Investing has become increasingly easy as our digital age has made just about everything accessible to the average individual. In the days of old, you would hire a broker to help you navigate your investments so that you could make informed choices. Now you can do everything online. However, many people don’t take the time to really research their investments. This is especially true for the cryptocurrency craze we are currently experiencing. Since the blockchain is reliant on individuals, rather than a corporation, individuals have to educate themselves so that they aren’t losing money rather than gaining value. Continue reading to learn how to find out the information you need.
Get to Know the Business
No matter what kind of investing you are getting into, always research the company to learn more about them and what they bring to the table. Do they support things you are interested in? Do they bring a technology to the real world that you desire? Do you think they will be a success? This is the time to obtain their financial records and review their potential longevity. You can research reviews on the products/services they offer. In the crypto world, you can research what others are saying about the success of their coin and how successful the company is with their blockchain technology. There are new cryptocurrencies coming out all the time, reading information from them and about them is crucial for decision making.
Many people wish they had bought Bitcoin back when it first hit the markets in 2009, they would be stinking rich at this point! No worries though, more is on the horizon. Companies, like XYO Network, are actively working to enter the market. A good time to purchase your crypto is during the ICO (initial coin offering phase). This is generally when it’s easy to afford and plenty available. Again, research companies that are in pre-ICO phase and decide if you are ready to take the plunge.
Compare and Contrast
Part of the decision process should include looking at a few options that fit with what you want to invest in. Comparing and contrasting how well they are doing in competition can tell you plenty about a company. This is especially true when looking at businesses that re-structure themselves to working with blockchain technology. Case in point would be Long Blockchain. Long Blockchain was Long Island Iced Tea Corp and their biggest competitor was the Dr. Pepper Snapple Group. When the corporation changed their business structure, and name, to reflect a desire to mine Bitcoin, the company did very well. However, 6 weeks after they began they backed away. Since then, they have seen their stocks plummet. They have not walked away from blockchain technology altogether, they have simply chosen to go about it in a different way. The focus is now to merge with another firm that develops tech to power cryptocurrency transactions.
When In Doubt Learn More or Ask Questions
One of the things we have learned in life is that we never truly stop learning. If you don’t quite understand blockchain and cryptocurrencies, you can take yourself back to “school” and learn it online. If you have friends who are investing in cryptos and researching different blockchain technologies, who are also doing well with it, ask them. If you love a particular type of blockchain tech and have questions, ask the company who is developing it. It doesn’t hurt to ask and it keeps you up to date on everything that these technologies have to offer us in the real world!
