Crypto wallets and trading

Joef141

Hi, 

Just looking for some guidance on what are the best crypto wallets and trade websites?

I currently have metamask but this seems a US based site. Also I think there are fees for purchasing coins with “cash”, rather than other coins.

would greatly appreciate any advice/tips here.

Thank you, 

Joe

tebbins

There is a specific thread about crypto here: https://forums.moneysavingexpert.com/discussion/6293023/crypto-btc-alts#latest

My first question to anyone considering crypto would be why do you want to own/trade it?

Joef141

tebbins said:

There is a specific thread about crypto here: https://forums.moneysavingexpert.com/discussion/6293023/crypto-btc-alts#latest

My first question to anyone considering crypto would be why do you want to own/trade it?

To accumulate wealth from a different asset class and to also have a currency to use online in the future.

thnaks for directing me to this thread 

tebbins

Joef141 said:

tebbins said:

There is a specific thread about crypto here: https://forums.moneysavingexpert.com/discussion/6293023/crypto-btc-alts#latest

My first question to anyone considering crypto would be why do you want to own/trade it?

To accumulate wealth from a different asset class and to also have a currency to use online in the future.

thnaks for directing me to this thread 

You're assuming you will accumulate wealth from crypto, and you can use sterling and fiat currencies online... Now.

Thrugelmir

Joef141 said:

tebbins said:

There is a specific thread about crypto here: https://forums.moneysavingexpert.com/discussion/6293023/crypto-btc-alts#latest

My first question to anyone considering crypto would be why do you want to own/trade it?

To accumulate wealth from a different asset class and to also have a currency to use online in the future.

thnaks for directing me to this thread 

Not an asset class. It's a means of exchange.  Do work for a farmer he could pay you in sheep or litres of milk. The fact that someone is taking a cut on the transaction says it all. 

maxsteam

Joef141 said:

I currently have metamask but this seems a US based site. Also I think there are fees for purchasing coins with “cash”, rather than other coins.

There are always fees.

If you trade an FTSE100 stock through a decent no-commission site with CFDs, the trading cost should be less than 0.1%. I would be very interested to know of anything offering coin trading with a similar cost.

Nanpy

I have play money in Bitcoin through Coinbase (which doesn't answer your question), about seven grand or so but well under 1% of my total investments. And the only reason I have money  in BTC is because last year I was one of those people who didn't understand crypto. And two years ago I was one of those people who didn't understand crypto. And five years ago I didn't understand crypto, but if I'd put that seven grand into BTC back then it'd be worth over a million quid now. So now I'm in BTC and if it goes to nothing it still won't be CLOSE to some of my AIM loses when I was starting out. 

So if you want to put money you can afford to lose into crypto then go for it. But with an emphasis on the "afford to lose". 

And yeah, fees are painful and largely unavoidable.  

Hansplace

The whole reason for crypto to exist is that the government keep on printing money. Google how much USA have printed since the pandemic and most will answer 1/3 of all USD have been printed since 2020. So putting money in bitcoin or coins that have a cap is like an investment against the devaluation of fiat.

But I don't understand other coins that don't have a cap like ether or doge.

Coinbase charge £2.99 for £204 purchase or sales which i think is expensive but if you are just buying and hold for life then it is OK.

adam06_2

I use coinbase pro, which is much cheaper than coinbase. You can transfer your coinbase crypto over to coinbase pro for free.

Malthusian

Hansplace said:

The whole reason for crypto to exist is that the government keep on printing money. Google how much USA have printed since the pandemic and most will answer 1/3 of all USD have been printed since 2020. So putting money in bitcoin or coins that have a cap is like an investment against the devaluation of fiat.

But I don't understand other coins that don't have a cap like ether or doge.

The whole reason for crypto to exist is that number go up and you cash out for more than you invested. That can happen with or without the devaluation of fiat, all you need is someone willing to buy your coins for more than you purchased.

The fact that new Dogecoin is issued on a regular basis isn't necessarily an obstacle for that. The US could print money even faster than new Dogecoins get issued, resulting in number go up. Whether it is likely to is a different story.

Likewise if the US prints money it does not automatically mean that people will put more money into crypto. They might sell dollars and buy currencies issued by less profligate countries (euros, yuan, whatever) or buy real assets (i.e. company shares, property etc).

tebbins

Cryptocurrencies were not invented to solve QE, and crypto assets could just as well crash without devaluation of fiat currencies. Also, the velocity of money has also fallen because of Covid, so QE has yet to spark equivalent inflation - real world events are doing that on their own.