Cryptocurrency has evened the playing fields and changed investing forever today. People who were once afraid to dive into money markets or stock investments now feel they can, with the tiniest amount of money, get in on a blossoming and flourishing industry that is, to quote, ‘going to the moon.’ Crypto is breaking down barriers and smashing socioeconomic boundaries, so that everyone can get in on the action.
As a self-made crypto millionaire and someone who took a chance on Bitcoin in 2016, I am passionate about sharing what I have come to know with as many people as possible. I believe that any person can become a crypto investor, and that all it takes is the time and patience to learn about the market.
Based on my personal experience, here are 7 fundamental questions to ask yourself as a crypto investor:
- Is this coin/company legal? You have a lot of crypto options available to you today. Sure, there’s Bitcoin and Ethereum, but there are also alt-coins and the ever-talked about Doge Coin. Make your research how legal they are, how they fit into your overall financial goals and what money you have to invest. If you don’t have a lot to invest, start with smaller coins and work your way up to Bitcoin.
- How mature is the technology? Blockchain technology is still in its infancy. Much is still being developed, some is being discarded, and most is not yet successful. Can the coin/company use the underlying blockchain in a meaningful way to meet the usecase?
- Are there enough users for this coin idea? The best idea, the greatest vision, the best product is of no use if it does not find users. Then you end up sitting on a Precious scrap. Find out how the coin/the creators are forming a huge community of users.
- How is the Connection to the financial market? A coin that can be easily exchanged via debit card has really made it! Nothing is currently more difficult for a crypto company than connecting to the fiat market. A bank account and debit card that can be used to exchange or spend the coin directly is the pinnacle of capability and legality.
- Who is behind the coin? The expertise, reliability, trustworthiness and stamina of the founders/developers are crucial to whether the project really achieves its goals in the end. There are currently no guarantees, only potential. And this stands and falls with the characteristics and experience of the founders.
- What big problem does the coin solve? There are far more than 6000 coins in the crypto market. An estimated 97% of them are scams or fail to establish themselves in the long run for the reasons mentioned before. Only if the coin also represents a meaningful, valuable solution or alternative to existing problems of people, it also has a future. See if you can imagine something the world needs under the usecase of the coin.
- Does the coin’s decentralization ensure access only for the owner? The central banks of all notable countries are working to create their own central coin. This will completely replace cash. While these coins – just like your bank balance – belong to the banks again, only a decentralized coin can ensure that only you have your assets at your disposal. Decentralization is the key to true freedom and asset protection in the crypto world.
“Crypto has changed my life forever, allowing me to break free from my past socioeconomic chains and start anew. With the money I have made, I have been able to relocate where I feel my best, and curate the life I have always wanted for myself. I believe everyone should consider becoming a cryptopreneur – within their responsible means.”