Crypto currency seems like the best thing to invest in right now, but its so many different crypto out there which ones should you put your money into. Well let me help you out there.
One of the biggest things you should be looking at when looking to invest in crypto is what’s behind the currency. Like stocks there is always a company or at least a developer that should have an idea with a realistic use for there crypto. Basically if the company or developer behind the crypto currency doesn’t have an idea of what it can be used for to change the world or make it easier in every day life, you should probably stay away from it. This goes further into the subject of what is the project, what is the creator of the crypto currency trying to accomplish with the currency. How much of there plan have they accomplished so far. Plain and simply its no point in throwing a bunch of money into a project that’s not going anywhere, much like the stock market. If you wouldn’t by a dying companies stock don’t buy a dying projects crypto.
Lets go further into the projects behind crypto currencies. Every crypto currency was developed by a person or team some for a purpose and others because it was a Kool thing to do. We want to avoid the cryptos that developers creating for fun. What we want is cryptos that have development teams that are making changes in the community and the world. We can all have a piece as long as we find these hidden gem currencies on the rise. One of the biggest things to not focus on is what does this crypto currency do that bitcoin doesn’t that’s not the complete focus. The bigger focus is what does this currency do period, because this currency may not look to do the same exact thing as bitcoin.
Its also not about comparing different cryptos at all, at the end of the day different projects maybe used for different things here’s an example of two different crypto with similar projects. Ripple (XRP) and Stellar lumen (xlm), different currencies with a similar project but different prospects, xrp is trying to become a global payment system basically and they’re on the road to possibly getting there. Xlm looks to make payments cheaper and faster from county to country. See the projects for what they are and what they could do here’s an example of something you may not want to throw a bunch of money into. Dogecoin(doge) is a fun crypto to play with and is very popular in the community. But the issue is there is nothing behind the project and doge is just something to trade and crypto is way more then that crypto can change the world as we know it but likely not projects like dogecoin. Although the developer seems nice he never had any actual plan for the currency hence the price always being low and never really doing anything until Elon Musk said something about it, but this statement actually goes into the next topic.
Don’t base your investment off of what someone telling you. Most crypto currencies have a landing page explaining the supposed usage as well as other info you may want to know about the project. Most the cryptos listed on coin base rather tradable or not have a link taking you to a landing page. Now some of them don’t but you can always google search the crypto and the landing page and most the news involved and listings will come up. So if anyone tells you this is the next thing or that is the next thing do some research before you throw your money at it because if you lose your money the only person to blame is you.
One of the biggest thing you want to watch out for is pump and dump schemes and people claiming they can help you gain more from your coin. Most people telling you they can help you multiply your bitcoin or any other crypto currency is likely to be a scammer. Don’t ever consider sending your coin to any of these people when they hit you up because you’re likely to not get a payout and they’re likely to just take your money and leave. Don’t trust what’s app people most are scammers also if some one leave you a what’s app number under a post or something don’t even waste your time most these guys don’t even know what they’re talking about let alone how to make some legit money
Some good places to keep your coin is in a home wallet or maybe even someplace like nexo I wouldn’t recommend dealing to heavily with web wallets but keeping your money on something like coin base isn’t horrible I would still recommend a home wallet just for the extra safety. What nexo is, is crypto banking you can hold some of your crypto here and get paid a dividends on your holding daily you have to have at least $10 usd in holdings but hey if you going to hold anyways why not make some more money off of your investment.
I hope this article helps anyone looking to invest in crypto this is just a little criteria of what you should look for and watch for in the investment world its a lot of people who want to take your money and that’s at a lot of levels invest safely.