Unfortunately, when there is money, there are scammers. These hackers do not care about you and your livelihood. There are after one thing and one thing only.
How can you avoid their trap?
Cryptocurrency is a new and exciting technology. It is changing lives left and right and people are learning so much. To take advantage of this emerging force, there are things you can do to set yourself up for success.
It may be difficult to find the next crypto that will go to the moon. Below we have cultivated things you can look out for to increase your chances. Read on and enjoy.
Community
When seeking out the next crypto, start with the community. Cryptocurrencies that have a loyal following and a strong community are great signs.
Not sure where to look? Start with Reddit, YouTube, Twitter, Telegram, and Discord. You can see what all the chatter is about from the inside.
Seeing what’s happening from the actual community will help you avoid the noise too.
Team
When wanting to invest in cryptocurrency, get to know the team behind it. You want to do your own research and perform a vetting process.
What are the things you should be looking out for? For starters, you want to make sure you know who is behind the crypto. Do you trust them and do they have a proven track record?
Asking yourself these types of questions will help you determine how to find the right cryptocurrency to invest in.
Tech
What is the underlying technology behind the next crypto you’re interested in? How does it stack up against its competitors? Is there anything that sets it apart from the crowd?
Look for projects that have the potential to disrupt entire industries. Once you have found something you like, head to KuCoin cryptocurrency exchange to invest.
For example, if you take a look at what’s under the hood of Ethereum, you’ll find a lot of things to be excited about. One of Ethereum’s claims to fame is its smart contracts and decentralized apps.
Developers can build on top of Ethereum with decentralized applications and allow for value to be exchanged without the need of third parties.
White Paper
When the next crypto pops onto the scene, a white paper will be released alongside it. For example, the Bitcoin White Paper was written and released by Satoshi Nakamoto, a pseudonymous source, in October 2008.
The purpose of a cryptocurrency’s white paper is to inform the public on the coin, its inner workings, and general vision. As you go down the rabbit hole of “what is crypto”, a white paper is a great place to begin.
Reputation
You don’t want to invest in a “pump and dump” or “shitcoin”. You want a coin that has earned its respect online from its community and the like.
Look for projects with strong credibility and ones you can trust. You always want to do your own research and avoid scammers at all costs. If it seems too good to be true, it probably is.
BitConnect is a prime example of something people foolishly invested in. It has since become a meme after being known as a scam.
What’s the Next Crypto?
It takes time and effort to discover the next crypto. Now that you have a framework, you will be able to better judge the next go-around.
Sometimes you will lose money and learn the hard way. Once you learn through your mistakes, you’ll have a better approach next time.
To stay in the loop in the crypto space, you’ll want to check out our blog ASAP.
