In theory, there’s a digital coin which suits everyone, however actually choosing one is the hardest part!
I’m sure all of us at some point of time have been utterly confused as to which one to pick and at what time? What we need to realize is that each cryptocurrency has a unique mission and a unique take on decentralized finance.
No one cryptocurrency is the best for everyone. It always depends on factors like how much time you are willing to invest? How much risk are you willing to take? And of course what is your knowledge level?
I'm sure everyone in this space(or even outside) has at least heard of the names Bitcoin and Ethereum. These are the most common ones and are ideally suitable for people who do not have in-depth knowledge or have limited amounts of time as these can be bought with a “buy and forget” mindset. The reason for this is
Bitcoin and Ethereum require you to do zero effort to keep up to the space
You might not get the highest ROI that's possible in this space but at least you know they will stick around.
Easy access. A lot of the crypto currencies are not even directly available on most of the popular exchanges such as crypto.com or Binance.
Wondering if is it the right time to invest in cryptocurrencies? We've got your back here.
Only if you have a lot of time and are available, can you start looking for undervalued altcoins. This is the part which requires the most effort. A lot of times you won't be able to catch all of them but a good way is to keep a track of which coins are trending. For this crypto twitter is honestly a better source than google.
However it is never advisable to invest in a crypto just because it is trending unless you dive deep into it! Now a question that might be popping in your head is that is the research actually worth it? The answer is ABSOLUTELY!
How you can start researching cryptocurrencies is listed below.
Don't have all your eggs in one basket. Always diversify. Don't just invest into 1, but as many as you feel you can keep track of. Hence not a number like 10 because you will definitely get lost in this big space. Personally I feel 4-7 is a good number but again this is totally up to you.
Here's a quick read on how you can diversify your portfolio in the best possible manner.
There will always be coins that you will miss because of course you can never research all of them. But as long as you are confident in the ones you hold, that's good enough!
Try to follow more YouTube channels or twitter accounts which introduce you to new cryptocurrencies. Isn't it better if you hear some new coins which you have never heard about? You can pick what you don't know!
Again I’ll reiterate: Picking a cryptocurrency can be difficult as there's no particular answer that fits all. Investments are mostly subjective based on individual factors. For that reason no one in the world can tell you to buy this or that one. Accounts that you follow only show you their favorites. Keep in mind those are never recommendations no matter what any influencer tells you. Everyone likes a project for the reason they are looking for.
If you are into crypto and looking to hold up discussions, join communities and network better with traders and crypto enthusiasts from all over the globe, you should definitely check out Our Crypto Talk.