Good evening people, im newbie in cryptocurrency and i need a hand from you guys.
I want to invest 500$ in an altcoin,can you help me pick one ??
Hi Hodaj89,
First of all welcome to the world of crypto which gives endless opportunities. Having said this you need to be more cautious as the market is very volatile and comes with a huge risk.
I would suggest you to follow some of the steps before investing into any of the assets.
a. Go to coinmarketcap / crypto compare and look at the coins which are available in the marketplace. It would be a good idea to study top 20 coins to Start with.
b. Once you zero down to the coin selection start evaluating them.
c. Read Whitepaper
d. Understand Token economics
e. Understand the usability of the Tokens, check for the working Product.
f. Figure out why the coins are on the top of the Chain and why there are laggers as well - this will help you to understand the project in details when you compare them.
g. Look through the team, vision & usability of the product in short term & long term.
h. Zero down to the 5 Projects and then invest wisely in 5 different projects (Never Put all your eggs in one basket)
i. Never Fall prey to FOMO, always wait for a correction to enter.
e. Listen to what people are saying but DYOR before investing in any asset. People will keep on recommending a new coin every day, but only take decisions based on your own research.
These are few points which I have learnt over the last couple of months in my journey.
Looking forward to more precise views of the community to add up to this and sharing your insights