With hundreds of coins it's confusing and risky to invest your hard earned money in any single coin. I have invested in three alt coins till date and totally lost my investment in two of the coins, the third turned out to be a decent genuine coin. I know crypto investment is more gambling than investing but I am hooked.
I have decided to invest( gamble) once more but this time I want to do so wisely. I want to have a set of criteria for investing in a coin , a set of minimum qualification a coin must pass before I consider it. It is for this purpose that I want to seek advice from you folks, please share your methods of picking altcoins and why do you think it works?
As for me, if I were to pick a coin right now, I will look for top ten coins in market cap as they tend to have bigger budgets for further developments. I will look at the dedication of the developers and the core team of the coin to determine their dedication to the project and last try the coin to see if it's any better than the older coins. on picking ICOs I still have no idea, and would appreciate any advice.
I request everyone not to mention any coin by name as this leads to unproductive arguments, just share your strategy and reasons for picking one coin from the rest.
The first thing to understand is that cryptocurrency value is derived from network effect. And network effect is derived from people.
Study volume levels, community engagement, and underlying currency philosophy. Then, once you decide to invest, you must contribute to the coin's success by working for the greater good of the currency. This last step is where most people fail miserably.
And remember, it's going to be a decade or more before cryptocurrency enters the mainstream consumer's vernacular. So be patient and smart, focused, and hard working.
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