Behind every cryptocurrency there is (or should be) a project
Hello community of Hive, today I come with a post that I hope will serve to guide a little to some users who might be interested in the cryptographic world beyond just publishing, perhaps they have a great investor within them and are waiting to awaken that passion.
But like everything else, before entering the investment arena, it is best to take that necessary learning path to minimize risk. Read well, MINIMIZE RISKS, not eliminate them completely, in fact I believe that it is practically impossible, much less if we speak of a market as volatile as that of cryptocurrencies.
So, join me in the development of this publication, to review an important point, The projects behind cryptocurrencies.
Let's define what a project is:
"It is a temporary, unique and progressive attempt or effort made to produce some kind of tangible or intangible result (a unique product, service, benefit, competitive advantage, etc.). "Source
As the concept says, the results of this can be "tangible or intangible", in the case of cryptocurrencies, which is what I want to deal with in this opportunity, we must be clear that we cannot touch them, but we know very well that they have their value, in some cases a few cents on the dollar, but in others it can be worth hundreds or thousands of dollars, so we are simply talking about money.
And for this reason, we must study very well what is (and also who are) behind each of these projects.
Generally we see only the name of cryptocurrency, we know that there are some that have their great recognition, and for that reason they are the most used, however, there are many names that of projects that arise as of wool, sound a lot, their prices are catapulted in an impressive way, and then in a matter of days they disappear, and those who have invested at the time of their high price believing that it would continue in ascent end up losing their money, or if they run with luck they could recover it but after months or years.
Well, these events can be done if we dedicate ourselves to investigate very well the project, the people that integrate the team, go to their social networks, now more than ever this is particularly easy, read the white sheet of the project, the technical aspects, really know what it offers, **is there another similar project? **is there someone recognized and with a trajectory in the cryptographic world inside the team?... these are only some questions that we should answer before investing in some project, because if not, the risks of losing our money increase when not doing it.
This is our job, it's something I've been learning by reading, researching, and of course, making some mistakes that have made me lose money, the intention of this post is that this is not necessarily your case, and that you can take away the basic idea that "THERE IS (or should be) a project", if there isn't or it's not clear to you, it's better not to enter until you are sure what it is, there is another basic rule in investing: "don't put money in something you don't understand", very simple, right?.
For now, I'll say goodbye, hoping this publication will be helpful. It is a personal opinion and not financial advice.
Have a great day.
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cryptos need to have an actual product or a project that leads to a product. By product, i mean either a product or service to have some chances to succeed.
Sadly the majority of cryptos out there are scams!
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Yeah @filotasriza3, you are right, if it is not consolidated into something that you can feel, something useful in real life, it simply does not make sense.
Unfortunately, most of the projects we see, of those more than 3000 cryptocurrencies that are active, will disappear in a few years.
and sadly many people will lose their money
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Projects must be supported by a that is useful and that meets a requirement for users, generally (in my experience) those are those who manage to be successful. It is always very inter see the diversity of options there are and in that sense your post has made me think that as possible it may be that @project.hope have your own token or ICO.I think it is something that should be discussed with @crypto.piotr and the community, maybe it's an ambitious idea, but I find it very interesting.
Hi @reinaldoverdu
It could be interesting, certainly. Although to do something like that you have to think about it very well, to ask what would be the benefits of that token and its usefulness.
It could be something really interesting in the future.
Greetings @josevas217 thanks for your contribution, coincidentally I've been thinking about how to be more proactive and profitable in the use of the chain of blocks, ie how to get more out of the rewards we extract from our writings, I have not yet achieved such a commitment, but I think from your experience could help us in a next post, further deepening your lines of writing in the implementation of the project at the cryptographic level.
Hello @madridbg
It can be an interesting topic, although with a diversity of opinions.
Let's say that generally speaking, curatorship is a good way to generate income and increase our profits on this platform, and this in turn is intimately related to voting power. Of course, the bigger the HivePower, the more profit it generates.
hi dear @josevas217 i hope you do not lose more money and from now on you will have many profits, thanks for the advice, it is very important what you indicate to understand the project behind the cryptocurrency
I will continue to lose money, but less and less, and it will be more the one who wins than the one who loses, every investment I think carries that risk.
But, you learn from everything.
Greetings @josevas217
Excellent advice, you must be very intuitive when investing, if we really want to see that our investment makes a profit we need to know what the project is about, as you describe it, mainly the technical aspects of the project, and what you are offering to the market, because they are elements that in some way attract investors, the ideal is to invest in a cryptomoney that really already have a fully functional product. Thank you for sharing this educational article.
Yes, the best and least risky thing is to invest in already solid projects, however often those new projects, which are well supported, that one manages to buy at a low price are the ones that remain more profitable.
Hi @ josevas217
Certainly, the basis of all investment is knowledge of the subject, even more so in the world of cryptomontages.
Great reading my friend, thanks for sharing
Regards
In these investment things you have to be very intuitive. But, it's part of the process, you have to study each project carefully.
Certainly, behind a crypto currency that wants to overcome the test of time there must be a good project that supports it, it is our job to investigate this and not only be tempted by an innovation or a fashion, because sometimes they tend to be transient. Thank you for sharing your thoughts on the subject friend @josevas217.
yes you are right, that is how it should be, someone cant just create a token and expect it to last for long without having a good team backing it up
Without a project, any idea is bound to fail. It is a simple thought, but unfortunately not everyone understands.
That is the right way to approach investments in the world of currencies, to see the projects in which you plan to place the money and then follow their progress is the way to understand how the possible price increases that will generate the so expected profits are, if you only place money following a trend, you double the risk of losing the money.