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How I got sucked into the cryptocurrency craze and walked away with $13 million

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Cryptocurrencies myself go

Postby Doujind В» 12.01.2020

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If you want to buy cryptocurrency quickly and easily with your credit card check out the Kraken Exchange! Cryptocurrencies have pretty much been a topic of intense discussion over the last few years. How many times have we heard stories of people becoming overnight millionaires and, at the same time, stories of people who lost hundreds of thousands of dollars hoping to make a quick buck? So, if you are looking to invest in crypto in a safe manner, then this guide is for you.

The purpose of this guide is to help educate investors as much as possible and to reduce speculation in the market. If you want to learn more about cryptocurrencies themselves, then you can check out our beginner courses on cryptocurrencies.

Disclaimer before continuing: We are not a financial institution: All we are proving is educational material: Do not take this information as professional investment advice. The very fact that you are reading this guide shows us that you are interested in investing in cryptocurrencies. These immutable and exchangeable cryptographic token promises to become hard and non-manipulatable money for the whole world. Their advocates see a future in which Bitcoin or other cryptocurrencies will substitute Euro, Dollar and so on and create the first free and hard world currency.

Besides what was already said, there are three major good reasons to invest in cryptocurrencies. First, because you want to hedge your net-worth against the fall of the Dollar imperium, which is assumed by many people to inevitably happen at some time. Second, because you support the social vision behind cryptocurrencies — that of free and hard money for the whole world.

Third, because you understand and like the technology behind it. However, there are also very bad reasons to invest in cryptocurrencies. Many people fall victim to the hype surrounding every cryptocurrency-bubble. There is always somebody captured by FOMO fear of missing out , buying massively in at the peak of a bubble, just in the hope to make quick money, while not understanding cryptocurrencies at all. Learn before you invest. Early-stage investors in Bitcoin and Ethereum made millions of dollars in pure profits.

If you see the following graph then you will know exactly what we mean. Stories like that flooded the internet and more and more people joined the crypto hype to get a slice of that crypto pie. However, as more and more speculators flooded the market, the inevitable happened. With Bitcoin taking a dip, all the other currencies took a dip, and lots of people lost their entire life savings. In this guide, we are going to show you how you can educate yourself to make an intelligent investment.

Because the volatility of cryptocurrencies grossly exceeds that of any other investment class, they are not a normal investment. Plus, there is always the risk that your country may outlaw cryptocurrency trading and exchange.

So, the important takeaway here is to only risk as much money as you can afford. Up until late Bitcoin was the cryptocurrency, and there was not much besides it.

If you wanted to invest in the success of cryptocurrencies, you bought Bitcoin. However, this has changed.

There are several reasons for that. While Bitcoin remains the undisputed king of cryptocurrencies, many people have questioned its future utility. Firstly, there were new and exciting cryptocurrencies coming out secondly, Bitcoin was suffering from severe performance issues and it looked like the Bitcoin community were nowhere near to solving this problem. The block-size issue, in particular, was a huge bone of contention in the community, which ultimately led to the creation of bitcoin cash and the splitting up of the community.

Well, for that you will go to coinmarketcap. This website lists down cryptocurrencies in decreasing order of marketcap. Market cap means the value of all token available. It is not a perfect metric, but likely the best we have to recognize the value of a cryptocurrency. This is the reason why coinmarketcap is a useful tool to have in your hand.

So, you have gone through the market caps and decided on the bunch of coins that you wanted to invest in? Awesome job. However, this is where the real work begins. The first thing that you need to do is to read their whitepapers.

Now, we understand that reading PDFs may not be the most exciting of things, however, you absolutely have to put in the work beforehand before you reap any sort of benefits. It is meant to help readers understand an issue, solve a problem, or make a decision. In simpler terms, a white paper can tell potential investors everything they need to know about the project.

This is the reason why they simply outsource their whitepapers to cheap freelance writers who end up creating proper works of art. He again in favor, thanks to the appearance of cryptocurrency. A well-crafted whitepaper can define a generation. Having said that, after you read a decently written whitepaper, there are some decisions that you will need to make. Firstly, check the project to see whether the coin is bringing in any real utility into the ecosystem. The perfect example of this is Ethereum.

There is a reason why it took of so fast, think of the sheer value that it was bringing in. For the first time, developers around the world had a platform that they could use to build their own dapps on a blockchain.

Along with that, keep in mind the issues that crypto world is desperately looking to solve, mainly: privacy, scalability, and interoperability. A good way to go about your investment is to find the projects which are specifically working on solving the aforementioned problems. Here are some of the projects that are looking to solve each of the three aforementioned problems:. Check 2: Does the Project Need Tokens?

