Bitcoin! Litecoin! Ethereum! — excited! perplexed! and what not.
It is all around. Your colleagues discuss it, your friends discuss it, there are news reports of an ecstatic Grandma cause she “got in” to Bitcoin (not lying).
You also feel like jumping on the bandwagon of the mystic world of cryptocurrencies and get your USD, EUR or GBP converted into Bitcoin or Altcoins, which seem to have a better future or future return. 100x? 2200x? Yes please, I’ll take that right away.
What if I told you there is a revolution building out there, much beyond Bitcoin ? A revolution happening right under our noses. Billions getting transferred from between latitudes without any government, or central body interference ? A Market which is open 24*7. No barriers.
A world that’s free of borders and bureaucratic compliances. A world where investments are decided and controlled solely by you, the rightful owner of that amount of money. Never before in history has the transfer of money happened on this level, at this scale that involves the average person.
Trading crypto currencies is a brilliant way to make money, however, it isn’t as simple as many portray it to be.
The market is here to stay and Blockchain is the future. Period.
Each type of currency has several different underlying factors which affect the price of it.
Always research and be on the lookout for valuable information that puts confidence in your investment.
Identify and Invest in a platform, that has a strong roadmap, a strong team, multiple dApps development lined up, and strong partnerships coming up, you get a chance to purchase it while the coin is still a few hundred, a hundred, a few dollars, or a even a few pennies cheap.
So what are the factors I look for before buying
- Is the website Functional
Seriously. Is it a fly-by-night operation or a proper, working, bug-free website? Lookout for obvious red flags.
- Does it have a strong team ?
The success of your coin heavily depends on the quality of team members present in it’s development. You see, Ethereum or any other platform would have a code written over it to work with the blockchain. This means that decentralized applications aren’t faultless. Because the code is written by humans, smart contracts are only as good as the people who write them. Code bugs or oversights can lead to unintended adverse actions being taken. If a mistake in the code gets exploited, there is no efficient way in which an attack or exploitation can be stopped other than obtaining a network consensus and rewriting the underlying code.
A strong technical team prevents all of these issues.
- Read the whitepaper!
This step addresses all your questions, giving you important details of the coin, the problem it solves, how it solves it, and the technology begin the coin.
DO NOT skip this step. After all, your investments in cryptocurrency are focused on technology, before anything else.
- What does the coin supply look like ?
The higher the coin supply, the lesser the price per coin in the future. Simple Economics !
I.e, the reason BTC is priced so high is due to it’s coin supply of only 21 million coins. If BTC had a supply of 2 billion coins, it’s price would be…..well…. a few pennies.
Weight the risks one final time before purchase
Buying an Altcoin is an investment. An investment that has too much risk associated with it makes no financial sense if things go wrong, as you could end up losing everything. The amount of risk can be gauged from the above factors and/or a combination of them.
We aim to bring Cryptocurrencies to the masses in a well refined, easy to understand manner. Being complicated helps none and neither does the biased media.
Stay Safe and Educate yourself!
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