“Invest in Internet Computer” might seem a little bizarre to type into Google at first, but yes – that’s the name of an actual cryptocurrency. Having started at a crazy high price in November 2021, this relatively new currency has dropped since – but remains interesting for curious investors.
Before you invest in ICP, it’s worth doing some prior research. And if that’s what you’re looking for, you’re in the right place. This guide will tell you everything you need to know about Internet Computer, along with where you can buy them and more.
Best Way To Invest in Internet Computer in 2023
As a relatively new cryptocurrency, it’s a little challenging to buy ICP at the moment compared to more established coins. Having said that, you’ve got a couple of options. To help you make a quicker decision, we’ve listed the most prominent of these below.
What Is Internet Computer Coin- Quick Overview
Name and ticker: Internet Computer (ICP)
Date launched: May 2021
Circulating supply | max supply: 200,287,264.51 | No specified maximum supply
Blockchain network: Internet Computer blockchain
Creators: Dfinity Foundation
Use-cases: Blockchain network governance, investing, NFTs, smart contracts, etc.
Social media: Twitter | YouTube | Reddit | Facebook | YouTube | GitHub
What Is Internet Computer Coin – Explained
Internet Computer is a cryptocurrency developed by Dfinity, a non-profit organization with offices in Switzerland and the US. The coin burst onto the scene in 2021, and at one point, the value of one token exceeded $450. Now, however, it has declined quite significantly – posing a potential investment opportunity for many looking to get in on the action.
At the time of writing in February 2022, ICP is the 33rd-largest cryptocurrency in the world by market capitalisation – pretty impressive considering that it’s been around for less than a year. Overall, it takes up 0.23% of the overall market share.
Internet Computer has a pretty significant overall market cap in USD form, which exceeds $4.6 billion. The price of 1 ICP to USD was, on 8th February 2022, $22.81.
What Is the Purpose of Internet Computer?
One reason that Dfinity created ICP was to solve blockchain scalability problems. In a world where more and more stuff is being done online in decentralized areas, several networks are feeling the additional pressure that comes with this. At the moment, Internet Computer’s blockchain is the only one in the world that can scale forever.
As you might have suggested from the name, Internet Computer was designed to facilitate a genuinely decentralized online ecosystem. Thanks to its scalability, Internet Computer’s blockchain can cater to several decentralized activities – as we’ll discuss in the “use cases” subsection that you’ll find below.
What Are Internet Computer Coin’s Use Cases?
Internet Computer has a whole range of use cases. One way that it has been used is to develop decentralized apps (dApps), which are free from control compared to if they were on other platforms.
In 2021, the world saw a significant rise in non-fungible tokens (NFTs). These gave creators a new opportunity to sell their accomplishments with others and potentially generate an additional source of income if they became successful. These run on blockchains, and some have used Internet Computer to facilitate this.
As for the coin itself, you’re reading this article because you’re interested in potentially making a profit – and that’s exactly what many others have bought it for. With ICP, you’ve got the opportunity to hold your coins and choose whether you’d like to adopt a long or short-term strategy.
When you have Internet Computer tokens, you can also opt to pay for items and services in places where this is allowed. Similarly, you can send them to friends and family; doing so takes little time, and you’ll waive many fees that might apply if you were to use fiat currencies instead.
Is Internet Computer Large on Social Media?
The Internet Computer project doesn’t have its own social media channels. However, Dfinity has a presence across most of the main ones – and you can connect with others interested in ICP in these places.
One of the best places to catch up on news about Dfinity is Twitter. On this particular platform, the organization had more than 420,000 followers at the time of writing in February 2022. You can also find additional content on YouTube, where over 22,000 users have subscribed.
Dfinity is also on Facebook, though its following is much smaller on here. With that platform, it has just under 5,200 page likes and a little over 6,300 followers.
Arguably the best place to catch up on Internet Computer news and Dfinity, in general, is Reddit. Here, you’ll be joined with more than 26,000 other members – along with finding a discussion thread for ICP and the related blockchain.
Does Internet Computer Have Any Famous Backers?
Many large cryptocurrency projects have famous backers, and plenty of celebrities have invested in digital currencies in the past. Some have taken their enthusiasm even further and even begun projects of their own!