There is a way to find out the true utility of the token. For this, we will take the help of William Mougayar who points out in his Medium article that there are three tenets to token utility:. Each token role has its own set of features and purpose which are detailed in the following table:. By taking possession of a particular token, the holder gets a certain amount of rights within the ecosystem. The tokens create an internal economic system within the confines of the project itself.

The tokens can help the buyers and sellers trade value within the ecosystem. This helps people gain rewards upon completion of particular tasks. This creation and maintenance of individual, internal economies are one of the most important tasks of Tokens.

It can also act as a toll gateway in order for you to use certain functionalities of a particular system. The token can also enable the holders to enrich the user experience inside the confines of the particular environment. In Brave a web browser , holders of BAT tokens used in Brave will get the right to enrich the customer experience by using their tokens to add advertisements or other attention-based services on the Brave platform.

It can be used as a store of value that can be used to conduct transactions both inside and outside the given ecosystem. Helps in an equitable distribution of profits or other related financial benefits among investors in a particular project.

If you want to maximize the amount of utility that your token can provide then you need to tick off more than one of these properties. The more properties you can tick off, the more utility and value your token brings into your ecosystem. For that, we need to understand the concept of token velocity. Token velocity is an indication of how much people respect the value of that particular token. If people hold on to a token, then it has low velocity. If you were to define Token Velocity in strictly mathematical terms, then it would look like this:.

This is the reason why you should work for a project whose tokens actually have some utility and gives their users a reason to hold on to them. Alright, so now that you know what kinds of coins you should invest in, we will now teach you how to look for obvious signs of scams. Good coins have a transparent technical vision, an active development team, and a vivid, enthusiastic community.

Bad coins are transparent, promote fuzzy technical advantages without explaining how to reach them, and have a community that is mostly focused on getting rich quick.

Maybe the worst kind of cryptocurrencies is the MLM coins, for example, Bitconnect. We will talk more about Bitconnect in a bit. However, what are some of the more obvious signs of scams? It really goes without saying that the success of a project is directly related to the credibility of the team. Not only do they have an incredible team, but they also count people like Vitalik Buterin and Lightning Network Creator Joseph Poon among their advisors as well.

So it is no wonder that they had no trouble getting their funds and their investors are now enjoying a healthy return as well. Image Credit: Reddit. In cases like that, you should adopt a more hands-on approach. First, search for the names of the team members on Google. Most of the time they should have a LinkedIn profile. Do a quick search and learn more about the team members. Ask yourself the following questions:. Secondly, you should search for the images of the team members on Google.

The reason for this, is again, twofold. A pyramid scheme commonly known as pyramid scams is a business model that recruits members via a promise of payments or services for enrolling others into the scheme, rather than supplying investments or sale of products or services.

As recruiting multiplies, recruiting becomes quickly impossible, and most members are unable to profit; as such, pyramid schemes are unsustainable and often illegal. Any crypto investor worth their salt will tell you that there are no guarantees in the crypto world.

One of the most infamous examples of this is Bitconnect.

Simple Method To Make $100 A Day Trading Cryptocurrency As A Beginner - Tutorial Guide, time: 15:14
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Postby Vudobei В» 12.01.2020

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Re: cryptocurrencies myself go

Postby Voodoojora В» 12.01.2020

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Postby Mikalabar В» 12.01.2020

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Postby Kigalar В» 12.01.2020

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Postby Zulabar В» 12.01.2020

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Postby Bagar В» 12.01.2020

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Postby Doumuro В» 12.01.2020

The paper wallets that you can use are as follows:. The market is still much higher than it was some years ago. There is a long history of hacks and bankruptcies in cryptocurrency markets, most famous the hack of Mt.

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Postby Kihn В» 12.01.2020

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Postby Tojahn В» 12.01.2020

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Re: cryptocurrencies myself go

Postby Shaktigal В» 12.01.2020

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Postby Tok В» 12.01.2020

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Postby Mazudal В» 12.01.2020

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Postby Samulrajas В» 12.01.2020

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Postby Goshakar В» 12.01.2020

Besides what was already said, there are three major good reasons to invest in cryptocurrencies. Keep sharing! But there are some in progress, both in the USA and in Europe.

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Postby Samudal В» 12.01.2020

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Postby Zulull В» 12.01.2020

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Postby Bralkis В» 12.01.2020

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Postby Akinoll В» 12.01.2020

So, are you also looking for the next cryptocurrencies to invest in ? Early stage investors in Bitcoin cryptcourrencies Ethereum made millions of dollars in pure profits. Have a great day!

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Postby Gardarr В» 12.01.2020

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