It's 2am, another night, struggling to get some sleep. I did most people would at this point, I grabbed my phone, opened FB and started scrolling my news feed until I got bored.
I then see 1 post, 2 posts....then another, then another...
They were all talking about a new cryptocurrency and my goodness, they were completely hyped about it! I then did a FB graph search on this and yet again, post after post, they kept talking about this, showing their immense excitement and offering their referral links for people to take action.
Needless to say, this sparked my curiosity!
I saw a post about a group that was created, solely to gain more information about this crytocurrency, what it is and how you could buy....ELECTRONEUM!
This when I learned it was currently in ICO, which means "Initial Coin Offering" and during this time, they offered to investors an opportunity to purchase "tokens" for $.01, even offered various bonuses to earn extra tokens each week as they get closer to the time to go public which is November 1, 2017.
Now, I've heard of cryptocurrencies before, well I've seen the term thrown around a lot, but my knowledge about them in general was very limited. So I visited the official site for Electroneum and I begin to get excited! This was me embarking on something new, definitely stepping outside of my usual comfort zone of business.
First thing I immediately see on the site is a button to read the White Paper.
While I was reading, I learned:
-Electroneum has created its own blockchain and plans on targeting the 2 billion people who use smartphones!
-One of the reasons for targeting smartphones is because people can easily mine more coins on their phones using their app without needing any special computers, technical knowledge etc like other cryptos
-Electroneum has capped their coin value at $21 billion...because they want to make their numbers more "human like" which mean they only go to 2 places after the decimal, something most people are used to seeing when making purchases.
-All of this and more to help Electroneum to have a more mass appeal and to become a household name.
During my search, I started to learn that there are THOUSANDS of coins and countless ICOs being released monthly! So I became hesitant, wondering if I prematurely got excited about something that seems to be very commonplace. But I wasn't ready to throw in the towel on this just yet.
I expanded my research.
I wanted to know what are some factors I should look for when making a decision about which ICOs to move forward with. Hell, if they are being released constantly, I should have some knowledge on how to sort them out right?
Here's a short list that of some things that a few experts have mentioned that would help aid in choosing which ICOs to move forward with. Now more indicators can be added of course, but this is where I started off and if you decide to invest in cryptocurrencies, then this will help you too!!
- A clear dedicated leader
- A strong team
- A strong community surrounding the project
- Solves a specific problem <-----huge one!
- Timing of the markets
- The technology
All of the above, if done right, can easily be found on official website for these ICOs. So it is imperative that you read the White Paper. So far, with most ICOs I'm learning about, they always offer a White Paper which will go in detail the 6 items I listed above.
But you just don't want to end your research there!
Open up Google, visit YouTube and see what others are saying. Yes, there can be some exaggerated hype around some coins because people just have the intent of wanting to refer more people through their link to earn more coins. It is that factor.
There are however, others who offer valuable opinions and specifics onto whether which ICOs or coins will play a huge part in this world soon.
Purchasing ICOs, investing into cryptocurrency is very risky. At the end of the day, me, you....we won't know completely for sure whether or not something will be highly successful or not. You just have to be willing to take a chance, even after all your research.
But do know this!
If you decide to go this route, never risk more than you are willing to lose!!!
With my own advice, I invested $200 into Electroneum last week which gave me 26,000 tokens because I took advantage of the 30% more token offer during this time. I have even earned more tokens by people who are connected with me on social media who watch my video and decided to jump the wave as well.
You can check out that video here:
This won't be the last cryptocurrency I invest in. I have become completely intrigued by this and will be investing more and learning along the way.
I will be posting more about my journey, my research here on my new home with Steemit!
Hopefully it will give you more insight on this and who knows, you may catch the same crypto fever I caught!!
Til next time...
-L.
(Disclaimer: I am not a financial advisor nor is this financial advice. Please only risk what you can afford to lose!)