What Cryptocurrency to invest in?
I hear this question all the time, and to you vets out there, I'm sure you hear this every day.
Getting To The Point
Invest in the Cryptocurrency that you have done the research on! To quote the great Benjamin Franklin:
"An investment in knowledge pays the best interest." - Benjamin Franklin
Why is that? To simply put it, having the knowledge about cryptocurrencies gives you the ability to make informed decisions. Understanding the technology behind a token allows you know whether or not it will have value in the future. This also allows you to maked informed decisions when investing.
What do I need to know?
Let's look at Litecoin. OK, the website looks sexy, but what can we learn?
What is the coin? What problem does it solve?
WHAT IS LITECOIN?
Litecoin is a peer-to-peer Internet currency that enables instant, near-zero cost payments to anyone in the world. Litecoin is an open source, global payment network that is fully decentralized without any central authorities. Mathematics secures the network and empowers individuals to control their own finances. Litecoin features faster transaction confirmation times and improved storage efficiency than the leading math-based currency. With substantial industry support, trade volume and liquidity, Litecoin is a proven medium of commerce complementary to Bitcoin.
Hmm. It looks like Litecoin solving the problem of slow confirmation times that Bitcoin has!
Knowledge Check:
Bitcoin Confirmations
Roughly every ten minutes, a new block is created and added to the blockchain through the mining process. This block verifies and records any new transactions. The transactions are then said to have been confirmed by the Bitcoin network.
For example, if Sean sends one bitcoin to John, this transaction will remain “unconfirmed” until the next block is created. Once that block is created and the new transaction is verified and included in that block, the transaction will have one confirmation. Approximately every ten minutes thereafter, a new block is created and the transaction is reconfirmed by the Bitcoin network. While some services are instant or only require one confirmation, many Bitcoin companies will require more as each confirmation greatly decreases the likelihood of a payment being reversed. It is common for six confirmations to be required which takes about an hour.
Is There a Community?
Upon further inspection of the Litecoin Website, I've been able to find several communities for Litecoin:
Litecoin Forum: https://litecointalk.io/
Litecoin Telegram: https://web.telegram.org/#/im?p=@Litecoin
Litecoin Reddit: http://www.reddit.com/r/litecoin
Litecoin's creator has a Twitter: https://twitter.com/SatoshiLite
What Does Their Project's Github Repository Look Like?
Litecoin's Github Repository looks great! It has over 400 contributors and code is constantly being committed. People are also posting Current Issues with the coin. We can follow these boards and make note of the affect they are causing and when they get fixed.
Typically, I look for indicators of activty on a project. These are actions taken on a project that show that people are working on it. Examples are commits, fixed issues, and active contributors.
Keep track of any updates coming to the project you are following, substantial updates could lead to huge jumps in price.
Now that we have the knowledge, let's invest.
Let's look at the charts.
Quick Example
After doing extensive research on a project, I usually have enough faith in the project to invest in it. Why? This is because I'm bullish long-term for the project. Regardless of what the price is today, I have a strong belief that Litecoin (replace Litecoin with whatever coin you researched) will be worth more in the future. I trust my research.
Recently, Litecoin a low of $32. This was after an all time high of around $90. We need to research why the price tanked. The price tanked because of China Banning ICOs, Yunbi Bitcoin Exchange Closing , and Jamie Dimon Calling Bitcoin A Fraud.
I'm only going to say this once. BUY LOW, SELL HIGH.
As generic as that sounds, if you bought around $32 (9/15/17) and waited until today (9/18/17) to sell at $54. You would have made a huge gain. The reason I say around is because few people can predict the lowest a price will go to.
If you are bullish long-term, BUY, BUY, and BUY in those crashes. They are LITERALLY SALES.
What do you think about this? Comment below
Sources:
Bitcoin Confirmations: https://www.buybitcoinworldwide.com/confirmations/
Litecoin Project: https://litecoin.org/
Coinmarketcap: http://www.coinmarketcap.com
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STOPGreat write up!
It's so important to keep up to date with your coins and then sticking with your plan and not panicking and selling when everything falls.
Sorry for the late reply but thank you for taking time out of your day to read this! @moderndragon
Thanks for the heads up
No problem, what do you plan to invest in?
Upvoted.. please do check my blogs too 👍🏻
Sure!
Good post. Same thoughts here. Not sure if I believe in the current crypto investment climate but I do believe in the blockchain. I was researching a way to do better investment analysis on the current cryptos. An interesting website I found: https://www.coincheckup.com Amazing opportunities came to light when I started using this coins to analyze cryptos.
Thanks for your feedback. I definitely have to take a look at the website you sent me. Why aren't you sure of the investment climate in cryptos?
This turd muncher calls bitcoin a scam, then wants to predict some cryptos 🤣 proof, u cant fix stupid. I hope your friends dont listen to your dumb ass. Mf you dont even know what crypto is.
You're right! Bitcoin is a scam, and I told you why!