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A 33-year old man has invested all of his savings in dogecoin and became a millionaire. Now he plans to invest all his savings in Cardano as he sees it as a futuristic currency.
Glauber Contessoto is a cryptocurrency enthusiast. He has been investing in cryptos for a long time. The 33-year old has invested all of his savings in dogecoin. The meme currency has gained in value this year. About two months later, he became a dogecoin millionaire on paper.
He is so optimistic about investing in cryptocurrencies that he is planning to invest in another cryptocurrency, Cardano. He is very positive about the future of the Cardano blockchain and its token ADA, which launched in 2017. The currency has become the third-largest cryptocurrency by market value, after Bitcoin and Ether.
Although he is not planning to sell his dogecoin, he is going to start investing as much as in Cardano with every bit of his earnings. But he plans to wait until the price of ADA starts to dip. He did the same pattern with dogecoin.
Experts opinion
However, the experts suggest that it is not advisable to invest against going all in one investment, especially within the crypto space. The financial experts said that cryptocurrency can be a very risky investment and altcoin can be even more.
Meltem Demirors, CoinShares chief strategy officer, feels that risk can be measured in different ways. But a lot of those properties are a lot extra unstable than bitcoin and ethereum. It is even possible to lose your entire investment irrespective of how careful you are.
Even after this advice of precaution, Contessoto is still very bullish on investing in dogecoin and Cardano. He sees Cardano as the next big thing and sees this as a competitor to ethereum as his founder is Charles Hoskinson, who founded ethereum.
Cardano or Ethereum
The critics believe that it is a long way for Cardano to become strong like Ethereum. Ethereum is popular for its smart contract capabilities, which empower DeFi apps and NFTs among other things.
Presently ethereum operates on a proof-of-work (PoW) model under which miners compete to solve complex problems in order to validate transactions. But soon, ethereum will be migrated to a proof-of-stake (PoS) model where people can mine or validate transactions according to how many coins they hold. PoS uses less energy as suggested by the supporters.
The transition is a part of the much much-anticipated to ethereum that its developers feel will improve the blockchain and its efficiency significantly overall. On the other hand, Cardano is already operating on a PoS model. This is the reason that the supporters of Cardano see it as a more environmentally friendly alternative to ethereum.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
