I hope we all know those who invested 5 years back in cryptocurrencies probably would be millionaire by now. But what we don’t know that still there is huge scope to make money. For me it all started in year 2015 when one my friend Michael has introduced me this word crypto and to be very frank I was not sure about this at all. But one think which I analyzed and was shocked to see that in a long run the graph is only uptrend which is a sign that the market is booming and have more space then even we can think about it.
Now i was in dilemma shall i invest or wait more to see where it goes. But at the same time i didn’t want to loose the opportunity to make some money. So what i finally decided is that i will invest but only a small amount. And I invested couple of alt-coins such as sia, DGB, stellar and XRP. My portfolio was very small but selection process took more than 4 months because I didn’t want to go blind investment. So I did research on many things such as how to invest? what are the factors that we need look for a potential coin? how to figure out that coin could be fake?
And finally in year 2016 I invested $700 in multiple coins including the above four as well. And you won’ t believe i made more than $17000 in one and half year. I couldn’t believe on my eyes that this area has so much potential to make money. I could even make more but I made couple mistake and due to which I missed a potential returns on my investment. The biggest mistake was that I couldn’t sale couple coins when their prices were on peak. Which is the primary thing you need to look for buying and selling. And second thing despite my analysis I had some wrong investment and some of the more key factors i found later on.
Why you should also look cryptocurrency as good place for investment?
My recommendation is that first give some time try to understand how it works and if you connect things which tells you to make some investment only then proceed. Because if you don’t understand it technical analysis probably you will lose your hard earned money. However I would give you some inside that would help you to understand what all information we should look in cryptocurrency.
1. Goal of coin
What is the primary goal of the coin it is actually providing solution to any of existing problem that we are facing. Lets take the example of stellar and XRP these coins are introduce for faster payment and they proved this by signing with more than 50 banks in last one year. And we know how many banks will more come out and would like to opt this technology because current banking system take more than 24 hours to process and outward remittance. where as crypto currency can do that in seconds. So if the goal is clear then investing in the coin could be highly profitable.
2. Project team
This is next big indicator of any crypto currency project basically we need to check the development team and the stake holders. If they are renowned and have background from blockchain technology then investing in such coin could provide a good returns on our investment.
3. Stay away from fake coins
Crypto is a favorite spot for scammers an they don’t want to leave any opportunity to make money and that is the reason you would see more than 10 cryptocurrencies are launching in a day. Their primary goal is to take your money and then get away. So you need to review the coin carefully with all perspective in order figure out they are not the scammers.