How to Identify High Profit Coins and Stay Away from Shit Coins? MUST READ!
For every newbie or investor who still doesn't know too much abou crypto world this is the first lesson which you must follow in order to not lose your money.
Ok, got it. This is easy, but how can I identify a good and promising coin from a shit coin, a coin that will die soon. I'm going to explain to you guys. Just follow further steps:
You should check the coin website, every page. Try to understand why this coin can (ou can't) be unique. Why it should the valuable in the future? Read its FULL whitepaper. Of course some doubts will show up, this is normal. So, you are read to the second step.
Check the bitcointalk topic which referes to this coin. Bitcointalk forum is the most important source of information about any coin/token available. This gotta be your safe place when talking about crypto world.
Bitcointalk is fantastic, but it's not so fast to you have your questions answered. It's a forum, not a chat room, so how to make/have many Q&A faster? For this, you can join the coin Telegram group. Almost every coin/token has a official Telegram group, if it doesn't, for sure there will be a unofficial group where you can solve your doubts.
Ok, so you looked the coin's website, telegram group and bitcointalk forum. Now what? Is it done? Not yet actually. You should understand everything you just read/learned in order to be sure that is not a Ponzi scheme (like lending platforms) and it's not a only "copy coin". I call copy coin, every coin which is literally a copy from another, without any new feature/improve (there are a of lot them).
Never believe in a coin that is centralised or if it allows re-issuable coins/tokens.
Last, but not least (not at all). Believe in HARD WORK, never in easy money. Magic not exist, there is no free lunch, etc, etc. Play the game like a boss, not like a child.
Examples of shit coins: Bitconnect (BCC), Tron (TRX), Ripple (XRP), Bcash (BCH).
Examples of good coins: Cardano (ADA), DeepOnion (ONION), Waves (WAVES).
I have to clarify you, that you can make short-term profit with every coin (including shit coins). However talking about long-term, you should be more cautions.
