Always check out market data and technical analysis before trading or investing. Also, consult crypto financial advisors and get tips from them on trending coins. 

How Is the Algorand Network Secured?

The Algorand network is secured by the permissionless pure Proof of Stake (PoS) blockchain protocol, where the validators are required to agree on the next block for creating a new block. For more information, you may Algorand developer portal and check how this network is planning towards a borderless economy.

Where can you Buy Algorand Tokens?

You can buy ALGO coins in almost all reputed cryptocurrency exchanges including:

  1. Coinbase
  2. Binance
  3. OKEx
  4. Kraken
  5. Huobi, and many more

You can use credit cards, debit cards, or money transfers from a bank account to fund your cryptocurrency trading or investing account in a leading cryptocurrency exchange. 

The most popular price pairs of FIL are:

  • ALGO/USD
  • ALGO/GBP
  • ALGO/AUD
  • ALGO/EUR, and many more.

Before investing, check out historical data of token Algorand, crypto news, Algorand price charts, ALGO to BTC exchange rate, and others.

What are the Best Crypto Wallets to Store Algorand Tokens?

The best Algorand wallets to store Algorand coins are:

  1. Ledger Wallet)
  2. MyALGO Wallet 
  3. Algorand Core Wallet
  4. Atomic Wallet 
  5. Coinomi Wallet

Invest in Algorand and Other Cryptocurrencies

You can buy and sell Algorand and other virtual currencies against various fiat currencies (US Dollar USD, British Pound, Canadian Dollar CAD, South Korean WON, Singapore Dollar, Chinese Yuan, Hong Kong Dollar, etc.) through a wide array of crypto exchanges (centralized or decentralized exchanges), crypto APIs/mobile app, and Algorand markets. Use Dollar Cost Averaging DCA strategy to invest in cryptos to minimize the risks associated with high volatility. 

If you want to increase your investment explosively in the coming 5-to-10 years, buy crypto coins now. Keep an eye on the market news, price statistics, block times, blockchain news, and others to time your trading of Defi protocols and tokens for maximum profit. 

You can also diversify your crypto coin portfolio by including other cryptocurrencies such as ALGO, XMR, FIL, ETC, WBTC, BCH, BTC, AAVE, Ripple XRP, Bitcoin Ether ETH, Bitcoin Gold (also called Bit Gold), Bitcoin Cash BCH, Basic Attention Token, Ethereum Classic, Shiba Inu SHIB, Binance Coin, Wrapped Bitcoin (some also call it wrap bitcoin or wBTC), USD Coin, Gemini Dollar, ERC20 tokens (created on Ethereum blockchain), nonfungible tokens NFTs, and others. 

Also, invest in various types of stocks, mutual funds, index funds, real estate, and others to improve your personal finance. If possible, get help from a portfolio manager or wealth management firm for maximum return. 

Invest in NapBots: A Dynamic Cryptocurrency Index

Whether you are a professional or retail investor, you can expose your capital to a diversified portfolio of digital assets & crypto asset classes by simply investing in NapBots. It is a smart crypto index service that introduces multifarious features and passive portfolio management strategies for enabling cryptocurrency investors to streamline their trading experience in new ways. 

NapBots provides you various indices that include a basket of tokens with high market capitalization and are categorized by theme (such as Solana, NFT, DeFi, and others). This platform introduces an intuitive interface as well as advanced allocation tools for enabling new investors to create and manage advanced crypto indices easily.

The best part of NapBots is that it tracks and executes trades automatically on the basis of your pre-set choices of indexes. The platform is very affordable as it enables you to start trading as low as US$150 with a monthly service fee of just 2.5%, which is far below the current rate of other cryptocurrency index providers. Therefore, NapBots reduces the financial barriers and at the same time eliminates the need for human intervention and the consequent human error. 
Get started with crypto-asset investing by investing through napbots.com, a dynamic crypto index for expanding diversified exposure to bitcoin and leading crypto-assets at reduced financial barriers and no human error.