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  • Jordan Hinsch

The Best Cryptocurrencies to Buy & Hold in August 2021



Note: This is not trading advice, these are my own opinions. Investing in the cryptocurrency market comes with inherent risk. Always do your own due diligence.


July was a wild month in the world of crypto, to say the least. Bitcoin got crushed and then recovered nicely, once again thanks to Elon Musk. He finally said Tesla still owns their Bitcoin holdings. Ongoing regulation requests by Congress and the US Senate have affected the price as well. Ultimately, some sort of regulation will be good for Bitcoin. As recommended in previous posts, Bitcoin was and still is an intriguing BUY.




Here are the best cryptocurrencies to invest in during August 2021.


Again, these are just speculative plays. Investing in cryptocurrencies can result in losses. Only invest what you can afford to lose.


BITCOIN (current price at time of post: $39,893.30)

Bitcoin is always #1 on the list. The world's first digitally engineered safe-haven and the world’s first mainstream cryptocurrency, Bitcoin is stored and exchanged securely on the internet through a digital ledger known as a blockchain. Bitcoins are divisible into smaller units known as satoshis — each satoshi is worth 0.00000001 bitcoin. (from Coinbase.com) JP Morgan believes each Bitcoin will be worth $650,000 by 2031. Learn more here.



HELIUM (current price at time of post: $13.23)

Helium goes by the ticker HNT and is available on a handful of exchanges. It's a heavily mined token and is increasing in popularity due to it's low costs to generate. The HNT miners cost as much as one light bulb in electricity usage and most miners ROI in 1 month. HNT just halved on August 1st, which will likely cause an increase in price due to limited supply. Learn more here.



POLKADOT (current price at time of post: $18.61)

Polkadot (DOT) makes it back to the list. After a very rough month, DOT has rallied back to respectable levels and I expect it to keep trending in that direction. Buy it at Coinbase.com. Learn more here.



ALGORAND (current price at time of post: $0.83)

Algorand is a cryptocurrency and blockchain protocol that aims to be simultaneously scalable, secure, and decentralized. It uses a consensus algorithm called pure proof-of-stake. (from Coinbase.com) Oh, and you can earn 6% interest if you hold it on Coinbase. Learn more here.




Where can I buy crypto?


There are hundreds of platforms called "exchanges". An exchange is a place for investors to buy, sell, and hold their crypto. Here are a few that I recommend, complete with signup links and ways to earn free crypto:

  • Coinbase: Pros: The most secure platform in the world. Easy to use and great technology. Cons: High transaction fees. Small selection of crypto to purchase. Cons: Not many!

  • Kraken: Pros: Great security and staking opportunities. Great technology, great platform. Cons: Limited selection of cryptocurrencies.

  • Bittrex: Pros: The largest selection of crypto in the world. Cons: Has been hacked before.

Do you live in New York? Click here to view your buying options.



Ok, you've bought your crypto, now what?


You have a few options here:

  • Keep your crypto on the exchange where you bought it. Many exchanges nowadays are very secure and financially stable and it's fine if you leave your investment there. Do your due-diligence and ensure that your decision is best.

  • Move your crypto to safe, cold storage wallet. What is this? Cold storage wallets are essentially USB sticks where you can keep your crypto. This is the most secure method of holding your crypto. Here are the two best wallets you can buy:




Ledger Nano X

  • Wallet Type: Cold

  • Cost: $119 + tax

  • USB Drive: Yes

  • Interface: App-based

  • Great For: Alt coin holders

The Ledger Nano X is an improvement over the first generation Nano S. It supports over 1,500 cryptocurrencies giving you the ability to store just about anything. Important: In December of 2020 Ledger suffered a data hack which exposed names, phone numbers, and home addresses of many customers. This did not result in the loss of any holdings or the exposure of private keys, but it did lead to phishing attempts.


Pros:

  • Ledger Live has a fantastic user interface

  • Connects to various wallets and exchanges

  • Stores up to 100 different apps

  • Very good support

  • Bluetooth connectivity

Cons:

  • Bluetooth has flaws

  • Data hack in 2020 exposed email and home addresses of ledger users resulting in phishing attempts. NEVER give anyone your private keys. Only input them into the actually Ledger Nano X device.

BUY a Ledger Nano X NOW




Trezor Model T

  • Wallet Type: Cold

  • Cost: $190

  • USB Drive: Yes

  • Interface: Website-based

  • Great For: Advanced users

The Trezor Model T is also the second generation of Trezor cold wallet storage. It's website interface gives users access to exchanges such as Changelly, a great way to swap tokens for a small fee. The Model T supports more than 1,600 cryptocurrencies. It also has a MicroSD card slot which lets you encrypt the PIN for further security.


Pros:

  • Unlimited Wallet Storage

  • Web-based interface with built-in exchanges

  • Lengthy list of cryptocurrencies

Cons:

  • Touchscreen is small for typing

  • Confusing for newbies

  • Hard to justify the cost

BUY a Trezor Model T NOW




Ledger Nano S

  • Wallet Type: Cold

  • Cost: $59

  • USB Drive: Yes

  • Interface: App-based

  • Great For: New users with low diversification

The Ledger Nano S is Ledger's first generation hardware wallet. It is very introductory and is still relevant for those who are new to crypto. It's biggest weakness is the lack of storage.


Pros:

  • Ledger Live has a fantastic user interface

  • Connects to various wallets and exchanges

  • Bang for your buck!

  • Very good support

Cons:

  • Max space for 18 wallets