Choosing the right crypto to invest in
A lot of newcomers into crypto are finding it difficult to know which coin to put in their money into, If you are a complete novice you start coming across things like market capitalisation, coin supply, blocktime and much more things to consider that can somewhat determine your return on investment.
However as someone who has made some very rookie mistakes in crypto investment, I can tell you that, that is not all that matters.
My advice for any newcomer is to treat your investment as being part of a cause on something that you truly believe in not just because you are there for returns but because it is something that is genuinely a game changer that improves or revolutionize the way of doing things.
In my opinion that's what made bitcoin what it is-- a fair decentralized currency that is not controlled by a selected few and in return giving power and control in the hands of everyone. We have projects like Ethereum, Quantum and Tron that aim to empower people and business to use block-chain technology and take complete hold of their wealth by making their own tokens and decentralized apps; Also projects like Ripple and Stellar are targeting the money transfer industry. There is Monero and Verge that are heavily concerned on anonymity and giving users total privacy of what they choose to do with their money and many much more projects that I cant all talk about.
My contention is there are many cryptos flooding the market with ridiculous market capitalisation that have no product, service or any genuine solution to offer whatsoever which hypothetically can make you good returns and in some cases have already made handsome returns to other investors but all these coins I believe, are enjoying the traction that crypto is gaining with investors and when the market fully matures, and is at the stage of delivery, all these intrinsically ''worthless'' coins will evaporate into thin air.
So to in essence what I will say is:
- Look for a crypto/coin project you believe in
- Look at the strength of the team behind the project
- Then look at the service, product or any solution that their technology is offering.
- Get on to it and hold on for dear life
Disclaimer: This is the writers opinion and should only be taken as intended by the write as an opinion
I believe anyone brand new to crypto investing should put 30% of their budget in each of the big three:
in order to learn the market and watch how other cryptos are affected by their movements. The remaining 10% should be invested in ICO projects that you believe in. Maybe pick 5 and invest 2% in each.
In my opinion, the best ICO's are the ones where blockchain technology can solve specific problems in huge markets. For example, Modum (MOD) solves major problems for the Pharmacuitical industry and Retail to name just two sectors who would benefit from this supply chain technology.
Or, alternatively, invest the remaining 10% in ICO's that are hoping to make the world a better place. A couple that spring to mind is Sheltercoin and Rightmesh.
Now regarding the bulk of your investment, I'm of a positive mindset and think that the current prices are giving people a great opportunity to buy. I'm sure the increases we saw in 2017 were a sign of great things to come. Bitcoin will lead the way with record highs by the end of the year.
The current prices are a consequence of certain influential individuals creating fear by talking about bubbles and comparing crypto to the .com era. Given them the perfect buy-in opportunity. Cryptos have a very long way to go to compare to the value to the .com crash.
Finally, invest in Steem by earning as much as you can on Steemit & enjoy.
EDIT: I am so confident in this strategy, no disclaimer attached.
Also, play the long game. This is where the huge profits are. Only invest what you can afford to lose and HODL like a boss. Think 3 - 5 years at a bare minimum and you should be golden. No other investment opportunity will give you the same potential returns. Not even close.
Coins mentioned in post: