Query on --> Crypto Currency - Bitcoin, Ethereum and Litecoin

Roselilyjas

Could I get advice on the below please

1. Is investing in Crypto currency mainly Bitcoin, Ethereum and Litecoin a good option.

2. Investment means I am planning to invest month on month my savings (£200/m) from salary to buy Crypto currency and leave it for atleast 1 or 2 years.

3. What is best way to buy and store the coins without getting hacked.

EachPenny

1 & 2) I'd guess if you need to ask the question on a forum like MSE then the answer is likely to be no.

And as none of us have any idea what is going to happen in the next 6 months, let alone 2 years, then any answer you do get is going to be guesswork.

3) It's electronic data. It will get hacked, your choice of transacting/storage method only determines when.:)

fwor

Roselilyjas wrote: »

1. Is investing in Crypto currency mainly Bitcoin, Ethereum and Litecoin a good option.

The first point to make is that it is not "investing". It's nothing more than a straight punt - pure gambling.

In principle it's no different to gambling on any other currency exchange rate. Lots of people do it, but most have no rational basis to think that one currency will rise above any other, and as with more traditional forex trading, you will find that exchange rates are affected by things that nobody can foresee, realistically.

It's important to understand that these currencies have no intrinsic value in their own right - unlike investing in company shares, for example, where the company employees are toiling away to make their company successful.

If you look at the history of, say, Bitcoin, you will see fantastic rises in value against other currencies - but you will also see some very big falls. So along with the possibility of big gains, you would need to be prepared for the possibility of big losses as well.

markj113

Get a hardware wallet like trezor.

https://trezor.io/