These 3 things are what you need to make a million bucks in the next wave of cryptocurrency rise.
When I first heard of crypto in 2014, everything was blank. Nothing made sense to me. I recall my then fiancé walking upto me with all the story about this new found way to move money from one person to another without a central body. It felt insane. The idea that there would exist a virtual currency called bitcoin moving peer-to-peer with less to no inteferance from any government seemed very silly to me.
But what I did not was that my fiancé was actually introducing me to a simple concept that would eventually grow into a $300Billion plus industry in just. A few years. If only I knew! But I didn’t.
Fastforward, 6 years later, so many crypto millionaires made and yet thousands of so many others left poor, broken and torn apart. The concept of crypto remains a mystery to many. Its here that I reply the most fundamental question people ask when looking for a good cryptocurrency token/coin to invest in their money.
The value of any coin is usually hinged on the coin’s team and their prospects. And no, this can’t be read in any white paper but rather in careful analysis of how the team is behaving.
Here is a list of 3 things I really follow before buying any coin/token for long term hodling.
1. Is the coin creating an ecosystem? An ecosystem helps drive demand for innovation in the cryptocurrency space. Therefore, the team behind any coin should be the able to adapt to changes faster than the industry giants. Since it is taking a while before the big companies start accepting cryptocurrency, then this coin team should move faster and hinge on a broader ecosystem . The best way to start is by creating an ecosystem and build the main products and services ourselves.
2. Is the coin building a community?
Once the ecosystem has been developed, is the team working hard to grow their community and integrate the products and services into everyday lives. A currency becomes strong once more and more people and businesses start trusting and using it. A lack of a strong community means the coin will eventually become worthless. As a matter of fact, cryptocurrency exchangers like Binance usually delist coins whose value has become too worthless over a prolonged period of time.
3. Is the coin scaling & enabling cooperation?
When the team puts in the effort to scale the community to thousands or even millions of people, it assures that the ecosystem is working and gives hope of a better future value. It even gets more interesting when the said coin has had great partnerships with big brands. Simply imagine PayPal starting to accept bitcoin — Thats huge.
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What if you are new to cryptocurrency and yet you want to make money and accumulate as much bitcoin as possible?
For the newbies, I have a solution for you. Simply buy bitcoin and hold. I usually discuss to detail about cryptocurrency in my telegram and on my twitter.
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