How to choose the right cryptocurrency to trade
We have all heard of cryptocurrencies by now and how they have been widely accepted by the world, with some showing potential to help improve society, and some that don’t really have any reason for being there. As soon as Bitcoin was born, more and more cryptocurrencies started cropping up, all claiming to provide some sort of service towards everyday people, like providing privacy to shoppers who wish to purchase goods online.
Because there are so many different cryptocurrencies in the world (over 1500 to be precise) there are countless opportunities to invest in their future and make money off them. However, not many people know how to choose the right cryptocurrency and end up investing in something that hasn’t got any potential whatsoever. In this article we are going to show you how to pick the right cryptocurrency to invest in, and those that have the biggest potential for returns.
1 – Mainstream Cryptocurrencies
If you’re thinking about piling your money into the likes of bitcoin and ethereum right now, don’t bother. That ship has already sailed and if you did, you would be investing into something that has already experienced rapid growth. Instead, look towards the lesser known cryptocurrencies, or altcoins, as they commonly known, with small market capitalizations and large supplies.
These have room for substantial growth and expansion. Cryptocurrencies that already have a large market cap will find it incredibly difficult to increase in value, and without the right catalyst it won’t happen on its own. Because every single cryptocurrency is competing against one another it is very difficult to attract attention.
2 – Volume and Volatility
There are too many cryptocurrencies out there that do absolutely nothing, but are marketed as something groundbreaking like never seen before. This is just a marketing ploy to entice you into investing your money into the cryptocurrency itself, but real cryptocurrencies have a real world application and fully outline their plans for the future.
Take Verge for example, they have hailed themselves as a privacy based coin that has integrated itself into the Tor network which allows anonymous payments. Since then, they have gone on to partner with some major companies, which opens the doors to more partnerships in the future.
3 – The Team
This is probably one of the most important, yet most forgotten aspects to investing in a successful cryptocurrency, and that is to find out who the team are. A successful team will breed a successful company as well as people who can be trusted because trust goes a long way but once it has been broken, it is very difficult to get back. A good team will be very open about who they are and might even share pictures of themselves, and previous work.
On the flip side, there are those that choose to remain hidden in the shadows and this should ring alarm bells, because if they aren’t comfortable showing their face or their previous work or projects, then what else are they hiding?
4 – Find The Right Platform
Finding the platform is a crucial part of finding a suitable cryptocurrency to invest in because you need a platform that can be trusted to safely store funds, and protect them against external forces and intruders. There have been many cryptocurrency exchange platforms that have been raided and ransacked by thieves, who have stolen everyone’s cryptocurrencies leaving them with absolutely nothing.
When looking for the right platform, the first thing you should find out is how tight their security is and if you find out that it is sub par or below the industry standards, move on and never look back.
Would you like to learn more about the amazing world of cryptocurrencies? At Darby Academy we specialize in understanding and investing in cryptocurrencies, and can help you on your path to success.
Bitcoin, litecoin, ethereum.
I traded them all. PM me fr more information
Nice read, Thank you ever so much.
I am looking forward to start your crypto currencies course.
Shout out to all the mentors of the academy.