It is very difficult most times finding a Crypto project that will be profitable on the long run but...
With these seven (7) tips below, you will find it easy to do so henceforth.
Before you continueโฆ
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Now, let's dive into it...
1๏ธโฃWhitepaper and Project Purpose:
This outlines the project's goals, technology,
use cases, and potential benefits.ย
It also assesses whether the project has a clear purpose, a strong value
proposition and whether it addresses a genuine
problem or market need.
Moving on...
2๏ธโฃTeam and Advisors:
Evaluate the team behind the crypto project.ย
Check their expertise and see if they're experienced.
Those who are experts and have a track record in the industry.ย
Check their previous projects, or involvement in the crypto community.ย
To the next point...
3๏ธโฃTechnology and Innovation:
Evaluate the cryptocurrency's underlying technology.ย
Consider if it's scalable with top security audit,
Whether it's decentralized (uncontrollable) and
unique features or innovations it offers.
Look out for partnerships or collaborations that...
enhance the project's credibility and adoption potential.
Let's move further...
4๏ธโฃCommunity and Adoption:ย
Examine the cryptocurrency's community and user base.ย
Check if there is an active and engaged community supporting the project.
Look for indications of adoption, such as:
โช๏ธPartnerships with established brands,
โช๏ธIntegrations with other platforms, or
โช๏ธUsage by the real-world users.
To the next point...
5๏ธโฃTokenomics and Supply:ย
Understand the token economics and supply states of the crypto.ย
Consider factors such as the total supply, distributed andย
how tokens are used within the project's ecosystem.
Evaluate if the tokenomics incentivize
long-term value creation and utility.
Let's proceed...
6๏ธโฃFunding or Seed Raised:ย
Consider factors like funding raised, allocation of funds andย
transparency in financial reporting.ย
Financial stability and sustainable funding can be indicators of a more solid project.
To the last point...
7๏ธโฃRegulatory Environment:
Find out if the projects comply with existing regulations and
any potential impact on its future operations.
Assess the legal and regulatory risks with the project andย
the areas it operates in.ย
Below is your BONUS point for hanging out with me to this stage my fren!
BONUS POINT:
News and Updates:ย
Follow the official project social media channels for..
announcements, community discussions, and news.
These sources will give you insights into the projects:
Progress
Partnerships
Potential risks
Technological advancements
As long as investing takes understanding the fundamentals as explained above, it also takes wisdom to take profits when the market is excited and invest when it is scary. - Michael Akerele
Which of these points did you consider most important when investing
in Cryptocurrencies for long term profits?
Share it with me in the comment
section below.
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PS: Crypto market is very volatile and comes with risks, don't invest without proper knowledge or right mentorship as a beginner.
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ยฉ Michael Akerele (#AwesomeMike)
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#BTC
#Web3ForAll
#HDLifeCommunity
#blockchain
#cryptoย
