This is a collaborative post by Ellie Jo.
If you are keen in investment, you will no doubt have heard plenty about cryptocurrency. This is a form of investment that is currently taking the world by storm, and it is hugely profitable for a lot of people.
But there are many questions that you might need answering if you are going to make the most of it and make it work. Not least is this: which is actually the best cryptocurrency to invest in, and how can you find a good one that you know is going to be worth your while? Let’s take a look at how you might be able to get to the bottom of these questions.
image source: https://www.pexels.com/photo/bitcoins-and-u-s-dollar-bills-730547/
Read The White Papers
When a new cryptocurrency is released, those involved write what is known as a white paper and release it publicly for all to read. In this paper is the entire philosophy behind the currency, including how they plan to make it successful, how it will work on a technical level, what security there will be, and much more.
Part of your job as an investor is to look into new currencies and see if they have potential. If you can get in there early with one that proves to be hugely effective later on, you could make a huge profit. So read the white papers as they are released in their entirety, and make sure that you fully understand the currency you are investing in before you do so.
Follow The Markets
If you are not in a position to be looking into new currencies, you might want to think about following the markets of the older ones instead. If you pay careful enough attention, you can start to get a sense of what these markets are doing, and you can then know whether or not it is time to start buying any particular cryptocurrency.
If you take a look at sites like https://bitit.io/buy/ethereum-eth you can see some idea of the kinds of cryptocurrencies that you could be aiming for, and these are worth keeping an eye on in the marketplace. The more you do so, the better you get at it and the more likely it is that you will know where to go and what to buy in the future.
Use Social Media
Many of the new cryptos end up being announced in stages on Twitter and other platforms of the like. If you want to stay ahead of the trend and have a strong idea of how to find good cryptocurrencies, it’s a great idea to keep up to date with all of the relevant hashtags on Twitter and beyond.
That will mean that you are more clued in, and therefore much more likely to make the right decision for your portfolio. If nothing else, this will be a valuable form of research that is really going to make a difference to your investment potential. See https://dailywealth.com/articles/how-to-find-cryptos-with-1000-upside-potential/ for more on this.
