Investing in Altcoins (10/08/17)
I have hit another faucet goal in bitcoin and wanted to convert it into an altcoin to test out the waters. I have heard a lot of coins doubling and tripling in a day and thought why not invest a little of my hard rewards. Interestingly enough on coinmarketcap.com currently most of the top 100 coins in market cap are in the red. It is interesting because bitcoin is one of the few coins that is still rising. I believe this makes it much more ideal to convert the little bitcoin I have into another altcoin. My first coin on the top 100 that stood out is Aidos Kuneen. WTF is that?
Well its an opensource altcoin and that uses ADK instead of blockchain. Not a programmer but what I read ADK is a different form of blockchain technology. ADK website lists the technology being easier to scale and no transaction fees. I digged a little deeper and found out they have not finished a white paper yet and from reading their examples this ADK technology seems fishy.
Currently the coin is up to $14.27. Interestingly this coin never got to an ICO and is limited to 25 million to ever exist. The coin is not minable or stackable. This is fishy as to where the 25 million coins comes from then? But wait, the only place trading the coin right now is on a website called https://www.aidosmarket.com and they only except the BTC in exchange. The website to exchange for the coin is currently down.
After all that I decided to hold on to my little amount of bitcoin. It may likely be that altcoins are down because some of them really have no real value to them and the market is weeding them out. I know I was late into starting my investments into crypto but I am in no hurry to lose what little I have.
Advice is do your homework before you go buy a coin. It is not easy as there are so many options out there, but some warning flags to look out for are:
white paper- every coin that is for real has one, and if not then big warning flag.
exchanges- the more places accepting the coin the more trust it has. ADK is totally shady when no where else one can buy the coin but some down website.
creator/developers- figure out if the people behind the coin are for real and have real experience. With technology so widely accessible it is easy to find programmers info on linkedin, github, facebook, and other social sites.
That is it for now. Good luck to all you guys whom trying to invest in crypto.
Check out NEO, OMG, Adx, QTUm, LMC, IOTA, ETP etc, theres plenty of good alt coins out there you just have to find them mate. Lots of them are red at the moment mainly because of the Fork, people with big amounts of BTC clearly wants their share of BTG, why wouldnt they? Just think about this as an opportunity to get into the alt market cheap for us with low amount of BTC. Good luck on the trading thou hopefully the little btc you have soon becomes a lot of btc thru alt coins.
Most of them sell on Bittrex but some can be found on Bitfinex like IOTA and ETP for example. I like both exchanges since they offer varied methods on investing on Bitfinex you can for example fund you're coins if you're a long term investor.
But hey dont take my words for granted fully, be caution these are coins that I am fund of and that I got belief in, always do you're own homework on researching! :D
img credz: pixabay.com
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