Ray Simmons is an investor who focuses his attention on stocks and, more recently, cryptocurrency.
Simmons joins Black Man Sundays to talk about the ins and outs of investing your money in the emerging cryptocurrency market.
“As a beginner, what you really want to focus on is the technology behind crypto,” Simmons said. “I usually say to people who are just starting out, ‘You really want to start with what blockchain is even about.’”
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Blockchain is a complicated electronic ledger that tracks transactions and ownership of assets, primarily digital assets such as cryptocurrency or non-fungible tokens; however, Simmons believes the technology will soon be applied to physical assets like real estate.
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Simmons believes that the complexity of the blockchain and the potential volatility of cryptocurrency prevent many people from investing in it.
“They don’t want to waste their hard-earned money on something that’s volatile or they’re not sure about,” he said. “There are people who think crypto is just invented fake money.”
Simmons said he used two websites when he started researching a specific cryptocurrency: CoinMarketCap.com and CoinGecko.com. These sites help him identify new cryptocurrencies. Once he finds a piece that piques his interest, Simmons investigates whether they have a website.
“If there was a website available, I would look for something called a white paper,” he said. “A white paper will basically give you the complete picture, a detailed roadmap of what exactly this crypto entails, what it is trying to accomplish.”
After finding the white paper, Simmons will look to see who else is investing in the currency. If a big company puts its money in a specific coin, it’s usually a sign of a promising investment.
“A lot of these companies and a lot of these pieces, even though they’re not big right now, they’re working and doing mergers, and they’re working with big companies that we’re used to seeing and hearing about, “, said Simmons. “That’s just one of the reasons I try to explain to people like, ‘Hey listen, you really need to understand the fundamentals of this project before you invest your hard-earned money in it.’”
Simmons also stressed that people should only invest what they are willing to lose.
“You want to make sure (your money is) going to a place where it’s actually going to work for you,” he said.
In the latest Black Men Sundays episode, Simmons digs deeper into what blockchain does and how investors can use it. He also talks about how a website selling digital cats helped him get interested in cryptocurrency.
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How To Start Investing In Cryptocurrency
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