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RE: Let's Do Something Better With Cryptocurrencies - Introducing Myself!
Welcome @italkcrypto! Here's a big question...
I'd be interested in getting further into this crypto thing. How do I draw the line between legit opportunity and scams or time wasting illusions?
@jroseland. Thank you so much for the warm welcome. To answer your question, I would urge you to do your own research before getting into something. Learn from your past mistakes.
Before getting into any investment opportunity, you can cross check the below two things and these are not specific to cryptocurrencies:
Read the whitepaper from bottom to toe to understand the algorithm, consensus and token distribution. This will help you understand the main idea behind the blockchain technology being used and the purpose of the token. It should be clear that there is an existing problem which is being resolved by implementation of that network and currency.
Team behind the project and its credentials. What have they done in the past in cryptocurrency space or the domain in which they worked. An okay project can do wonders with a great team. A great project can do down with a poor team.
In simple terms, The project should solve a real life problem in the most optimal ways and thus rewarding the contributors and who is running it. :-)
I hope that answers your question. And please do not fall for scam coins or projects like Bitconnect. My strategy is to stick to the top 30-40 coins that have huge potential. I will keep on giving pointers for best investment opportunities and special worthy coins in the future. My reviews will be to the point.
Disclaimer: This is not an investment advice even though it is. But please DYOR before taking any action or any investment. Happy Trading!
"DYOR" great acronym lol