How to Choose the Right Cryptocurrency to Invest by following 5 Steps/Rules.
What cryptoccurency to invest to?
What altcoin to buy?
Read the whitepaper of the coin you are about to invest. Not only ICO’s have whitepapers, every signle coin out there has a whitepaper that explains what they are aiming to do and how and when they plan to execute it. It is essential to check the problem they set out to solve, the solution they have come up with, the team behind the product, and their roadmap to see in which stage they are at the moment. All those are the basics that you need to know before you invest in any cryptocurrency.
Check the circulating supply of the coin and its price, or on other words the cryptocurency’s market capitalization. Be carefull on your calculations because some coins have partially circulating coins and not the full amount is tradable
Rule #3 Coin liquidity and volume
Check the trading volume of a coin on the last 24 hours, looking at coinmarket.com is xpressed in USC and BTC. The higher 24h volume reflects a more established coin with a solid base, at least one functioning exchange (where the volume comes from) and perceived value by the trading community.
It is extremely important that you check developers activity. The truth is – anyone who knows how to code can design their own cryptocurrency. And that, unfortunately, comes with a lot of scams. The majority of successful, or promising, coins are announced on forums and through a public software repository such as GitHub.
Last but not least check the social presence of the cryptocurrency. It is extremely importand that the cryptocurrency you are looking to invest for long or short term to have a good base of supporters. Look at the social media, but don’t be fooled by facebook and twitter numbers, check the conversation about the cryptoccurency on reddit, or Bitcointalk. There you can find the true community behind a coin and to see if it has a strong support. A coin with strong support has way more chances on succeeding in the market.
Because like any other investment it needs time to pay off. So 80% is money on the side for the long run, while a 20% is money that I can play around with and strengthen both my long-term and current play money
While I have heard much of this before, your explanation is easy to follow and very approachable and you give really clear steps on how anyone can get started right away. Thank you for contributing to the community! Liked and subscribed! :)
Yes, Credits seems to be somewhat similar to Ripple with the main value proposition being ability to handle huge volume of transactions in a speedily manner. AML Bitcoin is the first AML compliant coin as per the founders. Let me know on what you think about them if you do investigate :)
The miners are interested in finding a nonce which will create a hash with certain characteristics. Lastly, they have to find a random value that they included in the header, which makes the computed hash over that header a value below a particular target. In other words, they do not have to agree to change the protocol. Though there are a few gold diggers attempting to fill their pockets and certain projects that aren`t viable and shouldn`t be encouraged in any way. For users running a complete node, it is a fairly painless procedure to upgrade the software to the newest version. The process of locating a new block to extend the blockchain is known as mining. Proof-of-Work systems utilize cryptographic hashing algorithms to create the action of mining a block a complicated computation. Our software is totally incompatible with altcoins. Changes and modifications to how that it works need to be approved by consensus and every CPU gets a vote. To start with, it`s essential to realize that hardware wallet users control entirely their private keys. Whether you`re bullish or bearish on Bitcoin Gold, you ought not lose your coins as a result of careless mistakes! On the 1 hand, it may result in making a coin that solves all the pending issues. There`s no currency or digital asset named Bitcoin Core. Bitcoin Cash increases the range of transactions that may be processed per block. You could send any quantity of money, any place in the Earth, almost at no cost. You`ve made some great money already on the market, but you want more. For a wealthy individual, BTC`s price premium may be viewed as a plus. For someone without lots of money, BCH`s low price may look like a great deal for Bitcoin. If you have some concerns about the worth of Bitcoin after all forks, you need to be ready for a drop. The distinction is that not all of these suffer the chain split. The primary problem is Bitcoin imposes a hard limit on the magnitude of a block, the location where transaction information becomes stored. The end result is many straightforward wallets, called SPV wallets and very commonly found on your phone, will be quite confused about which chain is Bitcoin. In Bitcoin, the most important reason is known as the network effect.