Investing should be the final step in a sequence of research. Don't buy into hype trains, crypto related or not. Research is essential to optimise your portfolio.
- Use multiple sources
- Verify your information with those sources
- Seek negative coverage of the cryptocurrency
- Investigate circulating and total supply
- Read and understand the white paper
- Explore the website
- Identify the target market (e.g. Siacoin = Cloud Storage)
- Evaluate the team, its professional diversity and size
- Consider marketing and influence
- Rate the level of social media activity and community engagement
- Investigate competitors (e.g. Siacoin v Storj) and decide on how you will diversify your risk
Happy cryptoinvesting
Twitter: https://twitter.com/CryptoLearn
Very well said. You have to investigate very well a coin if you want to enter in it.
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Thanks for the feedback. Yes, research is important. Unfortunately many people are too concerned with missing out on high percentage gains to dedicate their time to it.
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