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SubscribeHow can I tell if a cryptocurrency has a strong community behind it?
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#1
How can I tell if a cryptocurrency has a strong community behind it?
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#2
You can tell that a cryptocurrency has a strong community behind it when it is getting more popular and many people patronize it.
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#3
Determining the strength of a community is a measure of its Social Media channels, and its community discussion forums.
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#4
Correct. We can easily determine the strength of the crypto trading instruments by the number of engagement on Social Medias.Originally Posted by Alexthedefender04
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#5
Here’s a website that evaluates ‘community score’ for cryptocoins: https://www.coingecko.com/en?sort_by=community_score
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#6
Many people will invest in a Bitcoin once it builds a strong community on forums.
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#7
Correct.. It can be measured by the number of investors that shows interest in the crypto world.
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#8
Just like Bitcoin, we know that it has a strong community behind it because despite the downwards movement, the coin still manages to get back up. And that is through the continuous support of investors and the arrival of new investors.
Though trading on financial markets involves high risk, it can still generate extra income in case you apply the right approach. By choosing a reliable broker such as InstaForex you get access to the international financial markets and open your way towards financial independence. You can sign up here.
#9
Well first you would have to discover that it has a community at all, because surprisingly many do not.
There really is no sure way to tell if there is a strong community supporting it. However, there are some characteristics and metrics which are probable indicators of sustained support. Some of that is going to be based purely on observations while other indications are purely intuition and experience based.
A more basic and obvious measure of the strength of a crypto community is the trade volume of that coin. If a Coin has very little trade volume then obviously it’s “community” isn’t doing a very good job supporting it. The backers of a coin must also practice what they preach, and if they do not, that’s the easiest way to rule out a supportive user base.
Another good indication is to examine the network of platforms and exchanges and various other services that make up the framework and logistical backend of the coins usage.
Though trading on financial markets involves high risk, it can still generate extra income in case you apply the right approach. By choosing a reliable broker such as InstaForex you get access to the international financial markets and open your way towards financial independence. You can sign up here.
#10
Forums help a lot. It is great to join various forums as you can find there a lot of opinions about every cryptocurrency. You will also see which is being favored by majority.
Though trading on financial markets involves high risk, it can still generate extra income in case you apply the right approach. By choosing a reliable broker such as InstaForex you get access to the international financial markets and open your way towards financial independence. You can sign up here.
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