There is no doubt the hype around cryptocurrencies is at it’s peak. We are seeing an unprecedented level of volatility in the cryptocurrency market. Remember this: What goes up, must come down. Before you go and invest your life saving into cryptocurrencies, it is important to do your own research and not buy into the hype. Look at people that are pumping certain cryptocurrencies, chances are they have invested A LOT of money into it and they want you to do the same so the price goes up and they can cash out. Never invest in something you don’t know well enough. Or else there will be a day where you lose all your money because the investment you made was just hype and had no real value. So, if you want to find the best cryptocurrencies to invest in, you must do your own research. But where do you start? What do you look for?
Due diligence(DD)- When first looking into a potentially valuable project/currency:
Look into the team behind the idea. How many years of development experience do they have? What kind of things have each member of the team achieved? Look them up and find if what’s written is actually true (This is to prevent fake people looking to raise money behind an idea and then run away with your money, which has happened before).
Check if the project/cryptocurrency has a social media presence. How many followers do they have on twitter? Look them up on reddit, how many people are talking about it? Check blogs, forums where members of the team are active and answering questions about their project/currency. Some projects allow you to join their slack group, which can be found on their website. Join slack and keep up to date with everything going on inside the team.
Look into the project/cryptocurrency white paper listed on their website. This document is meant to persuade you to invest in the company. It lays out everything for us-what problem they are trying to solve, their solution to the specific problem, HOW and WHEN they plan to implement it. All of these small details are very important to check and keep in mind before making a decision.
If you go through the process listed above before considering any idea/project/cryptocurrency, you will not only have complete faith in your own investments but also have the ability to find the best cryptocurrencies yourself. I know this requires a lot of time and effort but this will help you find potentially life changing investment opportunities. Use your free time wisely, this is not a game. Your future is in your own hands.
You can start by looking here https://coinmarketcap.com/
(This site not only includes the charts but once you click on a cryptocurrency you are interested in, there are links to it's website, social media presence, etc.)
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Thanks for participating in my Experiment 4
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Do you know of any sites that have brief summaries of all the cryptocurrencies and what's behind them?
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https://coinmarketcap.com/
This site not only includes the charts but once you click on a cryptocurrency you are interested in, there are links to it's website, social media presence, etc.
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Thank you!
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thanks great information
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