I have been keeping my eye on a few altcoins and judging by the way they are gaining momentum at the moment it is just a matter of time before they explode. If you have been in the cryptocurrency space for a while you will know that it's wise to keep an eye out for potential new coins and invest EARLY.
Obviously there are lot of factors to consider when before diving in and investing in a particular coin. Some of these factors, in no particular order, are:
A. Owners behind the coin - Do they have any experience? What expertise do they have? Are they reasonably trustworthy or somewhat reputable? (Reputation doesn't really play a big role in this case, but being trustworthy is essential.)
B. Developers - Does the team have experienced developers? How many are they? The more developers there are the better because of the ideas and expertise they exchange among each other. This is very important.
C. Whitepaper - What problem does the coin solve? Is it making anything better? Is it improving our lives in any way? Is the whitepaper detailed enough, is it believable and realistic?
D. Technology - Is the technology already existent and they are improving on it? Are we already using that thing, but they are making it better? Is it completely new? AND do you believe in the technology?
E. Long Term Vision - Is the technology long term? What is the vision of the company? Do they intend to last in the markets or what is their future forecast?
These are just a few factors to consider when you are thinking of investing in a new coin/cryptocurrency. Always do your due diligence so you can make informed decisions.
What other cryptocurrencies are you looking at and what do you think has potential this month of August moving forward? Would love to hear your thoughts.
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