Blog Details

12, Nov

Before Investing in Bitcoin

1. Understand the mechanism of buying, selling and exchanging cryptocurrencies before investing

Locate platforms that allow to both deposit and withdraw local currency as a way to move funds in and out of the cryptocurrency ecosystem. Understand how to conduct basic buying and selling trades so that the process will be simple when the time is right.

Mainstream adoption of cryptocurrencies for everyday purchases is still a work in progress, so the ability to cash out into local currencies will be key to utilising any profits made.

2. Do your own research before taking any action

Before investing, spend a decent amount of time looking deeper into projects to determine if it has long-term sustainability as is actually something you are interested in holding.

3. Compare the roadmap with developer activity

One of the great things about open-source technology is the ability for the average person to check out the latest developer activity to get a better read on the progress of a project.

Any project worth taking a deeper dive into will also provide a link to its GitHub repository that allows an up-to-date look at the latest work being done on a project. If the last GitHub entry was months ago but the roadmap says they have major releases coming in the near future, that's usually a red flag that the project might be trying to scam its way to success before rug-pulling unsuspecting bag holders.


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