There is a lot of controversy surrounding cryptocurrencies these days, especially ICO’s (Initial Coin Offerings). The entire market has been trading sideways for months now vs. last year at this time when it skyrocketed. I think the market has graduated from pure speculation to a more recognized, solid approach. This is why it is even more important to analyze the cryptos that you are thinking about being involved in.
There is a whole list of dead/scam coins where investors have lost their money, never to be returned. Let's see if we can make sure that does not happen to us. Ask yourself some questions before throwing your money into the wind on a hope.
-Is there a solid/successful team?
-Is there competition in the space, and if so, what separates this coin from them?
-Is the whitepaper complete and does it explain everything a normal business plan would include to your satisfaction?
-Do they have a roadmap and have they hit those targets thus far?
-How much money are they raising and what are they doing with it?
The crypto market is no longer a gamble, it is here to stay. We need to treat it that way, just like any other investments we make on a regular basis.
There are many things to look at when analyzing a new crypto, since COVesting is an ERC20 token and an upcoming trading platform, I will use it as an example since it ticks all the boxes.
When you compare trading platforms, here are some key factors to consider:
1. Easy to use
2. Charting and indicators readily available
3. Speedy transactions
5. Minimal arbitrage
6. Low fees
We are in a major transition period with a whole new industry that aims to revolutionize the world, and is on track to do so. Invest wisely as one of the “first” and we will likely be in for an amazing future.
Here is a reminder of dead coins, scam coins, hacked coins, where people lost everything. https://deadcoins.com/ . Do your research to be successful and keep your investment from ending up on this deadcoin list.