Is Chainlink a Good Investment?

Chainlink is a decentralized oracle network that aims to play a significant role in adopting blockchain technologies around the world. It is purposely meant to provide many external data sources. Even though the blockchain is working well, it doesn’t consider the things outside affecting it. However, different factors impact the blockchain, including fiat currencies, credit cards, and weather and sports scores. They help the contactors to connect with external data sources like payments systems and APIs. As a decentralized oracle, Chainlink might be a pretty good choice for investment.

2020

Additionally, the price of the Chainlink coin started on a high note of $12.83 on December 15th. It later increased to $13.51 on December 19th, the highest price in 2020. Unfortunately, the Chainlink price went down to $10.96 on December 27th. Hence, it marked the lowest Chainlink price that year. The price later raised a little to $11.25 on December 31st. Its price had not been stable in the market. Hence there were fluctuations 27th and 29th December are the days recorded to have the highest exchange exceeding $2 billion. Unfortunately, there is no stable price observed in December 2020.

January 1st to December 15th, 2021

Firstly, Chainlink’s price started very low at $11.23 on January 1st, 2021. Besides, this wasn’t promising, but fortunately, the trend was good and landed at $23.53 on the 18th of the same month. More so, the price dropped to $18 on January 22nd. It then drastically increased to $24.77 on January 24th. After that, there was a drop to $23.60 on 31st January. The price went below the highest price of the month. Moreover, in February, the price of Chainlink ranged from $24.5 to $34.71 on February 23rd, 2021. The price averaged $29.42. However, this was the month in which the price became a little stable. By that time, Chainlink was a good investment choice for traders.

Moreover, the month of March is seen to have a significant fluctuation in price. We observe the highest on the 9th at $31.70 and the lowest on March 1st at $24.5. It is a big disparity. April, the price began at $29 and increased to $42.62, recording the best price on the 16th before dropping to $29.01 on the 30th. Furthermore, in May, the highest price was recorded for the year, at $52.21, before it dropped to $18.21 on December 14th. Furthermore, prices dropped in June, July, August, and November. However, this might have been triggered by new mines and currencies in the market, which posed competition.

YearMaximum priceMinimum price
December 23th, 2020$13.51$8.05
January 1st – December 15th, 2021$52.21$11.25
Is Chainlink a Good Investment

We observe that the value and the trend of Chainlink have been moving to the negative side since September 2021. In comparison, Bitcoin has recorded a 2% return, making Chainlink go down in price and generally record low sales. Also, Chainlink is more volatile, which helps it attract more external data sources in the blockchain. Therefore, if we have a combination of the two is seen to have a prominent outcome in the market. Besides, Bitcoin has a greater impact on the market. Any price change may cause a substantial loss.

Furthermore, if we were to trade the two, there are low chances of losing. More so, bitcoin prices are also higher than that of Chainlink. Hence, most investors prefer bitcoin to Chainlink in their investment portfolio.

Moreover, there are several differences between Cardano and Chainlink. Firstly, Cardano’s original coin is Ada, while Chainlink is a unique blockchain initiative. The decentralized oracle service is built on Ethereum, which can construct blockchain solutions for any kind of company. Also, Chainlink is one of its kind, the only blockchain enterprise. Elements on Chainlink are specific. Therefore, it’s an idea to make contactors more closely connected.

Parameter of comparisonChainlink Cardano
Maintenance Controlled by Oracle.Separate bodies control it.
DeveloperGarter Built Chainlink.Charles Hodkinson built it.
Year of development Developed in 2014.Developed in 2015.

However, there are greater differences between Chainlink and Dogecoin. Miners should notice that Chainlink is not minable like Dogecoin. Chainlink is more focus on its investment property. Tabled below are the main differences.

Parameter of comparisonChainlinkDogecoin
SymbolLinkDoge
MineabilityNon-MineableMineable
Start dateSeptember 20th, 2017December 8th, 2013

Besides, having stated that Chainlink is a different coin from the rest, there is a clear indication that bitcoin differs from Chainlink in several ways. Firstly, the average cost of altcoin is $154.53, while that of Chainlink is $19.71. Also, considering the founders/developers and year of founding, there is a huge difference.

