34 Questions You Should Ask Yourself Before Buying Into Any Cryptocurrency.

The crypto markets are a wild spot, and frequently financial backers commit the error of aimlessly becoming tied up with a resource without doing appropriate exploration ahead of time.

Rather than simply getting tied up with anything prevailing fashion is moving on Twitter, you ought to pose yourself a rundown of inquiries, to all the more likely comprehend your readiness to face challenges, and the reasonability of the venture.

In this article, I'll be going north of 34 basic inquiries that I pose to myself constantly, and it has helped me a ton in my crypto venture.

Before you Invest, Answer These Two Questions:

To begin with, decide your time skyline -

1. Are you interested in short-term trading or long-term investing?

2. How long are you HODLing For? (Pick a minimum)

Then ask yourself the following about the coin/project:

3. Does the coin have a project website?

Anyone can make a website with a few clicks. Make sure their website is up-to-date, active, and isn’t just some shitty WordPress site they created last minute.

4. Does the coin list project team members with real pictures and links to real external profiles?

Many cryptocurrency scam tokens utilize fake names and profile pictures to build up their “team” when in reality it’s just 1 to 2 guys running the entire thing. Be sure to do lots of research into how real the team is.

So, the flood in DeFi ubiquity has set off a favorable place for crude trick coins that will not share data about their organizers. They guarantee they need to remain mysterious, however why? So they can leave trick later on, and pull off it.

5. Does the task have a "white paper"? (Understand it.)

Most digital currencies have a whitepaper, albeit many are simply taken from different ventures or a lot of confounding language to sound specialized. It's significant you give it a read, and really get what is being said.

6. Is a market issue obviously distinguished?

7. Is the arrangement (for example "use case") obviously made sense of?

For a cryptographic money to have esteem, it needs utility. On the off chance that an organization can't just make sense of what they're utilized for, they probably have no future.

8. Is the proposed solution only solvable by the coin?

9 . Is the white paper easy to understand or overly complicated?

10. What are the ‘tokenomics’ of the coin?

11. Is the coin supported by recognizable companies?

12. Is the coin being used right now?

13. What is the scaling usage of the coin (Growing or Dying?)

14. Check the project CrunchBase.com Profile

15. What funding has it received?

16. Who is the project team? What is their relevant experience?

17. How fast has the project burned through their cash?

18. How long have they been in business?

Don’t invest into some shit coin that has been around for a few weeks, or months. These projects haven’t matured and were likely just created to take advantage of the growing hype in the crypto space.

During the 2017 ICO bubble and 2020 DeFi Craze, thousands of new coins popped up out of nowhere. Anyone who invested in these tokens are now down 80–90% as almost all were complete vaporware.

19. What has been the executive team turnover?

20. Check the project’s Github.com Page

21. How big is the project developer base? What is the trend? (Growing or Dying?)

22. How many commits (submitted code) does the project have? (Growing or Dying?)

23. Has the project forked? If so, how many times?

24. Are there known security flaws in the code?

25. Check the Project’s app.Santiment.net Profile

26. What is the Social Volume? (Growing, Sporadic, or Declining?)

27. Does the price only pump with increased social volume? (Pump N Dump)

28. What is the project’s Network Activity? (Growing or Declining?)

29. What is the project’s Daily Active Addresses? (Growing or Declining?)

30. What is the On-Chain Whale Count? (Growing or Declining?)

31. What is the Volume & Market Cap? (Growing or Declining?)

32. How is the project being covered via media?

33. Is the coin only popular because it’s promoted by influencers?

As someone with a large following, I know first-hand how often companies reach out to influencers to shill coins. Unlike other pages, I’ve denied all these requests, and stayed true to myself.

But many Twitter profiles aren’t like that and will accept a payment to promote any shitcoin scam to their followers. Be wary of paid shills, and realize that it will not end well when all the influencers are urging you to buy.

34. Can it be a pump and dump?

Once you’ve asked yourself these questions, among others, you should be ready to make the final decision of whether you want to invest your funds into the project.

With over 33,000+ tokens on the market, don’t be surprised to hear that 99% of them are scams, and will fail this test. It’s important you answer these questions without having your bias in the way, so you can come to an accurate conclusion.