Since the launch of Bitcoin in 2009, many investors across the globe have been looking to exploit the numerous benefits of cryptocurrencies. Cryptocurrency investments have been a major source of income for many due to their potential to deliver remarkable returns.
Apart from the dominant cryptocurrency- Bitcoin, there are other alternative digital assets known as ‘Altcoins’. These altcoins provide a wide range of assets for investors to choose from and offer some advantages over Bitcoin. Because of their high degree of volatility, altcoins have the potential to deliver better short-term returns.
It is critical to make the appropriate judgment when selecting your next cryptocurrency purchase to avoid investing in scam coins or underperforming cryptocurrencies. It may be difficult to predict the coins that will receive the most reception and why. But with sufficient knowledge, you can forecast coins that are likely to do well.
Steps to choosing your next Crypto Investment
- Find Initial Coin Offerings (ICOs)
Looking out for an ICO is the first step in finding your next crypto investment. ICOs are offerings by developers looking to popularize their coins. While listing their coins in exchanges or wallets, developers often leave details such as soft cap, buy-in price, coin description or purpose, and team details. With this information, expert investors can decide whether a coin is a good investment or not.
ICOAlert is a popular platform to find a comprehensive list of active and upcoming ICOs. Because new coins are issued at regular intervals, ICOs have become quite popular in recent years.
2.Make Enquires about the Blockchain it is built on
New tokens are often built on existing blockchains such as the Ethereum blockchain or Binance Smart Chain. The kind of Blockchain the coin is built on really matters, as it determines which existing cryptocurrency will be used to participate in ICOs. For example, a coin launched on the Ethereum blockchain will require Ether for its purchase.
3. How unique is their concept?
This is an important question to ask whenever looking to invest in a coin. A unique and solid idea will always translate to a successful project. For example, the idea of recreating security or decentralized token model is quite popular in the crypto space and not many tokens of this nature are guaranteed to succeed.
When looking to invest in a new token, check for a new or unique concept, something that is not very well adopted but meaningful. And be careful to watch out for signs like obscure language, poor spelling or grammar, and irrelevant dispositions as it might be a scam.
4. Exchange Listing
It is a good sign when a coin is to be listed on a popular exchange such as Coinbase, Binance, Kraken, or Bittrex. If the coin is still in its ICO phase and is likely to be listed in these exchanges, then it’s more likely to be a good crypto investment.
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Choosing your next crypto investment may seem like a risky or difficult task but the steps listed in this article should guide you towards making the right decisions. Also, be wary of ICO scams as people are willing to make money by selling fake tokens to the public.
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