Social Media to Learn about Cryptocurrency
Before you buy any coin, the wise thing to do is extensive research. Check social media and popular websites for reasons the coin will pump or dump.
Before you buy any coin, the wise thing to do is extensive research on the coin. You need to check for reasons why the coin is likely to pump or dump. This is what separates a trader from a gambler in this game of trading.
If all you do is buy or sell coins based on a tip from a blogger or some self-acclaimed crypto-analyst, you are no better than my granny and scratch 'N' win cards. Anyone serious about trading needs to plan to weed the "sh1tcoins" from the good ones.
Knowing the perfect time to enter a buy or sell trade is another key thing if you want to succeed in this trading business. This will help to prevent buying the top or selling the low of any market. With this, you will truly never be late to a market. You may still make a wrong trading decision but not entering the right trade at the wrong time.
Apart from the information provided by the exchange in the details section of a coin and the price charts and maybe the coin's whitepaper, most traders don't know where to get information about a coin of interest. This is what we will be addressing in this piece. Before the end of this article, you will surely have a better understanding of where to get information about any coin.
CMC is the best place to check when it comes to finding technical information about a certain coin. There, you will find everything you need to know about the price of the coin, its hard cap, soft cap, as well as its daily volume. It is basically a stronghold of knowledge when you want to know how a coin performs in the open market. CoinMarketCap is also free, and no commitment or registration is needed before you can access information on the platform. The platform can be accessed by simply visiting the official website at CoinMarketCap.com via mobile or desktop.
2. Social Media
When announcing an important update, a coin with a social media account will surely update this information on its social pages first. With cryptos and blockchain projects, the most used social media platforms are Twitter, Reddit, and Telegram. All these channels need to be actively followed if you plan on getting the latest information about a project. The good thing about these sources is that you will learn one of two things from each post's comment section made by the project. So whether the general mood of a particular project is bearish or bullish, the user comments are the perfect indicator. Sometimes those in charge of the project use these platforms as an avenue to discuss with the community. As such, you can easily ask them questions relating to the project.
3. Official website
Any project's official website should be the first place you check when looking for information about a project. Unfortunately, few crypto projects update their official website promptly. Although the perfect place to get information first hand. In my experience, information gets updated to the website late. As such, you cannot really depend on the website for the latest and fresh information. Importantly, this doesn't apply to all projects. Some projects don't joke with their website. Everything updated is usually in real-time for them.
4. Medium Page
Another popular source of information for a crypto project is its official medium page. Medium is a web 2.0 writing platform that allows everyone to create a page and publish an article. The platform has become relatively popular amongst crypto projects, and it is almost a crime for a project not to have a medium page. As such, these projects update their medium page regularly. Some project even prefers to update their medium page than their official website. This is mainly because the traffic to a medium is organic. Therefore, it can easily be seen from a simple search online. When it comes to sourcing information from Medium, you need to make sure you are on the right page. This is simply because anyone can create a medium page. Make sure the page you are checking is controlled by the project or belongs to a key member of the project.
5. News Websites
Crypto news websites are another key source of information relating to a coin.
It is not uncommon for top crypto news platforms to reach out to projects heads and get information that is previously not public. This also works the other way round, i.e., projects also reaching out to reputable crypto news platforms and dropping breaking newsworthy contents. This happens often. Also, news websites sometimes save you the stress of having to comb through numerous sources. They do the hard part.
6. Public Forums
Like Medium, it is almost a crime for a project not to have a thread on some popular crypto-related forums. Under these threads (e.g., Reddit), you will find all the information relating to the coin and other upcoming events. Just as the name implies, public forums are open to anyone and everyone that passes the age limit. As such, you will get first-hand information about the project from people who are happy with it and who are sad. If you know what to look for, you can easily catch up on past significant events and their relation to the upcoming ones.
Yes, I know it should be listed under the social media platform. But for me, Discord is more than that for a crypto project. If anything, it should be classified under a forum. But still, it is way above that. Discord not only serves as a tool to reach out to members of a crypto project team directly, but it also serves other technical functions that cannot be found on other platforms. For coins not yet listed on a top exchange, Discord makes it easy to buy them. The Discord channel of a coin with an active community is also almost always updated regularly. So even if the information has not been officially updated in the announcement section, members of such a community will drop links as soon as it goes live.
Having all these channels in place means you can never miss out on an important announcement. Therefore you will be able to act on a piece of information faster than the general populace. This little edge is what separates a pro trader from the rest.