What was my first move in the cryptocurrency trade? Well if you really want to know, my first move, besides setting up my wallet with coinbase, was doing nothing at all.... I am still watching how the price of ethereum has risen from $230 to $390, how litecoin double its dollar value in just a few days, + so many other cryptocurrency coins in the top 40 that paid very high rewards if one would have bought them a couple of weeks before.
Yes one might say that i lost money, one might say you would have-could have, but instead I feel that I gained knowledge and more information about cryptocurrency I want to invest in. I think we are still in the beginning of all this, and I strongly believe that most coins will rise to extreme highs. But why not be careful? Why not to spend time in researching youtube, google and all media outlets that inform us about this crypto craziness and even better why not spend time to discover that new coin or coins for the same reason, that we can buy low and sell at a much higher price in the near future. Why not be that person?
When I was first introduced to bitcoin, which i did not pay the proper attention at the time, the coin was valued under 20usd... look what happened after a few years. But since Empires always fall and since history repeats itself, I am certain the same will happen in the cruptocurrency world.
I like not to bore you anymore with more blah blah, instead I would like to share with you what I have learned till now:
- Its better to mine and trade at the same time.
- Buy low, keep your coin, don't sell early, keep it all the way and you will be rewarded.
- Look always what is the team and key members besides each project... just look what happened to Litecoin with the arrival of Charlie Lee. I did not know who Charlie was, but i did some research on him... genius, really loved in the tech world... his arrival at Litecoin and the news that revolved around it, I believe gave a huge boost to Litecoin these past few days.
- Check who are the official partners of each coin or asset. The are certain cruptocurrencies out there, that are backed and official linked with huge capitalistic giants. Do you really think the "old school" players will stay out of this game? A great example on this one is Ripple, for me a huge opportunity to invest in, but I will expand on this one on a future post, because I really love the story behind Ripple, this so much hated by the community coin, but loved so much by the bankers and the central banks. A giant sleeping and getting ready to wake Up!!
- Always look at the history of each coin, check its stability, its highs and its lows, how long its has been trading and how many exchanges include it in their trade currencies.
- Find out what is the actual use of the coin, what advantages it gives to its users and why is it better overall to become your pick.
- Look how big is the community that support its coin and check out yourself if this community grows and at what rate?
Those are a just a few points that I have marked down for the past few weeks, and I use them to point out which coins look better to invest in. I think i will make my first buys this week, so I will come back to share with you my choices. Hope I will choose wise.
Cheers from hot Athens, Greece to the Steem community,
John Kennedy
PS: Please Vote for the article if you liked it and feel free to use a newbie's opinion, if you found it helpful.
Thanks for sharing, I'd love to hear more about your mining experience!