If you're new, maybe you've figured out already that there is a lot of data and opinions surfacing the internet. A lot of people appear to be experts. I remember a time when I could still read most, if not all, of the news articles available. Now I can't keep up.
We have information from experts, both for and against cryptocurrency. Cryptocurrency itself is not easy to understand. It takes time and research to trust sources or reliable information. The internet is spammed with "The best crypto currency to invest in (now)!" And even harder- not all of these coins are scams! Some are. Some aren't. But, much like the dot com bubble, they are not all likely to sustain.
Here are my best tips:
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Research the market. Coingecko.com is a good source. It ranks coins by the most important data analytics. (More than hype, and more than just market cap/price)
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Research the best way to secure your assets. Hacking is very real.
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Ideas for step 1
-Find partnerships/similarities to determine probability. Coinbase for instance? Who are they partnered with where Bitcoin is accepted, but say Litecoin/Etherium aren't. Since Coinbase has Bitcoin, Litecoin, Etherium, we have probable cause for the other two working with the same company in the future.
-Learn of upcoming projects. For instance, what are Atomic Swaps? And what coins will have this capacity?
-Get a twitter account. Follow the developers themselves, not just the coin. Some of the developers have maybe 1500 followers and that's all. But maybe the actual coin has 60,000-100,000, say. Follow some of the early investors. I like CryptoHedge, Charlie Lee, Bobby Lee, Jameson Lopp, Coinbase, Etc.
-Print out a list of all the coins and begin highlighting the ones that make you curious. Begin crossing out the ones you're not interested in. Limit your finds to 15 coins or so. Begin researching them. (Again, coingecko.com is great for this.)
-Hold or as we say "hodl" Don't panic sell. If you researched it, you can feel good. Then if you want to buy more, buy more of the coin that may be currently frustrating you (while it's on a dip) Don't chase the coin you don't currently hold while it's up. If you missed it in your research, you missed it.
DISCLOSURE: I'm not a financial advisor. This is my opinion. I'm a holder of Bitcoin, Litecoin, Vertcoin, NEO, Sia and Ripple. Do your own research to make the best decision for you.
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