The recent influx of people who are investing in crypto is only good news in the minds of experts like Robert Testagrossa, and the democratization of money is best done in this way. With this being said however there are a lot of investors out there who are investing off the back of information which is not quite as accurate as they think that it is. When it comes to getting information on which crypto to invest in, social media can be brilliant and here is exactly how it can help people make smarter decisions.
Watching the Big Boys
In the past crypto prices could be pumped and dumped based on the movements of what we call whales. These are mega rich investors who pump and dump the prices of alt coins at a whim. Thankfully the market caps have changed now and this is far less likely. What we can do however is to monitor the way that big investment firms are moving, and this can indicate which we should be going. For example, the Winklevoss twins are the guys who almost created Facebook, and they are mega-wealthy investors and crypto minds. These guys often post and you can get a good sense for the market based on what people like them are doing.
Finding New Projects
You can easily find new projects on Twitter as many alt coins will post on there, you can also find many alt coin accounts which discuss new and exciting coins. It is important to note here that you should only ever use social media to find out about these coins’ existence. Once you have found the coins and the projects you have to ensure that you then put in your own research to find out what they are, whether or not they are legitimate, and if they are worth investing in. Never invest based on the words of some random account on social media.
Price Updates
There are some great accounts on social media which provide regular price updates. This can often be a better way that to continuously check your own wallet. Logging into your wallet in public spaces for example can pose potential security risks and this is exactly why it makes more sense to use these social media accounts to get your price updates from.
Warnings About Legal Moves
There have been a couple of crypto currencies which have been under investigation by the FDC for their movements, and that is of course going to have a huge impact on the price. The best place for you to find out about which coins are in trouble is to monitor the accounts of those who love crypto news. This could give you some prior warning to an issue which may then end up influencing the price of the coins.
As you can see, this can be a great place to gain knowledge and tips on what is happening in the crypto space.