With the rise of countless proof-of-concept applications and potential use cases, it is clear that technologies like Blockchain are in the l...
Initial Coin Offerings(ICOs) has been the talk of the town in past few months, raking in a depraved sum of money which made advisors, entrepreneurs and endorsers tonnes of money. Every good opportunity faces the same issue, there are endless fake scams which are trying to make you invest in them, and all types of good and bad are popularised across popular websites which list the upcoming ICO’s. However, this does not mean that there is no money to be made. With the security and exchange system still slow to comment on this exemplary shift with any clear rules and guidelines, there is a small way out to make some outsized gains by investing “speculating” in these ICOs.
ICO & The Crypto Mania
The past year was the year of the ICO. Endless projects good and bad several terrible projects were launched for the world. Many of them achieved jaw-dropping success with high levels of fundings and cryptocurrency space climbed the peak hype. In the present situation, elements of calmness have spread across the cryptocurrency world.
Of course, this does not mean that ICO is going to fade away soon. As a fundraising mechanism, ICOs are just taking off. The gen-next will be even more compliant, innovative and cater to real-world cases.
The upcoming changes want the buyers to try contributing to mature projects which can provide them with a substantial amount of return, not just a bag full of promises and hype.
Understandably, the buyers will have an urge to get involved, but it will go on to be very challenging to decode which cryptocurrencies and blockchain projects have the high chances of being successful in future. Buyers need to thoroughly analyse and research prior to making any kind of commitment.
The bigger picture involves us to ask the right questions at the right time and getting the right answers to these questions too. A cryptocurrency and ICO buyer checklist is a must-have for everyone all set to deal with this newest form of currency.
Is ICO Credible?
It is very unfortunate that this upcoming market of ICO is afflicted with innumerable scams. Recent instances like that of Confindo and Prodeum have indicated how common have fraudulent token sales become an everyday affair. Hence, just check for any fraud before investing in any ICO, don’t wait for the warning bells to ring.
First and foremost aspect is to check the credibility of the company which is behind the token sales. If there is no legitimate information available about them, just skip them out.
Secondly, checkout if the management of the company is for real or seem just made up names. Make sure you look for their names across the internet and if they are just active on one social site and if there are no pictures of them available, just take a step back it may be that these people do not exist in reality.
Several smaller and big things need to be clarified before investing in a cryptocurrency like the content on the website, whitepapers etc. is original, if there is no contact point in case of queries available and several more. Make sure you don’t become a part of another ICO scam.
Can The ICO Team Deliver?
One of the most important reasons ICO’s don’t work is because of a faulty or inefficient team behind it. If the team behind the blockchain project is a set of experienced developers and brilliant entrepreneurs who have already put their heads to blockchain projects in the past, the ICO surely has a higher chance of growing into a profitable investment.
However, if the ICO’s team is new to this business or has a very little experience that is applicable, this should be taken as a sign that the ICO has a very high potential of failing and its token will have a higher chance of becoming worthless than that of the ones which are run by seasoned professionals.
The list of the questions regarding ICO and cryptocurrency is endless, keep reading our next segment of blogs for more bucket checklist points you should read before investing in any virtual currency.