There are 10,000+ active cryptocurrencies in the world.

How to pick the right ones?

[A thread] 🧵

You can either put a blindfold on your eyes and buy a hyped coin.

OR Do adequate research.

If you choose the second option, 5 points to consider before buying a cryptocurrency.

[1] Check the history of the team behind the crypto—founders, developers, marketers, etc.

The team should be skilled, experienced, and credible.

[2] Study the value proposition of the crypto.

Since it’s a financial asset, it should have a utility or solve a problem that can generate money for its investors.

[3] Audit the crypto’s social engagement.

Good crypto should have an active, engaged community.

For instance, Dogecoin has a vibrant community.

[4] Find out how many people hold the coin currently.

If a coin enjoys a good market cap, it’s a safe bet.

Look for a coin with large volume candles.

[5] “Will you hold the coin for the next 5 years?”

If you can answer this question with a YES, choose the coin. Otherwise, reject it.

It’s a long term investment, not a quick-money-making machine.

TL;DR

[1] Check the history of the team behind the crypto. [2] Study the value proposition. [3] Audit the social engagement. [4] Find out how many people hold the coin currently. [5] Make up your mind to hold the coin for the next 5 years.

Sathvik Vishwanath, the CEO & Co-founder of Unocoin, shared these points during the recent podcast.

He also discussed the future of cryptocurrency, why Unocoin doesn’t market itself “aggressively”, and how he started Unocoin.

Liked the thread? RT the first tweet so everyone can make the right crypto decisions.