Today COVID pandemic has affected the entire economy in all the regions. So it becomes very necessary to diversify the portfolio and stay updated with new ways to multiple the money. Where investment comes each and every one of us is very much aware that risk is also involved.
Cryptocurrency project is also one of the investment streams through which people can start earning a decent passive income. Before investing in any crypto project we need to keep in mind a few points so that you can invest your money in good projects. It’s important as cryptocurrency is a very volatile market and very hard to predict the price of any project.
The checklist for investing in any cryptocurrency project is as follows:
- Conviction of a project
- Aim of that project (we can call is as motto)
- Whitepaper
- Fundamental research of that project
- Tokenomics
- Total Supply of that project
- Social Media (we can look forwards their social media & community)
- Etherscan
- Bsccan
- Proof of Work
- Proof of Stake
- Exchanges where it is listed
- Roadmap of the project
- Marketing campaigns of that project
Even check about staking profits as that would help you all to decide to hold the projects for long term or short term along with above pointers. Before investing we all need to see as in how many ways we generate income from that project. Where money is concerned we all need to proper study about the existing and upcoming projects.
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The above pointers act as the basic checklist before we look forward to investing in any cryptocurrency project. This is a very volatile market, so take decisions wisely and thorough research is needed.
Before investing try to research how bitcoin and ethereum work as that would help to understand how other crypto projects work and in this way, understanding can be developed to get invested in better projects. Also, keep in mind that investing only that amount in crypto which if you lose doesn’t affect your financial stability.
Always stay curious and keep learning as that will keep you updated with new trends and groom you better, keep hustling for a better tomorrow.
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