Hi everyone,in my previous post,i talked about how ICOs are becoming increasingly popular among investors due to its potential to rise exponentially in price.Today,i would like to share a few of my personally tips on how to pick the best ICO in the safest way.These tips will hopefully allow us to avoid "scam coins".
Firstly,before we jump into contributing in the crowdfunding of various ICOs,we should have a grasp on the ICOs' leadership team.We should understand who is leading the project,who is supporting the project and who are the stakeholders of the project.Being able to grasp the background information of the leader will be essential to our final decision on whether or not the ICO is legitamate. For instance,the CEO of Civic coin,Vinny Lingham, is a notable South African entrepreneur.He is also the founder of Gyft & Yola.Inc and the co-founder of SiliconCape.Besides that,he is a board of member of the Bitcoin foundations.Prior to becoming Civic's CEO,he clinched a range of outstanding entrepreneur and leadership awards that eventually acts as his testimonial . These honours and achievements not only showed Vinny to be a capable person,but also a trust-able and reliable individual.Hence,i am certain that Vinny plays a huge role in the success of Civic in its ICO phase.This is mainly due to the trust that he is able to garner from the investors as he was already notable beforehand and has a running organisation managed by him.From this example,we can see that a trustable,notable and reliable leader is instrumental to the success of the ICO.With a notable leader in place,a strong and dedicated team and remarkable stakeholders or partners,the ICO will then be worth your consideration.Hence,i feel that we should be researching on the background infomation of the management team before we jump into investing in the ICO.
Secondly,and probably most importantly,we have to be able to understand the whole project and how it WILL work(instead of only how it works).So when we begin investing in an ICO,we look at its whitepaper.We have to understand the idea that they are advocating and the product they are planning to launch on the market.Without a product,you are basically investing in an idea,which is very risky!After which,we divert our attention to the roadmap published by the leadership team.We have to take the plans and roadmaps of the project into consideration because each and every ICO develops at their own rate.Varying investors have varying degrees of patience.Some of us are willing to wait while some of us are not willing to invest our time.Hence,it is essential to read and understand when the ICO is going on market,when the actual product will be launched and when will there be expected major breakthroughs or hurdles through the project.By understanding that,and taking into consideratiom the amount of time we are willing to invest,we will be able to decide whether the ICO is suitable for you.Certain ICOs makes promises on attractive financial returns,but these are only empty promises.It is up to you to decide whether or not the promises they make are practical.At times,we have to be rational enough to avoid picking the most financially "attractive" ICO as promised by their management team.Instead,we should be focussing more on ICOs with practical ideas,practical roadmaps and practical leaders.Such an ICOs will end up with sustainable project development plans.Hence i feel that when we are looking for good ICOs,it is imperative for us to consider the project's related personels,the roadmap and the practicality of their ideas.
Lastly,it is about social support.With the rise of social media platforms like telegram groups,reddit sites and even the STEEMIT platform,people are able to share their evaluations on certain ICOs.It is always good for us to consider the evaluations of others,and to incorporate with our initial ideas to develop a final conclusion.We have to ensure that the ICO coin has strong social support.We cant possibly be investing in a coin with little supporters or even with haters condemning it.The number of telegram group members is a considerably good indicator of how strong the social support of the coin is.Of course,coupled with tabulating the positive and negative comments on social media platform will further allow us to evaluate the social support of the ICO.Generally,ICOs with strong social support tend to see great ICO results and even thereafter in the exchanges.Hence,it is very important to evaluate the social support of a coin before investing in it.
To sum up,when investing in ICOs,we must be rational and not be easily wavered by the attractive financial returns.We must pick ICOs with a ready product,a reliable leader and a practical roadmap.The social support of the ICO adds on to helping us evaluate the success rate of the ICO.
Do comment in the section below on ICOs that you think have a good potential:) Above are my opinions,do share with me your ideas so that we can have a meaningful discussion
