How To Research Cryptocurrencies

When I first got started I had no idea where to go in order to get legitimate news on coins. I didn’t know when to buy and I was getting all of my info from the Poloniex Trollbox. As much as I love and miss that trollbox that no longer exists, that is not where you should get your main source of info. Getting started can be difficult, and so can choosing your investments. Keep reading to learn how to research diligently that will lead you to be an expert investor. Viable resources and diving deep into your findings by taking the extra step will make all the difference.

This is for those somewhat newer in the space. If you’ve been doing this for a while you probably know these tools. If you are a noob, read How To Start Trading Cryptocurrencies first. The two posts go together.

I am am also not encouraging everyone to get into crypto; it is high risk, especially if you don’t do it right. But if you’re already going to do it, I hope to help lead you to the right places so that you can build a foundation for your own strategy :)

The fundamentals are really significant — what’s the product about, who is behind it, what sets them apart? These are the questions you should be asking before you jump into anything.

Do your own due diligence.

1. ANALYZE COINS ON COINMARKETCAP.COM

This lists a summary of the crypto space. The first page tells you the top 100, which you can also change. Understand the top 5 coins and what they do. If you know very little, start by researching the main ones — Bitcoin, Ethereum, Litecoin, etc.

Check out the chart patterns and click on the coin’s website through this page to see their mission statement and blogs. If the company isn’t posting blogs then that throws up a red flag. Just because a coin is rising also does not mean you should buy. The times to buy is when a coin has dipped.

You’re basically betting the market. The best way to make huge gains is to mostly go all in on one coin. Unless you are close friends with an experienced trader, keep it safe and diversify.

2. WATCH YOUTUBE TUTORIALS

One of the first things I check is YouTube to search specific coins and to learn from other users. People are great at articulating their perspectives and ideas. There aren’t any YouTubers I consistently watch, but Jerry Banfield’s enthusiasm is typically fun to watch.

I pretty much learned everything via YouTube, like coding, makeup, investing, etc. YouTube is my jam.

3. READ REDDIT

I love Reddit because you have a lot of unfiltered trolls everywhere. There are spammers, but it is typically easy to pick them out of the bunch. People will passionately spill paragraphs of why they believe in a certain coin, or why they believe something will tank. I always find it fun to roam Reddit as well.

The one I look at the most is www.reddit.com/r/ethtrader since I’m heavily positioned in Ethereum. Look at the Reddit pages for all coins you’re interested in but definitely do not solely rely on this platform for your research. You can lose a lot of money by doing that.

4. JOIN BLOCKCHAIN COMMUNITIES

I am a part of a few slack channels. My favorite is the Trollbox One slack channel because there’s a strong community of knowledgeable crypto enthusiasts! Check out the OBM Crypto Group on Facebook as well — the owner of the page is really great at giving updates to prepare you for significant events!

I also attend events occasionally; however, some are just fluff. I encourage that you check out EventBrite or Meetup to get engaged as well!

The Blockchain network is one of the best out there. You will be communicating with people from all over the globe from diverse backgrounds. No one is better than anyone and everyone just wants to help. It’s fascinating to see other perspectives. I am a better trader because of the online community presence.

I would advise you to start an excel sheet of all the coins you are interested in. Include their pros and cons, and then the date it was founded. A coin that has been around for two years is more legit than one that just released; however, there are many exceptions. If you do all of the research I mentioned, like looking into the team and investors, sometimes you can catch potential early on.

Once you have a solid foundation for obtaining great resources and somewhat of a system, you’ll feel more in control. Definitely do not just use one resource. Seriously do your research. For example, if you heavily rely on Reddit then you are going to be reading a lot of pump and dump schemes.

Nothing is guaranteed, however staying on top of everything makes your position stronger. Just don’t panic sell like a noob.