The Internet Computer project has had significant backing throughout its existence. Dfinity has received hundreds of millions of dollars in investments, including from major firms like Andressen Horowitz and Scalar Capital – plus SV Angel, Polychain Capital, and many more.
The project has also had contributors from some of the world’s most prominent tech companies, including IBM, Microsoft, Apple, and Oracle.
How To Buy Internet Computer Coin
As we mentioned earlier on this page, it’s a little tricky to purchase ICP compared to other currencies. But as the project grows in the future and the coin matures, this will likely become much more simple.
When buying ICP, the most accessible place to do so online is via a cryptocurrency exchange. Some of the world’s largest platforms have already listed the currency, and you can use these services in several countries around the world.
To buy ICP on a cryptocurrency exchange, you’ll typically need to follow these steps or similar ones:
Step 1: Sign up for your preferred cryptocurrency exchange; make sure that it sells ICP first.
Step 2: To verify your account, you’ll need to complete a know your customer (KYC) check. This is important for legislative compliance, along with anti-money laundering (AML). Generally speaking, you’ll need to use your photographic ID (e.g. a passport or driving licence) – plus proof of where you live.
Step 3: Once your account has been verified, deposit money.
Step 4: Select the number of ICP tokens you’d like to purchase.
Step 5: Confirm your transaction. Once you’ve done that, it’s a good idea to store them in a wallet to keep them safe.
With some other cryptocurrencies, you can purchase derivatives if you don’t want to buy the coin outright. Doing so is easier if you’re a beginner because you don’t need to worry about the technicalities of owning a cryptocurrency wallet.
At the moment, you can’t use a brokerage to buy ICP derivatives – though this might change in the future.
How To Sell Internet Computer Coin
If you’d like to sell your ICP tokens, the best way to do so is via a cryptocurrency exchange; you can use the same one you signed up for to buy them in the first place. To begin with, you’ll need to transfer the coins from your wallet back into your exchange account.
Once you’ve moved your tokens back into there, you can go to the selling page and submit an order to do this. Choose how much you’d like to get rid of before confirming everything.
Alternative Ways To Invest in Internet Computer
While many people first buy their Internet Computer tokens from a cryptocurrency exchange, you can profit from the currency using various methods. Some of these are straightforward, whereas others require a little more skill.
To help you out, we’ve listed some of your other options for investing in ICP below.
Cryptocurrency Wallets and Apps: In some cases, you might not even need to use a cryptocurrency exchange to buy and sell your tokens. Instead, some apps and wallets will allow you to do this directly. You can escape many of the fees involved in depositing fiat money into your account first, and the entire process is much quicker.
Staking Your ICP Tokens: Staking is a unique form of investing where you can gain rewards. You can use this option to support the Internet Computer project, and it could lead to significant benefits in some situations.
Buying From Friends: If you’ve got a friend that is willing to transfer you some tokens they’ve already got, you can store these in your wallet.
Fund management company Grayscale announced in the summer of 2021 that it was looking to potentially add ICP to its list of offerings. However, nothing has materialized as of yet.
Is It Safe To Invest in Internet Computer Right Now?
Before we continue, we must point out that cryptocurrency markets are highly volatile. Buying any coin carries risks, and you could lose significant amounts of money if you aren’t careful. Never invest more than you can afford to lose, and make sure that you’ve done sufficient research before diving in.
If we’re talking about Internet Computer from an investment perspective, it could potentially be an excellent long-term investment. Its market cap is already significant, while Dfinity has hundreds of millions of dollars in backing to help the project succeed. On top of that, the blockchain scalability issue is something that needs solving – making this an ideal proposition.
If we talk about safety from a security perspective, the best way to protect yourself when investing in ICP is to purchase from a reputable platform. This means that you should use one of those that we’ve listed in this article.
Even then, though, nowhere is 100% foolproof. You should take additional steps to protect yourself, such as:
Store your coins in a wallet; if you’re investing long-term, it’s better to use a cold wallet.
Always enable two-factor authentication (2FA) on your wallets and accounts.
Never ask for help on a non-official forum or website.
Do not click on suspicious-looking links.
Never give out your login details. If you suspect that someone has these, change them as soon as possible.
Do not pass on more documents than is necessary for KYC checks.
