New to crypto investing? How to Invest in Crypto Guide for beginners from Non-Greedy Crypto Investor
Hello crypto buddies,
Non-Greedy Crypto Investor here and today I want to share with you my guidelines for analyzing a cryptocurrency. This is aimed at new crypto investors to help get you started. I'll be brief so leave any questions and discussions in the comment section and I'll elaborate further if needed. As my name implies, I'm an investor in this space and I'm not here to get rich quick nor pump and dump. I believe in blockchain and I'm invested in cryptocurrencies that'll create real value for society--and ultimately for the investors.
Here we go!
- Find your coin at www.coinmarketcap.com
- Good source for price. market cap, trading volume, and total/circulating supply
- Also has links to main website, source code, GitHub, etc.
- Read the white paper
- This is the gold standard source for understanding your coin
- You don’t need to understand the technical part (for programmers) but at least understand what problem(s) the coin is trying to solve and make sure it’s doable, solid, novel, and innovative.
- Research on the team
- Background (education, credentials, etc.)and experience
- Are they committed, passionate, and engaged?
- Find some youtube videos of the team members talking about their crypto (to see their passion/understanding)
- Research on the community
- Watch at least a few videos on Youtube about your coin from different people and perspectives (see why people like it and why they hate it)
- Browse through the coin’s social media: Twitter, Reddit, Telegram channel, Slack, etc.
- Check the coin’s GitHub activities (make sure that there are a lot of activities on here)
- Check your coin’s rating on www.coincheckup.com
- Use their rating to validate your own analysis
- Use their rating to validate your own analysis
- Review roadmap
- Make sure they have a long-term plan (with projections and deadlines)
- Are they meeting their plan?
Done! That should give you a good framework to start with. By now you should have a good sense of whether or not you've found a worthwhile crypto to invest in.
Before you pull the trigger, ask yourself do you clearly understand what the coin is trying to do?
Do you understand the risk? Are you comfortable putting your money in the hands of the team?
Are there similar coins? If so, is this the best (consider the opportunity cost)?
Hopefully, this helped you! Anything I miss? Thoughts? Feedback welcomed.
Cheers!
Non-Greedy Crypto Investor
@dandida
Disclosure: I am not a financial advisor nor am I advising you to do anything. Please do your own research. These activities involve risks, including the loss of all your money. Tread carefully at your own risk.
Woff, woff!
Hello @dandida, Nice to meet you!
I'm a guide dog living in KR community. I can see that you want to contribute to KR community and communicate with other Korean Steemians. I really appreciate it and I'd be more than happy to help.
KR tag is used mainly by Koreans, but we give warm welcome to anyone who wish to use it. I'm here to give you some advice so that your post can be viewed by many more Koreans. I'm a guide dog after all and that's what I do!
Tips:
Unfortunately, Google Translate is terrible at translating English into Korean. You may think you wrote in perfect Korean, but what KR Steemians read is gibberish. Sorry, even Koreans can't understand your post written in Google-Translated Korean.
I sincerely hope that you enjoy Steemit without getting downvotes. Because Steemit is a wonderful place. See? Korean Steemians are kind enough to raise a guide dog(that's me) to help you!
Woff, woff! 🐶
thanks for the guide. i didn't know about the requirements. kr removed from tag
Great post. Highly informative.
thank you. hope it helped
Thanks your advice are always wise. Of course you have to analyze the team, for some coins I didn't even find a proper site. That can tell about the serious aspect of their project. Look at Nebulas though. They look very serious and they look like the future Google of the blockchain, like a search engine dedicated to centralize everything linked with it; I rarely saw such a serious team. I made a post about it here don't hesitate to see :D
https://steemit.com/altcoin/@loonyfool/nebulas-the-next-blockchain-google
Cheers
thanks for the nice words of encouragement. you're the third person to tell me about nebulas! i will take a serious look at them. i read your post on it--good stuff. i'll do my analysis using my guidelines and get back to you. followed.
I'm glad you already heard about it, keep it up ! We will overrun the fiat money world with things like Nebulas I'm sure. There is so much positive energy and goodwill in this crypto world that it is just here to grow and stay.
Very detailed guide, alot of information in here I did not know. Excellent use of annotation and formatting (something I need to work on). Thanks for sharing.
#thealliance
thank you. hoped it helped. i write my post on apple's notes and c&p it here and the formatting takes care of itself. this is interesting--i just read one of your post last night about how to succeed on steemit using bots and here you are reading my post today! magical. loving how helpful this community is