My thoughts on investing in new ideas and blockchain technology
There are lot of new people here on Steemit, not only are they new to steemit, but they may also be new to blockchain technology. After reading on some of the popular hashtags such as Cryptocurrency or Investing, They may become interested in investing some of their money into these new technologies.
Don’t Invest In Anything Just Yet
I think it's fine to buy a very small amount to try out the new system and software, such as a few coins. but keep in mind that anything new doesn't have an established track record. A track record is built over time and i think it's important when considering investing in anything long term. It shows that the developers are sticking around and are in it for the long run, which means a long term hold of a few cheap coins could be a good idea. For your own wellbeing, never invest more than you're willing to lose. We hear these words quite often in the crypto space, but it really can't be said enough in my opinion.
What You Should Check And What To Test
When looking into new blockchain tech make sure to check out the projects sites, social media, see how busy and dedicated they are. Most importantly, check the software. Send yourself a coin or two and tinker around with it, make sure your transactions are going through as they should. Sends coins back and forth from your own wallet and the exchange, if it works out well, it passed the first test.
How Ofter Do They Update Their Code?
Check out the code on github if available, even if you're not a coder, you can still see the dates and how often they are working on the code. You can also see when the project was started and get an idea of how much time is invested in it so far.
Don't Forget About The WhitePaper
Read the Whitepaper for the project to get a better understanding of the tech and what the developers are planning. Just remember that someone saying something in a white paper doesn't make it a sure thing. They could change their minds or their code may not work out well. There is a lot of trial and error when making something new. If it's just another copy cat tech with a few tweaks it might be a better tested system, but that will also mean it may not bring anything that new or exciting to the table of crypto and blockchain tech.
This is my first post here on steemit. I hope it helps people in the crypto space.
If you have any questions, please leave them in the comment section below.
I'm testing out the Steemit social media platform, just as I recommended in this post. I'm not sure if I will be able to edit this post or add to it in the future. I may just post a part two to this in the future. Be sure to follow me if you liked my post.
Thank you for reading my first post and to my fellow Steemians, I say Steem On