If you’re like me, your eyes glaze over at the sight of another new cryptocurrency token being introduced to the market (Apecoin Token). I’ve got Bitcoin and Ethereum on my mind all day long, so when I see yet another digital currency, it just makes me yawn. But then I saw an ad for Apecoin that sounded pretty darn cool, and I thought I should do my due diligence on this one before passing judgment on whether it’s worthy of your hard-earned money or not.
The first thing you should be checking out is who’s behind ApeCoin. There are a lot of cryptocurrency scams out there, but it seems like Apicoin has a good team in place with a wealth of experience between them. The website also lists key team members and advisors—these individuals have confirmed their status via Twitter, LinkedIn, or email validation (if provided), so you can feel pretty confident about whom you’re dealing with here.
The ApeCoin whitepaper is great because it describes how Apicoin plans to take advantage of all these team members’ skills, which is certainly a good sign. From what we can tell, Apicoin has got a legitimate team who are well-connected in their respective industries and know how to leverage that power for maximum gain.
Apecoins are a set of Ethereum-based tokens that can be used for making in-game purchases, buying and selling items and services in an open marketplace, or exchanging for other currencies. Apecoins is designed as a decentralized cryptocurrency where every player has control over their funds and can freely trade them in-game without restriction from either party.
The Apecoins ecosystem is open to developers and players alike. With Apecoins, it’s possible for any game developer on any platform and using any language to incorporate an in-game currency that uses and exchanges with Apecoins through smart contracts and opens up the trade of all game items on a public marketplace.
About Apecoin Token
The Apecoin platform aims to cut out intermediaries, so when you buy a gift voucher from a retailer through it, there’s no middleman making commission. Instead, they take a flat transaction fee of £2 ($3) and distribute that revenue among everyone else involved in buying and selling items.
So if you sell an item for £100, and your friend buys it for £90, then Apecoin takes its cut (£2) but gives 90% of that back to you (£1.80). It does all of these transactions using blockchain technology: every time a gift card is bought or sold on its platform, information about that sale is recorded on an encrypted digital ledger that can’t be tampered with or changed once it’s been created.
At press time, three cryptocurrencies standcryptocurrencies that stand out in terms of their market capitalization: Bitcoin, Ethereum, and Ripple. Bitcoin’s network is currently worth $49.3 billion; Ether’s is valued at $27.9 billion, and Ripple comes in third with a net value of $7.6 billion.
While there are certainly other cryptocurrencies that can be used for making payments, these three digital currencies have proven reliable. They’re also easy to use and relatively stable in terms of their value. Bitcoin, Ethereum, and Ripple are also highly liquid assets; they’re traded on several exchanges around the world, so you can easily convert them into cash or use them as collateral for a loan. If you’re looking at investing in cryptocurrency but aren’t sure which one is right for you, it might be best to start with one of these three choices first.
Considerations Before Investing
Before investing in any token, always do your homework. First and foremost, make sure you thoroughly read through all of their documents and check out their website for information about how they plan on running their token, who’s backing it, and what stage of development it’s currently in.
Also, be wary of companies that are vague with details—investors have been known to miss out on making a profit because they weren’t diligent enough when researching a company or ICO (initial coin offering).
Next, do some research on how they plan on distributing their tokens. Many ICOs offer discounts based on when you invest. If an ICO is particularly popular, however, you may be left with a token that you can’t sell or trade for anything. Always consider if that’s something you want to take a risk on.
How To Buy APE?
APE is an ERC20 token, meaning it can be stored in any standard Ethereum wallet. If you don’t already have a crypto wallet, you can use Coinomi or Jaxx. There’s also MetaMask (more of a browser plugin), which will allow you to interact with APE within Chrome. To buy APE tokens, check out HitBTC or Index.
HitBTC has the largest volume of APE tokens, with less than 10% of daily trading volume coming from the Index. It’s unlikely you’ll get caught up in a pump and dump scheme on HitBTC or Idex, so these are safe options for purchasing APE.
Where To Store APE?
There are several wallets available for storing Apecoins. It is recommended that you download and install APE, your Apecoin wallet on your computer or mobile device so that you can be in control of your private keys. On your mobile device, it’s suggested that you download an app like Mycelium which allows you to back up from an encrypted and secure location. Be sure to always make a backup copy of your wallet.
Why Is APE Undervalued Right Now?
The Apecoin token is still relatively undervalued compared to other cryptocurrencies. As such, if you’re looking for a great investment, it’s an excellent time to buy-in. But should you? While it’s true that Apecoin has performed very well in recent months, there are still some things you need to know before diving in headfirst.
Apecoin’s Initial Coin Offering (ICO) seems promising: it has a strong team, a clear-cut path for implementing its technology and making money, and an existing product with a large market that needs improvement. Apecoin claims that it can streamline healthcare data management by unifying data from disparate sources into one platform. If these capabilities are incorporated into hospitals and physicians’ offices all over, app coins could become extremely valuable.