So back in the summer of 2020, i invested 500 of my own money into a cryptocurrency called v chain less than a year later, that initial investment of 500 has turned into over 5 000. Now that's around a thousand x return on my initial investment and in this video i want to talk about how you can choose to invest into the right cryptocurrencies with all the thousands that exist right now on the market. So, just to begin this video, the cryptocurrency market, was really first born in 2009, after the initial announcement of what we know now, as bitcoin with cryptocurrency still being a much more new asset class, this opens up many new investors to take advantage of some significant growth In these early stages, but the main question now is: how do we choose which cryptocurrency to invest in a decade ago? You didn't have to worry about thousands of different all coins in the market since 2013, where we had a total of just 66 cryptocurrencies. We now have well over 4 500 in 2021, and we're only seeing more added here.

According to cbs news, there may be well over a hundred thousand bitcoin millionaires in 2021. to be a millionaire. It often times involves a decent amount of work, but if you were one of the courageous crypto enthusiasts and you put in a small portion of your money into even something like bitcoin and just held on to it for a couple years, you could possibly be one Of those millionaires as well now look as amazing as it would be to travel through the quantum realm and go back in time and invest in bitcoin. We simply can't change anything from the past, but what we can do is try to predict what may happen moving forward into the future.

So in this video i want to help you become the next crypto millionaire by knowing how to decide which crypto to invest in and by understanding the key fundamentals in choosing that right. Investment. To do this, we're going to go over five, very important tips on how to choose which cryptocurrencies to trade and towards the end of the video i'm also going to be sharing with you guys, a little gift, a little bit of free bitcoin. No, this is not a scam, so you guys can just get started today.

Now for the first tip, you have to truly understand your level of risk to make significant profit on investments, especially in cryptocurrency. You have to be leveraging a certain amount of risk by understanding how much risk you can tolerate you'll be able to choose the right coins for you. If you're a conservative investor - and you hate high volatility, then you can consider different and new asset classes, such as stable coins, so brian. What are stable coins to give you guys an example they're exactly what they sound like they're coins that offer price stability and the way they do.

This is by pegging their market value to an external reference such as a reserve asset, to make this easier to understand. Let's take the example of the usd coin, this is backed by the usd dollar and it's pretty easy to buy, but you won't find yourself becoming the next crypto millionaire by parking your money in these stable coins. The whole reason i bring this up is to really just emphasize. If you want to make big money in the market, you got to end up risking some too.

Now, i'm not talking about diving into the world of all coins which can show these promising results of thousand percent gains or falling into the world of crypto lending and giving out collateralized loans to other investors. You can still consider the basics of investing into popular coins like bitcoin, litecoin and ethereum, and still make a large sum of money now. The second tip i have for you is to conduct your own thorough research and to pay attention for any new cryptocurrencies. That makes sense in providing continuous growth in the innovation period we live in now, but brian.

How can a simple person like me know how to research and understand what to invest in into something as complicated as crypto? Well, i'm glad you asked because it is not actually as difficult as you would think. Once you decide whether you're a long-term investor or a short-term trader, you can check out a coin's fundamentals to discover what problem it will solve in the real world. Every single initial coin offering in the market needs a white paper which is a document that outlines the problem that the project is looking to solve, as well as a detailed description of their product and how it works. If you're looking to properly invest into cryptocurrency, make sure you read the white paper and you ask yourself these questions: can this project successfully deliver its solutions listed on the white paper? Does it have the resources and the team to carry that out? What does it need in order for it to be successful and to gain traction and be listed on the exchange as a top ranking coin? Now the third tip in knowing how to invest in crypto is called exploration, social aka, just a cool way of saying, search through forums, watch videos on youtube and talk to other people in the community.

Now the best place to start is by joining different groups and following as many experts as you can across multiple social media accounts with reddit be sure to join reddit, bitcoin, reddit, cryptocurrency and reddit crypto markets. If you're a bit more on the risky side, my personal favorite at the moment is a group called alt street bets on reddit very similar to wall street bets only about 30 000 members. Now twitter is another resource that you can maximize, because there are a ton of experts in that space. I went ahead and actually created a list that you can check out and follow just to make it easier or you can check out the accounts that all have these laser eyes.

If you didn't know the laser eyes, bitcoin trend just refers to the bitcoin holders, giving awareness to this asset before it hits that all mighting a hundred thousand dollars. This is known as the hashtag laser ray until 100k. I don't recommend you to rely on this, but it'll help you gauge the perception of die, hard, crypto enthusiasts, and what the sentiment is towards early stage. Developing coins for the fourth tip on deciding which crypto to invest in all you got to do is follow the trends see what videos regarding crypto are doing.

The best on youtube go on google trends and check the search volume on certain assets, join crypto, community discords or groups on facebook and see what people are talking about the most. And finally, you can observe the traction volume of a coin over time using coinmarketcap.com or any one of the exchanges listed below in the description for the fifth and final tip be on the lookout for icos. These are very similar to ipos, where they offer you ownership of a stake in a company that is going public. This is just the crypto version of that.

It's known as the initial coin, offering the main difference here is that you're not investing into an official company. That's getting listed on the public exchange. This is a speculative cryptocurrency, so it's in its much more infant stages and there is a lot more risk associated with it, but with higher risk comes higher rewards, you can go ahead and check out a site known as icodrops.com. This will give you notifications on initial coin offerings that are coming up now.

Here's the thing you can't actually invest into every single crypto that you want to some aren't listed on more popular us exchanges like coinbase. So this is why i always recommend people to have multiple brokerages set up just in case you're, trying to buy a crypto coin, or you want to move your wallet or something is down for maintenance if you aren't able to access any of that, you can have Different brokerages, where, if one goes down, you can use the other one i have links down below in the description. If you guys want to go ahead and check that out, they are affiliate links. They do support my channel.

You don't have to use them at all. If you don't want to, but if you guys were to take the public link, you wouldn't be getting any type of promotions. But if you use my links down below in the description you get ten dollars with coinbase you get up to 250 with block by which is pretty dope depending on how much money you deposit and you can also get 25 with crypto.com. So if you go ahead, check out those links down below in the description you'll be on your way to getting free bitcoin.

Hopefully this video helped you guys out in order to figure out exactly which cryptocurrencies to invest in. I will make some future videos talking about what i plan on investing into for the year of 2021.. Right now i am looking to transition and to rebalance my portfolio between stocks and cryptocurrency as much as i love talking about stocks and everything going on in the market, i really find a lot of volatility with the entire bubble of everything going on with the additional Round of stimulus entering the economy, so i plan on looking into other cryptocurrencies to invest in for this year. If you guys do have any that you're looking out for drop it down below in the comments and let us know anyways.

Thank you all so much again for watching this. Video don't forget to like and subscribe to this channel, if you guys have not yet already don't forget to follow me over on instagram credit, brian and until next time, peace out.