Cryptocurrencies have been causing quite an uproar all over the world in the last couple of years, dominating news, social media, and even dinnertime conversations. Everyone wants a piece of the action, but with frauds and scams evolving at an alarming rate as they permeate the industry, how can one become a good crypto investor?
For Christina Storey, partner at Blockchain Initiative, the key is to arm yourself with a defensive attitude.
“The most important part of investing is to think with a defensive attitude,” Storey told CoinGeek. “If you have any kind of excess capital that you are willing to be without for a certain period of time, you should first put it in to something that you’re pretty certain you’ll get your money back.”
To become a good investor, it’s not just about having loads of dispensable funds. According to Storey, there are three elements that investors need to cultivate within themselves: a form of indifference, skepticism, and willingness to recognize unforeseen events.
“If you are a strong investor, you are already aware of the fact that there is luck in the mix, no matter how great you are in analysis,” Storey said. “You need to put your assumptions to the test. You need to try to think about, ‘what if all of the assumptions I have are not correct? What would it look like then?’ Simply in the process of reconfirming or not the decision that you made in the first place.”
Finally, Storey had this piece of advice: work with a network that’s “a legitimate enough fork out of the Bitcoin network,” like Bitcoin Cash (BCH).
“No matter how brilliant the idea, in a network capitalist model where your value comes from your network, whatever idea you run on top, you must have that network first,” she explained.
Bitcoin Cash is the only coin that follows the original Satoshi Nakamoto white paper and one that fits the description of “a functional cryptocurrency,” as it offers the best scaling and security features, among other things. It can do everything platforms like Ethereum or SegWit BTC say they can do—and more. This is why we encourage merchants and companies to take a serious look at Bitcoin BCH, as it’s the best on the market for payments and will soon be best of breed in all other areas, including smart contracts and tokens.
If you’re interested in helping the growth of merchant adoption of Bitcoin Cash, join the bComm Association, an industry group that intends to be the focal point for miners, merchants, exchanges, developers and members of the BCH community. Developers and merchants of the Bitcoin BCH community will also be in London for the first CoinGeek Week happening in November. Register here, and be the first to know when tickets go on sale for this historic week.
Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
The post Christina Storey: To be a good crypto investor, think with a defensive attitude appeared first on Coingeek.