As cryptocurrencies have grown increasingly popular over the past few years, it’s no surprise that new ones are being developed all the time.
For example, one new cryptocurrency called Spell Token (SPLT) seeks to bring blockchain technology to fantasy sports, which are expected to grow to $19 billion in annual revenue as of 2020. But is this new altcoin worth an investment? Find out whether investing in Spell Token is a good idea.
Here is a break down of what we will be covering today.
What Is Spell Token (SPT)
Spell Token (SPT) is a cryptocurrency token and operates on the Ethereum platform. It works as an ERC20 token based on the ETH platform. SPT tokens are used to distribute rewards by Spell to any party holding SPT through smart contracts in exchange for their contribution to developing network services and application development.
It allows users of its ecosystem to have full control over donations and rewards by utilizing smart contracts that will enable issuing new tokens directly from within an app, making it more secure.
These tokens are unique because they pay dividends back to those who hold them using Smart Contracts on decentralized networks, with no central authority or management over transactions or balances since all operations are recorded publicly and distributed among nodes, which makes SpellToken self-regulating.
Spell Token Investment Analysis
There are two primary ways to invest in Spell Token: sending Ether directly to an Ethereum contract address or using your Bitcoin holdings as collateral on an exchange such as Poloniex and selling it for Ether on a 1:1 basis (the buyer of your BTC sells you Ether).
The two currencies have appreciated considerably, with ETH having seen 200% growth over 2016 while BTC has seen 50% growth.
After that, be sure you take responsibility for storing and securing your tokens – typically on offline hardware wallets that are not connected to the internet – so hackers can’t steal them from you! It’s hard to say what will happen next for any cryptocurrency.
Still, with many coins rapidly appreciating along with fast-paced development activity across several projects like EOS, Cardano and Tezos, it seems likely that there will be more winners than losers.
If you decide to buy into ICOs or purchase cryptocurrencies, keep in mind that you are taking a risk because these investments could become worthless quickly.
It’s also important to note that new regulations could change how cryptocurrencies operate – for example, China recently banned ICOs outright due to concerns about fraud.
Still, suppose governments around the world begin issuing their digital currencies. We could see significant price increases across all cryptos since they would then hold real value.
Can Spell token reach $1? Spell Token Price Prediction
Given that it’s currently trading at $0.000055 and has quite a significant market cap, Spell Token can reach $1 with enough time to develop itself as an application that will utilize Spell Token for its primary feature. There’s still a long way for applications like Spells of Genesis.
Still, considering how fast blockchain technology is growing, Spell Token may not be too far away from attaining its $1 milestone price tag.
What is the Future Potential of SPELL Token?
The SPELL token could be the next Bitcoin, Ethereum or Ripple only when they get listed on the major exchanges such as Binance and Bittrex. Once that happens, I have no doubt their value will rise significantly. It will give all of us who have invested in the ICO huge returns on our investment.
The roadmap and roadmap promise to deliver ahead of time, including getting listed on those exchanges which are soon to come.
Let’s see what the future holds for the SPELL token! But with everything going for them right now, it is easy to think of them as one of the best investments! You should never miss an opportunity like that! Investing now before it gets too late will give you great returns later!
Where To Buy SPELL Tokens?
As mentioned earlier, you can purchase SPELL tokens during their crowd sale via Metamask. The minimum contribution accepted by Metamask is 0.2 ETH.
It’s also possible to buy SPELL tokens on Idex and ForkDelta exchanges currently hosting trading for permits but limited availability due to high demand. We recommend using MetaMask as it’s simple to use and will allow you to purchase SPELL tokens directly from your browser without downloading any additional software.
In Which Wallet Can I hold SPELL Tokens?
Suppose you are looking to hold SPELL Tokens. In that case, I recommend using Jaxx as your wallet as they currently support ERC-20 tokens such as SPELL, including them in their plans for other upcoming permits like Augur and The DAO .
MyEtherWallet would also be another viable choice for holding your SPELL Tokens. These are only two wallets that support SPELL, so if you aren’t interested in using these types of wallets, there are plenty more available.
For example, my favorite wallet is Exodus because it’s extremely user-friendly and doesn’t require you to download any extra software or apps to your computer; enter an email address and password!
Should You Invest In SPT?
Investing your hard-earned money into SPT isn’t something you should do lightly. So, before making any final decisions about when to buy SPT or when to sell SPT, make sure you read everything you can about it first. Then ask yourself:
Do I think I could profit from holding on to SPT? Would I be comfortable putting my investment into SPT? If so, invest away! But if not, think twice before buying any of these assets! It’s never easy deciding whether or not to take a risk and put your money into an investment that might rise in value over time.
It goes double for crypto-currencies like SPT—which are speculative by nature and have no inherent value beyond what people are willing to pay for them at any given moment.
Pros & Cons Of Investing In Spell Token
The biggest con of investing in Spell Token is that you’ll be betting on an unproven concept: cryptocurrency. Although blockchain technology has been around for several years now, it’s still not widely accepted by consumers or retailers.
And as for bitcoin specifically, many factors go into its valuation – such as media coverage and user interest – which aren’t necessarily indicative of how well or poorly a company will perform.
FAQs On Is Spell Token A Good Investment?
Why is Spell Token Dropping?
What’s clear is that there were too few people interested in purchasing or holding Spell Token tokens, which spells trouble.
The biggest problem with Spell Token is its small token supply. The total number of coins available will always be fixed at 100 million—and only 20 million tokens will ever be open during its ICO sale. And even though 20 million might sound like a lot, it isn’t: It represents less than 10 percent of all Ethereum-based projects launched.
What is Spell Token 2022 Prediction?
By creating these predictive marketplaces and digital trading tokens, users can build up their portfolios of yes/no contracts that they believe might happen at a given time in the future.
You can do so right now if you want to bet on Google stock reaching $1000 by 2022! There’s liquidity for tokens even before an investment project launches because people can buy and sell shares of speculative products using existing currency