To chose the best project

Greetings, lovely fellows of Hive Universe. I hope that everyone is having a great time with the bull cycle in the world of cryptos. I am also enjoying the hype surrounding me with the world of crypto currency. Since the last crypto bull season, I have diversified some of my funds to some block-chain-based games based on the NFTs. NFTs were so bullish in the last bull season, as well as the altcoins. But this time, ALTs are still going to get the same crazy momentum again in the sphere.

This time is very crucial for a crypto lover like me to pick up some wrong projects in the sphere, which are going to suffer in the long run. I am telling you this because, last season, I picked up some of the worst projects, and all of the funds were gone. So, today, I am going to tell you about my experience after losing my funds in these games. But I am so lucky that almost 60% of my funds were into good projects like Splinterlands and some Hive-blockchain-based assets, which are still working pretty well. But from that 30-40% of funds, I have lost almost everything from two projects and got partial returns from some of them.

If I talked in detail, I have invested around 15% in wax-based Alien World 15% in the BSC-chain-based game My Defi Pet, and 10% in the Ethereum-based Synergy of Serra. All of these are my biggest losses in the crypto world in the last 4 years. Though I select every project with good potential everything will never be as you predict. And I have seen the top crypto games has also suffered a lot.

I have partially recovered my funds from the wax-based game Alien Worlds, which was a good game, their token was listed in Binance, but their circulating numbers were a scam, and I left the game with a slight loss. My Defi Pet was a great game with excellent art and many kinds of pet animals. But the team has completely scammed the players after a stable operation of several months.

The longest and most aspiring game for me was the Synergy of Serra, which has a great starting with its crest sale and with so many great artworks. The motivation for these games was like a successful game with a long time of research and development. But sadly, they had entered into the run out of funds to run the game, and so last month, they postponed the game, unfortunately.

So, it is very important to choose the right projects in this hyped situation in the crypto world, as everything is not working in the same way that it seems now. So, I am going to share my observations and preparation to enter into a good project. The following points should be kept in mind for choosing a great crypto project.

• Selecting the top cryptocurrency project to invest in is a difficult process that calls for in-depth research and observation. Whether a cryptocurrency provides a novel solution to a real-life problem is the main point to observe. The flexibility of a cryptocurrency to change and adapt to shifting market conditions and technological breakthroughs is another crucial factor to consider.

• The project's expansion should also be taken into account. Specifically, it is important to know whether the platform can manage high demand and transaction volumes without the risk of security or decentralization problems. It's crucial to determine if there is a sizable market for the technology and potential for future massive user adoption.

• The blockchain's security is essential because it describes how the consensus process is used to verify and protect transactions. Check to see whether the blockchain architecture is secure against hacks and effective security measures.

• For a cryptocurrency project, achieving true decentralization of the blockchain is crucial to guaranteeing equitable ownership and distribution. Verifying whether the coin is widely distributed or concentrated in the hands of a small number of whales is crucial.

• Another crucial factor to take into account before starting a crypto project is hacking susceptibility. Ensure the cryptocurrency platform has experienced security breaches and that there are no known vulnerabilities that might result in a significant loss of your funds.

• Pump-and-dump scams are a well-known and dirty game in the cryptocurrency world, and it is important to be cautious while participating in them. Verify if there is a false volume created by fraudulent transactions to boost the price or whether there is coordinated buying and selling activity that significantly affects the price.

• Applications in the real world are an excellent way to determine if a cryptocurrency is being used for what it was designed for. In contrast to Ethereum for smart contracts, for example, Bitcoin serves as a store of wealth, and both have a wide range of uses.

• Considering the whole supply and distribution is crucial when investing in a cryptocurrency project. Take into account the quantity and distribution of coins in use. Examine the various holding categories, such as individuals, institutions, or whales that own the coins, as each has unique investment styles that might impact market volatility.

Before investing, it is also important to divide your funds into several parts and enter into the projects in each dip to make the average buying at a lower price. Thank you for your time and attention, and what are your thoughts and preparation for the bull cycle? Let us know in the comment sections for mutual knowledge sharing. Do your homework, invest properly, and remember that the most valuable benefits are often not measured in cash but in the knowledge we make along with our journey.

Have a nice day!

Posted Using InLeo Alpha