We love crypto, we want to get into every profitable crypto possible but their are good and bad ones out there not to mention the number of cryptos is just shy of 6000 and that number keep rising by the day which presents a hassle in choosing the right one to invest in.
A LOOK AT COINTELEGRAPH'S TIPS
- Carefully going through the token’s white paper
Start any crypto or blockchain investment decision by reading the white paper thoroughly, and check if it has any complimentary resources. This can include financial models, SWOT analysis, legal concerns as well as a roadmap for implementation. You’ll also be able to determine the suitability for mass-standardized trading of the tokens.
To be honest, I am guilty of having to read whitepapers of cryptos, I would normarlly just check on its performance on the market buy DIP sell High attitude and these are for cryptos I'm just looking at making a quick profit and get out on, which is still wrong though but how many white papers will one read before arriving at the that gives one that confident to invest and bearing in mind white papers are not guarantee the token us genuine.
- Find out more about the team leaders
Make sure the token is backed by people who know what they are doing. This will help you move away from companies that prioritize personal profit over ethics
This is a vital one know the team behind tokens/projects makes it easier to invest in, though you do find project whose founders prefers to stay anonymous, this can be difficult to dive into.
- Determine the probability of any legal issues
Finding a great token’s ICO for investment isn’t enough. Sometimes, you may not be allowed to participate because of your jurisdiction. If you do decide to go ahead in such cases, you might end up breaking the law.
With regulations across different geographic locations globally, this is worth checking before jumping on that token that is so tempting to invest in with good profit.
- Verify whether the token’s project is solving a specific problem
This can be very vital amongst the checklist, the reason I will keep putting my skin into HIVE is the problem I see it is solving now and will do more in the future.
- Stick to people you can trust
One of the many benefit of being on HIVE is creating that friendship, family like kind of bond and advises circulate on here, it is not common seeing someone promoting some untrust worthy project here and being 100% convincing about it.
So being on HIVE gives you that advantage of being surrounded with people that knows better and you know better than which kind of gives us a fair balance.
The above checklists are not easy to check all but implementing a few of them might possibly help in investment moves.
Further read on the article: How to analyze crypto tokens properly before investing
Cheers
We owe it to ourselves to make Hive great
Image by @doze