You may see people showing off their fancy $100k, $500k, or even $1 million dollar crypto portfolios around the internet, whether it be in a bitcointalk.org forum or Facebook mastermind. You may think to yourself, “Well that’s great, but I don’t have that kind of cash flow right now…”
No worries, you don’t need to be rich to get started in crypto. In fact, you can get started right now building yourself a KILLER portfolio for $500.
First rule – never invest into anything blindly. It all starts with knowing the fundamentals of what your investing in.
Here is a good starting checklist to use when evaluating a cryptocurrency:
- Utility – does it have real world use cases?
- Team & leadership – how strong is the team behind it? Experience?
- Community – how active is the community on Telegram or social media?
- Supply – there is a big difference of price potential between a coin with 15 billion supply and a coin with 20 million. Know the supply, look at market cap, not price.
- Coin distribution – how many different addresses hold the coins? is most of the coin supply owned by a few people?
- Potential for mass adoption – can you see this becoming the next big thing?
- Branding – a good logo and marketing techniques can go along way for mass adoption.
- Market cap – don’t look at the price when evaluating a coin, look at the market cap. This is coin supply x price.
- Hype level (good OR bad) – is it being pumped due to artificial hype, or are there legit reasons behind the excitement?
- Partnerships – the more partnerships, the better. Look for strong, strategic partnerships.
- Available exchanges – how easily accessible is the coin to buy?
This is not an exhaustive list, just a guide to help you get started.
So how can you build your portfolio today for under $500?
Watch the video below with crypto YouTuber DataDash to learn how to create an ideal portfolio on a budget.