Investing in cryptocurrencies - Down the rabbit hole I go!
Joining the Steem community has been a real eye opener. Not only has it introduced me to a whole area of the internet I didn't know existed before, but it has introduced me to the concept of cryptocurrency. I knew about Bitcoin (I can't say I understood it). I had NO idea about all the rest! And there are a LOT.
My good friend @thisisbenbrick has been talking to me over the past year or so about investing in different coins, ICOs and a whole load of other things I couldn't get my head around. I am a geek, but the whole idea of cryptocurrency just didn't make much sense. But the more we talked, the more it made sense, the more it excited me and the more it BLEW MY MIND just how much the future could entirely be based around blockchain.
So I had a decision to make...
After an initial glance around the different coins, ICOs etc I soon realised you can't be a tourist in the cryptocurrency world. You needed to emigrate, buy a house, get a green card, have a family and pets. But when something is so interesting, so potentially world changing (and yes potentially lucrative), it doesn't feel like much of a decision at all... so...
I've taken a as much as I can afford to lose, converted it to Bitcoin. I then took 40% of that and bought Ethereum and plan on investing 20% on ICOs and anything else which takes my fancy.
I'm going to get involved in the community more, hopefully meet a few more people from here and jump in with both feet. I want to learn from you.
HODL?
I appear to be at about the same point as you...maybe a touch deeper in the area of new coins coming onto the market tho. A lot of new coins are undervalued, as they hold a lot of the technologies that will become very useful in the future. Crypto is something that is harder to find info on, so it will take a longer time for prices to adjust to what their value actually is or should be/could be...however you want to look at it. Ive read many times that a cryptos value lies in its developers...I personally believe in looking for strong development teams or great project ideas behind the coins. And thats my two crypto-cents for the moment. I feel this is a topic I could blather on about all day. Im personally a big fan of Lisk. A developer based currency made by developers. Strong community. Same with Storj.
Great advice. Never thought to look deep into the developers. Learning more every day
Bad development can also have its benefits tho too. As is the case with say Dogecoin, which was intended as a joke. It keeps updating its properties to improve now that its gained a lot of traction. So in turn, it has seen a lot of improvement in the coin itself from time of conception till now! But for the most part, the better the dev team, the more successful the coin will be in the long run. The more you invest in the beginning, the more it pays out in the end...this concept can obviously be applied to the developing team that builds the framework for the coin, and then maintains the coin going forward!...which is why I also like "open-source" coins!
Good starting strategy so far.