Each of us would like to have entered the Bitcoin project when it was worth $ 1$ or $ 100 or $ 10000, as it now travels around $ 40000 and will only go up in the long run.
If you are not a crypto nerd but you want to start investing, this article is for you.
There are literally thousands of cryptocurrency projects out there, and many projects are worth your time and attention if you want to participate in the next big hit in technology: decentralized applications (DApps), which could be used for everything from voting systems to more. equitable to the issue of shares.
This guide will show you how to participate in cryptocurrency projects in their early stages. It is not easy, but it is possible.
The first step is to find a project that interests you. There are thousands of projects out there, so the best way to do this is to go through a list of DApps and pick one that looks interesting.
There are several large platforms dedicated to sharing DApp projects, including the aptly named Dapp Radar and State of the Dapps. CoinTelegraph also offers the Dapplist, which highlights the trending Dapps.
It is possible to filter by large categories such as exchanges, gambling, markets and games, or by the metrics of the Dapps themselves, such as the number of daily users or the volume of transactions.
That said, these lists and radars don’t collect everything, and the media are another great source for finding rising stars. For example, Cryptopolitan recently posted on Next Earth, a virtual world powered by NFT on blockchain.
Once you’ve chosen a project, read their whitepaper and figure out what they want to do. You should be able to tell if the project looks like something you would be interested in by asking yourself questions like: Why did they build it? What problem does it solve? Would I use it?
If you’re still unsure after reading the white paper, then look at the social media accounts of the people working on the project or ask them directly on platforms like Twitter or Reddit. It may take some time before you know if it’s something you want to get involved in, so don’t rush to do something too quickly.
In most cases, however, if you follow these steps and are still not sure if you are supporting a particular project at the beginning, then don’t worry too much. Just wait until more information is available on how their idea works in practice.
This is perhaps the most important thing when looking at any new tech venture – especially one that involves potentially risky money and investments.
When researching the teams behind different coins or projects online, look for evidence of past successes as well as failures (and learn from both). Look at who invested in their latest startup (if any) and if they were successful or not; check their LinkedIn profiles; look at their publicly available codebase and so on.
In addition to these objective measures, consider if there is also a cultural adaptation, and ask yourself if this is a team you would agree with by providing feedback, asking for suggestions and engaging in their community channels.
Don’t invest more than you can afford to lose
The best advice for anyone looking to enter the investment world is simply not to invest more than they can afford to lose. In other words, don’t invest money that you would need for other things if your investment goes wrong.
Also, instead of putting all the eggs in one basket by investing all your funds in a promising project right away, you should try to find many projects that interest you, both within the crypto space and outside it.
Most fledgling companies will not be successful overnight, as building a product takes years, even if everything goes perfectly according to plan.
So don’t expect overnight success stories after investing your capital. It is important to remember that joining a crypto project should be based on passion, rather than the belief that your investment will take you to the moon or a new Lamborghini.
Once you’ve selected a project and done your due diligence, it’s time to execute and join the project, whether it’s to stake your tokens, invest in a DeFi pool, create a collectible NFT, or something completely different. .
There are generally two main ways to do this: by contributing to the project yourself (many projects give free tokens to contributors), or by buying tokens. You will need to have a wallet that can store tokens (which depends on which blockchain network the project is using) and carry out transactions.
If you don’t have one, there are many wallets available online, such as MyEtherWallet or Coinbase Wallet. Keep in mind that most exchanges require KYC (know your customer) verification before allowing users to access their trading platforms and capabilities. It may also be necessary to present documents such as proof of address and identity for some of them (for example in the case of Coinbase).
After joining a crypto project, stay involved in the community and keep up to date, because you should be in it for the long haul.