Cryptocurrency has taken over. Despite some ups and downs from Bitcoin, the flagship cryptocurrency, consumers seem as excited about the new investing possibilities as ever.
People are investing so heavily in crypto mining that the price of GPUs has skyrocketed, and it seems every day, there’s a bevy of new cryptocurrency types getting ready for an ICO (initial coin offering). Each new cryptocurrency represents an enormous opportunity; if you get in at the ground level, and it happens to take off, you could turn a moderate investment into a million-dollar nest egg.
But at the same time, there’s no guarantee that a given new cryptocurrency will develop beyond its initial launch. So before you take your coworker’s hot tip on the new cryptocurrency to explore, you’ll need to do your research.
Cryptocurrency investing is still relatively new. That means there’s no significant historical data to work with nor is there a broad, established market of stable currencies to look at.
Instead of running a technical analysis, or charting years of previous activity, these are the questions you’ll need to answer: If the leadership and development team look good, it’s time to start looking at others’ opinions. Obviously, you’re entitled to your own perspective, but gauging the perspectives of others can illuminate issues or highlight strengths you hadn’t considered. Read more from business2community.com…
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