Everybody these days is talking about investing in crypto-currencies like Bitcoin, Litecoin, Ethereum, Ripple, Stratis etc. This thread is dedicated to users who are looking for some solid life-saving tips before investing in these coins.
This thread will be updated in a neater format later on. Your comments and suggestions are most welcome.
- Invest only that part of your money which you can afford to loose; social & financial security is of utmost importance
- Try not to invest when markets are up, buy when prices go down
- Try not to invest in coins which have less trade volumes - such coins are easily manipulated either by creators or huge holders
- Look out for promising coins which are new & about to be listed for trading - they have good potential for buying at low prices and selling at 100x to 1000x returns
- Look out for coins with actual revenue making models - do not blindly invest by seeing trade volumes / founders / shiny websites. You should only invest in any tom, dick and harry coin if you are only in for day trading (short term profit booking) and are ready to loose the money
- Look out for coins which are pre-mined heavily - Example: XYZ Company releases 10,00,00,000 coins, and keeps 50% for itself (pre-mined) saying they need them for developmental costs. Expect the prices to crash as soon as the coin is listed for trading - they just want to sell those 50% coins since they cannot pay bills / employees in those coins they have created - they need fiat money (USD / GBP / EUR etc.)
- Do not ever hold your coins in Web Wallets / Exchange (Site like BitFinex.com where you can Buy/Sell Coins) Accounts - you are risking your secret keys being leaked / hacked. In crypto-world secret keys are everything; you loose them your coins are all gone. A transaction cannot be reversed in crypto-coins. Use desktop wallets as a minimum security measure.
- Always go by your gut feeling and thorough research - there are tons of articles / forums on web and each one of them have their own opinion / interests
This thread will be updated in a neater format later on. Your comments and suggestions are most welcome.