The dent coin prediction world is a crowded market place, and it will continue to be for a while. Simply releasing a new coin for trading has the potential to get your company in the spotlight, and make you some money. But this also means that sooner or later, your business might fail. There are plenty of ways that any crypto-founder could avoid these pitfalls, but as shown below these mistakes were made and it led to massive losses for investors on multiple occasions:
#10 Mistake – Not Marketing Like Crazy
It’s no secret that you need more publicity than almost anything else to get attention in blockchain and cryptocurrency markets. There are plenty of ways to get in front of the right people (videos, articles, reviews, etc.), but you also need to make sure that your business is performing well so that it’s getting the attention it deserves. Without advertising and a steady stream of new investors, companies can crumble.
#9 Mistake – Getting Your Company to the Top
Failing to release your coin in a proper way could hurt your chances at success even worse than having nowhere for users to actually send their coins to. Investing in ICOs is risky enough, but without proper marketing you might as well just have thrown a bunch of money into the depths of the internet and never heard back from anyone again.
#8 Mistake – Not Listing with a reputable exchange
One of the first things to do when you’re planning on getting your cryptocurrency listed on an exchange is to contact some of the bigger ones. Allowing users to easily trade and purchase your token can be a great way to ensure that you get plenty of attention and interested investment partners. But if you are able to get your coin listed on one of the popular exchanges, you should also make sure that it will be listed on centralized platforms as well. Not allowing for these kinds of trades could seriously harm your company.
#7 Mistake – Not Having Trading Volume
Trading platforms are where you’ll be able to trade your coins for real money, but it’s key that you choose a legitimate one that is going to allow for some good investment opportunities. If the volume of the coins available on any given platform does not support a huge amount of overall trading, then the chances of any investors being taken advantage of is really high. The only thing worse than a no-trading exchange would be one that is actually fraudulent, so make sure to check out your options before making an actual purchase.
#6 Mistake – Not Catching the Evasion
Over the last decade, cryptocurrency fraud has become a lot more common. Sometimes these scams can be incredibly hard to spot for someone who’s not well versed in picking out scams from legitimate investments, but there are plenty of ways to really understand what kind of threat you’re going to be dealing with before it’s too late. Letting this kind of stuff get out of hand can really burn your business and destroy your reputation in the eyes of many possible investors.
#5 Mistake – Having No Backing
Even if you are launching a new ICO and able to get people to invest in it now, you’re still going to have to prove yourself first. Maybe your coin is performing well on the market, but if your team doesn’t have any experience or really any solid way of making sure that they can properly handle the pressure and expectation of running a company, then it’s going to be too easy for them to fall apart at the seams.
#4 Mistake – Not Being Prepared for Scams
Whether or not you want to believe it, there’s always going to be someone out there trying their hardest to take something of yours that isn’t theirs. While it can be easy to avoid being scammed yourself, you still need to keep an eye out for the kind of malicious behavior that will lead people to losing everything. This could be anything from security failures to simply not holding up your end of a trade.
#3 Mistake – Not Doing Your Homework
The world of cryptocurrency is constantly evolving and changing, so it’s important that anyone who wants to easily get their hands on some profits has a chance to do their own research first so that they can understand how everything works. This includes knowing which exchanges are legit, what kind of coins are popular, what industry there is actually a market for and being able to tell the difference between different coins or tokens.
#2 Mistake – Not Holding Your Own Coins
Allowing your users to trade your coins for real money could be a great way to bring in a lot of profit for your business, but you also want to make sure that everyone who wants to trade is able to do so in a manner that’s secure and safe from scams and fraud. Making sure that you take care of the most important aspect of this will make it much easier for people to see just how valuable your company really is.
#1 Mistake – Being a Victim of Crypto Theft
One of the most obvious signs that you could be dealing with a scammer is if you’re being targeted by bad actors and data breaches. If your coins are being stolen or some sort of other security failure is preventing the people from trading your tokens, then you have to make sure that everyone who invests in your company knows about it as soon as possible. This can be easier said than done, but there’s no reason that any company should let this kind of thing happen to them.
Summary:
If you’re planning on launching an ICO, then you need to be prepared for the fact that you might end up losing some money. But in exchange for the potential loss of your funds, you can still earn a lot of attention and make a lot of profit.
