Crypto Investor And ICO Promoter Ian Balina Shares Profit Tips For Bitcoin Newbies
If you haven’t heard of Ian Balina, you should. He’s only been into Bitcoin for a short time, but he’s managed to reach $4 million in revenue within 2017 alone. With those kinds of profits, he was able to leave his position at IBM and stick exclusively with cryptocurrency for his income. For someone with so little experience in the industry, he has some ways that he’s been safe but lucrative in his decisions.
Balina’s background in data analytics helped him to develop a method of prediction with ICOs called “crypto metrics.” From that point, he has created online guides, tutorials, and a new event he’s launching called Crypto World Tour. Despite the current bear state of the market, he has confidence in the ability for new investors to profit. He says, “ICOs are brand new coins that are undervalued.”
The goal for Balina has always been to be at this point in his life. He is able to share with investors, he has a major role as the general partner of the 100X Advisors firm, and he is an advisor for the #MetaHash team. Still, he isn’t famous for exclusively positive things – he also earned fame for his loss of $2 million in ETH out of a hack he suffered from. Still, there are a few ways that he says that investors can protect their private keys and learn from the mistakes he’s made.
Keep Your Personal Information To Yourself
In a world with social media and online profiles, there are many ways that hackers can find the information they need to get personal details. Balina, specifically, was hacked as a result of backing up his current email address with one he no longer used. Once the hackers found it, all of his personal information was easily accessible, including his private keys that were stored on Evernote.
His advice? “Be cautious about what you share publicly, and always use cold storage for your keys.”
Offer Value For Followers
When it comes to making the most profit possible, there has to be some connections with other people in the industry. According to Balina,
“People respect me because of what I’ve done for them. You have to create value for people… Work on creating a unique identity in the marketplace, help other people out, create in-depth content, share your success.”
Basically, if someone wants to go beyond personal profit and influence others, they should keep the information cost-free to start. By seeing the success that investors get from free content, they will be more likely to come back for the paid option to push themselves further.
Consider The Technology Of The Potential Investment
Every investor needs to completely understand what they are getting into. Balina says, “The first thing you have to ask yourself is, ‘How good is the technology?’ Look at the prototype, the MainNet, something that shows that the team is working on the technology. All the best ICOs [according to Balina’s crypto metrics]show something tangible.”
After looking at the tech behind the success, check the team that is responsible for the production of the ICO.
Balina says to look for,
“people who have worked for Fortune 500 companies, on blockchain projects, and for how long. Do they bring credibility to the team? And it’s the same with the advisors. These are the two main important factors when looking to invest in an ICO.”
Avoiding DApps… For Now
With all of these tips on where to focus an investor’s eyes, there is still some things to avoid. DApps are one of the biggest places that Balina says to avoid, because they,
“have not performed statistically well, so far, so avoid applications right now, from an ROI perspective. They have not fared well; it’s still too early. While this market is not as mature as other markets, there are still projects that have been around for a few years like NEO, Stratis, or Ethereum. So, look for proven technology and predefined use cases that have already seen success.”
The #MetaHash Project And Moving Forward
The #MetaHash project is the next investment in Balina’s sights. He discussed how it was built “from the ground up not from an existing blockchain [not a DApp].” He sees the MainNet and the rest of the product as a complete venture, and he’s even personally worked with them.
From here, it will be interesting to see if the young millionaire’s plans continue to pivot him through the growing cryptocurrency industry, and if he is able to stay ahead of potential hackers.