5 Tips To Make Money
Disclaimer: This post should NEVER be taken as an investing advice, I'm not responsible for any loss you may incur.
With 897 different coins tracked on CoinMarketCap.com, it becomes impossible to know which ones to invest in and which one to keep away from. I have done some research on the matter and discovered a few things: 1) Avoid coins with stupid names, such as Halloween Coin. 2) Invest with the future in sight. 3) Look at how the coin is performing in comparison to Bitcoin. 4) Invest in people. 5) NEVER invest what you cannot afford to lose.
Avoid coins with stupid names, such as Halloween Coin. In most cases such coins are created to benefit the developers of the coin alone, they don't really have any realistic future plans that would make it feasible for investors to put their money in.
Invest with the future in sight. Invest in coins that have great plans for the future, such as Steemit. If you know how to apply this strategy you will end up making a fortune. Imagine if you invested $1000 in Ethereum one year ago.
Look at how the coin is performing in comparison to Bitcoin. Many of the coins mimic the Bitcoin trading pattern and that is a good indicator that this coin is a risky coin and its market is extremely volatile. Such coins could be a money cow for the professional day trader that knows how such amateur markets work, because these coins tend to decrease a little in value when bitcoin falls and increase by a lot when bitcoin rises.
Invest in people. If the developing team behind the coin is advanced and has tons of open source code available then they are more likely to make a coin with actual value.
Never invest what you cannot afford to lose. Obvious.
This is the time to make money in the crypto world.
Thank you for the tips.