How To Choose An IEO To Invest In?
There are thousands of IEOs, each of them have different purposes but they all promise huge returns and profits for potential investors. But don’t get carried away and spend your hard earned money on every single project, based on elusive promises. It is a well-known fact that many, not all the projects will reach their goal. Some will be successful and others will fail or turn out to be a scam.
Before investing in an IEO, people need to understand that all cryptocurrencies are basically an experimental technology. The vast majority of IEOs rely on Ethereum, and they are themselves a very experimental mechanism. Thus, each cryptocurrency is an experiment on top of an experiment.
We understand that choosing an authentic IEO to invest in is very difficult in the present time, and that’s why we are here to help you in choosing an IEO to invest in.
5 Key Points to Check Before Choosing an IEO To Invest In
Here we are engraving some vital steps you should go through before choosing an IEO.
1. Read the white paper
We can sum this complete guide up in just a few words: Know exactly what you are investing in. And there’s no better way to learn as much about the project as possible from its white paper. In a good white paper developers always define the goals of their project and detail of plan to achieve them clearly and in an understandable way.
It should also outline the legal framework between investors and developers, along with terms and conditions for IEO, business plan, future goals, project roadmap, coin distribution details, etc. Thus take a look at the white paper carefully.
2. Read the ANN thread on BitcoinTalk
BitcoinTalk.org is the largest platform dedicated to bitcoin and crypto-related talk. It is a very important forum for ICOs and IEOs, as this is the place where the announcements (marked [ANN]) are made. If the ICO/IEO you are considering investing in is not there — drop the plan to invest in it.
Read the announcement very carefully. Also take a look at comments, user’s reputation, user’s current rank, number of past messages, and status of previous projects or posts. These will give you an idea about the legitimacy of the project. Also check The developer is responding to comments and queries or not.
3. Make sure the team is not anonymous
The details of the developers and other team members should be mentioned in the white paper. Make sure developers are not anonymous. If they are, this is the first sign of fraud. However, if the names are listed in the white paper, Google them thoroughly, also use social media to find them, with a particular focus on the development team and advisory board.
Legitimate team members will have links to their LinkedIn, GitHub or Twitter accounts on the project/ICO/IEO website. Still, be sure to check how legitimate the linked accounts are by seeing how long ago the linked accounts were created and how actively team members are using them. In this modern world, it’s really not that hard to fake a social media account.
4. Check out Community and Media
Also check does ICO or IEO have a wide and most importantly, open supporting community? Having a public Slack or Telegram chats for all investors is a trustworthy step. But you should also check other sources, such as social media platforms and forums to evaluate an IEO.
Also keep an eye on their bounty posts and threads. Basically, it is a very common practice to ask people to spread positive information about the project in exchange for some rewards to get the attention of both the media and the community towards the project. However, bounty posts and threads don’t prove that the IEO is a scam but normally, a good IEO project with developers and good marketing doesn’t need it.
5. Check the Progress
This is not predefined that at which stage of development a project should be in before holding an ICO, but it is important to know that IEO should be held after the success of ICO. Sometimes, there will only be a white paper and a rough roadmap but before investing in an IEO you should check the progress of the project.
Of course, it is always safer to invest in projects that are as close to the launch of a fully functioning product as possible. As a general rule, investors prefer projects with at least some working code.
We have engraved five points above to check before choosing an IEO to invest in. Make sure to go through all before making an investment. However, if you are looking for a trustworthy and profitable IEO take a look at Tetra Pay (TPay).
It is a unique cryptocurrency that is solving the existing problems of cryptocurrency offerings. The project has really unique concept and business plan and luckily the coin value is currently low. Thus, investing in it right now will be highly profitable for the investors.
Originally published at https://tpaytoken.io on July 2, 2021.
