Over the past couple of years, the crypto industry has had quite a lot of success and a recent surge in its overall growth and popularity, that too at a rate that was never really anticipated. Not just that, from the looks of it, it doesn’t seem like it is going to slow down anytime soon! Also, the industry has had a wonderful journey so far by being able to lure in potential investors from all across the globe and managing to make a name for itself in the global marketplace.
Having said that, I believe a majority of you are already familiar with the basics of the industry and I am sure that you are eagerly waiting for us to start with what we have with us today but, for some of you who are new to this whole thing, it’s best if we have a brief look at the industry first.
To begin with, cryptocurrencies as the name suggest is nothing but a form of online or virtual currencies that can easily be made use of for a variety of purposes including the purchase and sale of goods and services as well as for the purpose of trade and exchange over cryptocurrency exchanges available online.
In other words, crypto is a blockchain-based platform that is known to be decentralized to its very core. Being decentralized, the crypto world becomes more than capable of stepping outside the overall control and jurisdiction of central authorities and can work freely without any unnecessary government interferences as well.
Also, when the industry was first introduced there were not many currencies to choose from and honestly, not many people were looking to be a part of it either as people back then were very skeptical with respect to the return on investments they could expect as well as the safety of their money too.
That is surely not the case anymore as today, we have pools of currencies available for investors to choose from, with newer ones coming in with each passing day and tons of new investors joining in every hour.
Speaking of a lot of currencies available today in the marketplace, some of the most popular ones worth investing in includes Bitcoin, Cardano, Baby Doge, Ethereum, Dogecoin, Polkadot, Binance Coin, PancakeSwap as well as EverGrow Coin to name just a few of course.
In addition to this, it feels rather interesting seeing such a rapid growth of the industry over the past couple of years and so, let’s look at some of the major contributing factors responsible for this huge success including portability, high-profit margins, volatility, negligible response time, convince it offers, intuitive nature as well as ease of use of course.
Being volatile, it is important for you to be aware of the fact that, it is not always possible to predict the price changes and act accordingly as the price fluctuations in the crypto marketplace are almost immediate, thus leaving no time to plan. Therefore, whenever dealing in online currencies, keep in mind that, if the industry is providing you with an opportunity to earn huge profits and make quick money, if not done right, you could also end up having significantly huge losses as well.
Not just that, as per the chatter amongst some of the leading experts on the field, it has come to our notice that, crypto is rapidly progressing towards completely revolutionizing the global payment system and from where I stand, it looks like it has already started to do so as many merchants and businesses have started accepting crypto as an official mode of payment from their customers.
Now that you have a brief backstory about the crypto world, you will be able to have a much better understanding of what we have with us today, Biconomy. To know more, I suggest you read further!
Everything to know about Biconomy (BICO)
Biconomy or as commonly referred to as BICO is nothing but a multichain relayer protocol that is known to be focused on improving the user transactions as well as onboarding experience on decentralized applications (DApps). Not just that, as per the platform’s official website, the overall goal is to make Web3 products as easy to use and intuitive as Web2 products.
Basically, Biconomy is a project that aims at gas optimization as well as transaction management, which can actually reduce the gas cost by nearly 40 percent. Also, in order to achieve this, the protocol is said to utilize meta transactions, thus allowing users on the platform to submit a transaction with about zero gas and having a third party pay for the transaction fees for the user.
On a similar note, by simply providing a gas efficient as well as non-custodial relayer infrastructure network, Biconomy is successfully able to do this at scale. Before moving any further, it is probably worth noting that, Biconomy was founded by an international team of entrepreneurs specializing in blockchain technology. In addition to this, the platform is known to be backed by various reputed blockchain venture capitalists including Binance Launchpad, Coinbase Ventures, Huobi Ventures, and Mechanism Capital along with many more.
Furthermore, BICO is known to be the native utility token of the Biconomy platform, which as a matter of fact can easily be used for a variety of purposes on the platform itself like paying for network fees as well as to vote on protocol upgrades. Basically, Biconomy is a protocol that aims to seamlessly connect users to any and all decentralized applications across multiple chains for a significantly lower fee.
Apart from this, founded back in 2018, Biconomy is known to be the very first cryptocurrency-based company to have been listed on Coinlist. Also, in the Web3 world, Biconomy just aspires to become the payment gateway for crypto transactions. Having said that, amongst the handful of Web3 companies in India making waves in the said space is Biconomy.
Moreover, the company is also known to have been able to successfully raise around 9 million dollars in a private funding, led by DCAM as well as Mechanism capital in July last year. As mentioned, the platform also has various strategic investments from Coinfund, Coinbase, Proof Group, Bain Capital as well as Ledgerprime along with many more of course.
So far, Biconomy has been able to partner up with over a hundred decentralized applications including the gaming platform- Decentral Games, DeFi platform- Curve Finance, a social blogging platform- Sapien Network as well as the trading platform- Perpetual Protocol. Also, at the time of writing, BICO was trading over 148 rupees on WazirX.
Lastly, in the long run, tokens like BICO will actually be able to attract serious cryptocurrency investors who invest in the long-term development of a company like Biconomy that really helps decentralized applications (DApps) as well as finance, rather than single tokens that may or may not survive.
Now that we have talked much about Biconomy, some of you must be wondering, whether or not it is a good idea to invest in the platform? If that’s the case, then let’s find out, shall we?
Investing in Biconomy (BICO)
As of today, the price of Biconomy is about 1.83 US dollars with a twenty-four-hour trading volume of 68,649,321 dollars. Not just that, in just the past twenty-four hours, the value of Biconomy has gone down by 9.29 percent, and with the current market cap of 211,118,075 US dollars, BICO is currently placed at #274 position as per the CoinMarketCap rankings.
Also, it is worth mentioning that, the current circulating supply of Biconomy is 115,187,731 BICO coins, but unfortunately the maximum lifetime supply of the token is not yet available. In just the past week alone, the price of the platform has risen by 7.41 percent.
Reading so far, you must have gotten a fair understanding of the platform and by now, you should be able to figure out on your own whether or not investing in Biconomy is the right thing for you to do. Seeing what it has to offer when combined with its performance in the recent past as well as its plans for the near future, I certainly believe that Biconomy can prove to be a profitable investment in the near future, which is likely to provide you with higher returns and it is a possibility that your current investment may increase in value. But again, nothing can be said for sure!
As mentioned at the very beginning, crypto is a highly volatile marketplace and is extremely uncertain. Thus, It is very important for you to understand the fact that just like any other currency in the crypto marketplace, Biconomy does have its own risks as well and you should invest only if you are willing to take those risks and bear any and all losses if at all necessary.
If you are wondering, where can you buy Biconomy? Let me help you with that. Currently, Biconomy is available on all major crypto exchanges but, some of the popular exchanges that have BICO listed on them include FTX, Binance, Bybit, DigiFinex as well as OKX to name a few. Â
In conclusion, what are your thoughts on Biconomy? Do let us know in the comments area below. To know more about various cryptocurrencies, do check out other articles we have on our website. Thank you for your time & if you found our content informative, do share it with your investor friends!
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