Last Updated on Apr 17, 2020 by James W
It has become increasingly clear that the number of cryptocurrency coins available on the market isn’t going to be dwindling anytime soon. Many people with business ideas have discovered the viability of initial coin offerings as a way of funding their propositions with money from like-minded individuals. And many others, quite frankly, think that they can get rich quick like others before they have. It has led to a kind of land rush for new cryptocurrency offerings and has flooded the market with alt-coins. While that means more choices for people looking to buy into cryptocurrency, it also means that the decisions get much more complicated for them.
What it ultimately comes down to is what people desire out of their cryptocurrencies, and those people knowing which coins will fulfill their needs. It takes research into what the companies behind the coins are all about. Too many people just look at stats like market capitalization, but that won’t tell if you the coin you buy into will do what you need it to do. If you’re trying to invest and it all gets too complicated, you might get some help from a proven trading program, something along the lines of Crypto Code. First you should put yourself into one of these three categories and see which coins fit the bill for those specific requirements.
1. Investors
If you’re simply looking at the coins you purchase as investments, either as buy and hold propositions or quick trading objects in and out of the market, you should examine the crypto market just as you would stock. Make some quantitative analysis by studying the numbers, and then do some qualitative analysis by examining the fundamentals behind the coins. Putting all of that together should give you a clear look at which coins are headed for an upswing in price and which might be headed downward.
2. Currency Utilizers
Many people might simply want to try out cryptocurrency to find out if they are all they’re cracked up to be in terms of being an alternate currency. Many adopters swear by the coins that allow you to buy and sell on the internet without any third party approving every move, which leads to extra time spent and extra fees added. Of these coins, Bitcoin is the obvious choice, but there are many others which now mimic Bitcoin’s original goal.
3. Other Application Users
The technology behind cryptocurrency, known as the blockchain, is ingenious because of how it allows so many other applications. Think of a coin like Ethereum, which allows developers to create apps which don’t need third-party oversight and can be shared directly with the consumer. If that is the goal you’re looking for your cryptocurrency to meet, you should seek the ones that have that kind of versatility and do more than simply allow you to make and receive payments.
If you can identify first what you need out of them, the search for the right coins will be much easier for you. At that point, it’s hard to go wrong with all the choices available to you.
