Be cautious of projects with anonymous creatorsNobody really knows the person that created Bitcoin, but the early anonymity was understandable because of the revolutionary concept of cryptocurrency and its initial link with Silk Road. Now, the creators of cryptocurrencies are bold enough to attach their names to their coins and we at least know some of the people working on the Bitcoin Foundation. You should be careful about investing in any altcoin created by faceless anonymous people. If they choose to disappear into thin air, you might never be able to recover your investment or get justice for their fraud.
Be wary of altcoins that promise guaranteed gainsAll forms of investment carry an element of risk and cryptocurrencies are particularly riskier than many traditional investments. Cryptocurrencies are still speculative in nature, you can make a lot of money, and you can lose a substantial part of your investment. Hence, any whitepaper, ad, or marketing pitch guaranteeing gains on investment on any cryptocurrency is obviously lying. Don’t be carried away by the promise of “the next Bitcoin”, you should conduct your due diligence and know the risks before you invest.
Make sure you are buying substance and not hypeIndividuals and companies launching ICOs nowadays are spending a great deal of money on marketing and advertisements. Before you buy any altcoin, you should be sure that the coin has a sustainable functional use in solving a specific problem(s). Anybody can cook up a shiny whitepaper, carefully crafted charts, and throw in a couple of out-of-context statistics for good measure. Your due diligence will help you determine if the cryptocurrency has substance or another well-packaged hype.
Social media is a decent metric for measuring credibilityWhen people create websites, whitepapers, and marketing pitch for their altcoins—they are usually in charge of controlling the narrative. Hence, they can easily craft a great story that paints them in good light. However, comments from early investors, users, skeptics, and critics on their social media posts help you measure their honesty and see how well they handle criticism. Of course, social media is often home to lots of trolling activity, but comments on social media posts can provide insights into the credibility of a team, their project, and their altcoin.
https://www.google.com/amp/s/www.coinstaker.com/4-tips-on-how-to-identify-potential-winners-among-thousands-of-altcoins/amp/No matter how potential you see the altcoins still there is no Magic to become successful. The choice is yours. Discipline and patience is required to wait some time.