Investing into ICO: I’m certain at this point you’re always seeing new ICO’s in your Facebook channel. What’s more, ordinarily the advert mentions Bitcoin and how you’ve missed an awesome opportunity to be a millionaire.
#1. Do you understand what you’re doing?
If words like tokens, blockchain, wallets seem like magic then you ought to distance yourself from them. As a rule of thumb you shouldn’t put resources (invest) into things you don’t understand. Do some Googling, read a few books and see how it works. This will enable you to assess new cryptocurrencies and make a better choice.
#2. The ICO craze is just starting
ICO’s are tempting as a result of the fear of missing an opportunity. However, blockchain is new technology that individuals are simply beginning to adopt.
There will be numerous more new coins introduced to the market sooner rather than later. What’s more, they will certainly be better since they have learnt from the mistake of the past coins.
Therefore be prepared and don’t lose your cash pursuing quick gains.
#3. Do you already own crypto currencies?
On the off chance that you don’t possess even a little bit of cryptocurrencies you most likely shouldn’t investing into ICO. There are numerous exchanges where you can without much of a stretch buy them.
I for one use cex.io to purchase Ethereum and Bitcoins. They support many third tier country accounts and have some great safety measures.
For instance you get instance email notification about signings and they have two factor verification. This will furnish you with some comprehend of wallets and the insane price fluctuation of crypto-currencies.
#4. Existing coins at attractive prices
For all their buildup you don’t know whether a coin offered by an ICO will ever take off. However, there are as of now established coins that are steadily gaining ground.
For instance, Ripple(XRP) is an entrenched coin effectively supported by a few banks. As I was writing this article the Ripple price is simply $.0223. Litecoin, Dash etc., are couple of other already established coins that I for one feel will do well later on.
So as opposed to concentrating on investing into ICO you can put invest into those coins.
#5. Are you ready for extreme price fluctuations?
As I said before cryptocurrencies are moderately new idea and their prices fluctuates significantly. The prices regularly go up and down 25% to 75% based on news.
For instance the price of Ripple shot up by 70% when the Japanese Bank Consortium was formed. Indeed, even an already established currency like Ethereum fluctuated intensely.
#6. Investing into ICO is risky and rewarding
Putting resources into cryptocurrencies itself is somewhat risky. So Investing into ICO is much more risky in light of the fact that you don’t know whether the coin will take off.
Be that as it may, you shouldn’t disregard them since you don’t understand them. Set aside the time to comprehend them and be prepared to benefit from them.
However, if ICO’s appear like a risky choice for you then look at more secure choices.
I hope you enjoy reading this post on Investing into ICO? 6 Things to Consider Before Putting Your Money. Thanks for reading and feel free to drop your comment in case any.