Comparison parameterChain linkLitecoin
Start dateSeptember 20h October 7th , 2011 
MineabilityNon-MineableMineable
Price$19.71$154.53 
SymbolLINKLTC

Additionally, Chainlink (LINK) is the native currency of the Chainlink platform. On the contrary, Ripple is a global payment protocol that provides efficient transactions and affordable international payments. In addition, Chainlink represents an ERC-20 token listed on multiple exchanges paired against major crypts. While Ripple, whose network uses a digital currency known as XRP (sometimes referred to as Ripple). Also, on the rating, Chainlink (LINK) user rating is 22.0, based on 3 user reviews, while Ripple (XRP) user rating is 8.0, based on 3 user reviews. Furthermore, we calculate the special Cryptogeek Trust score based on the characteristics of each coin.

However, Investors believe that Chainlink is a good investment. As a result, the advice is not to confuse Chainlink (“oracle”) with a company called Oracle. The company enables smart contracts to tap into “off-chain” data. Also, we believe that Chainlink (LINK) enables smart contracts to incorporate information and services from outside the blockchain securely. Hence, it helps us improve the utility of smart contracts that we can automatically initiate when external criteria are met. It’s more so, clear that Chainlink can feed a smart contract the relevant information until the contract is either executed or expires.

FAQ

Chainlink has a number of active channels where:

  • You can learn more about the newest Chainlink announcements,
  • Locate useful technical resources.
  • Connect with others in our fast-increasing community.

 

Fortunately, if you already have cryptocurrency, it’s simple to buy. Just download exodus wallet and exchange the cryptocurrency with Chainlink. On downloading exodus app:

Firstly, open your Exodus wallet and select the cryptocurrency you have and would like to exchange for Chainlink. Hence, Exodus will automatically list dozens of today’s most popular cryptocurrencies. Besides, if you don’t see the coin you have, click Add More at the bottom of the list of cryptocurrencies to add it to Exodus. Once you’ve located the coin in your Exodus wallet, click on it, then you can click on Receive.

Secondly, Exodus will display a cryptocurrency address to send your crypto. When you transmit the coins, the transaction is completed, and the coins are available in your Exodus wallet. After that, click on the exchange button – the two arrows just to the right of the receive button. Finally, select the cryptocurrency you have and want to exchange for Chainlink and choose how many links you want to buy. As a result, the exchange and transaction will begin.

Depending on which cryptocurrency you’re trading, the exchange could take a few minutes or several hours (for example, BTC is slower than XRP). You’ll be able to see your newly purchased Chainlink in your Exodus wallet as soon as the transaction has cleared!

We mine Chainlink using ASIC mining. Moreover, these are machines made of a motherboard, ASIC chip, and a cooling system. They’re specifically designed in a manner that they mine a certain cryptocurrency perfectly. Therefore, it helps us solve cryptographic puzzles independently. Although investors can gain back the initial investment on the machines quickly, there is also a problem with noise, heat, and power demand. Besides, they break down as they run 24/7, hence wearing out.

We need Ethash for encrypting Ethereum and Ethereum Classic. Therefore, SHA256 (or SecureHash Algorithm) was initially designed by the NSA back in 2002. The algorithm found use within the Bitcoin cryptocurrency runs all Bitcoin-based coins. In addition, SHA256 is a hash of 256 bits and is what we decrypt using their mining setups which eventually validates blocks, for which miners are rewarded. Furthermore, Certain mining programs allow simultaneously mining two cryptocurrencies like Ethereum and Pascal, Decreed, etc. Hence, it enables you to maintain efficiency while mining both coins. Thus, you get two coins at once for the same power you provide.

Chainlink is like a weather forecaster, allowing investors to estimate better what may happen in the future, planning on their next investment. Besides, no investor would ever wish to invest where there is a loss projection. Therefore, Chainlink help to overcome unnecessary losses by providing that crucial information about the marker, and hence one should think of investing by buying Chainlink.

Moreover, Chainlink has dropped its price, making it hard to develop a better price forecast. Besides, different investors have tried to come up with their projections only depending on the price of other currencies.

YearMaximum priceMinimum price
20215313
20225534
20236145
20246747
20258059

Summary

Finally, from the above information, it is clear that Chainlink is growing more than other Cryptocurrencies and providing a base for all the others. Therefore, more is happening, and better is expected to happen. Hence, as its prices go up, it’s prudent and intelligent to invest more and have a better return from investment.

Cryptocurrency changes the world; there is always one solution that we can bring on board—the idea of making use of every opportunity. Hence, as Chainlink grows, it’s worth making all the investments as more returns from the same path.