Crypto - speculative long term punt

patchyX2

I am thinking of dropping a very small amount of money (<£100 i.e.  happy to lose territory) into a few types of crypto coin. 

I wouldn't be trading, just purchase a small amount and hold it long term (5+ years) as a speculative investment. 

Any advice on how to go about this? E.g. Exchange vs broker, let them hold it vs getting your own hot/cold wallet, etc. 

Scottex99

Coinbase should do the job for you pretty easily, 40-50 coins on there last time I had a look.

MX5huggy

I can’t get past the environmental damage of this folly. 

robatwork

I've just had a punt too.

Coinbase Pro has the cheaper fees, a bit cheaper than Coinbase itself but is a bit fiddly.
I also have a Kraken account as I fancied a hail mary on XRP on the basis that if Coinbase relist it, it will jump. It's lost 20% this week 

But I fully expect to lose everything I've "invested" - in fact "gambled all on black" is my mindset with this cash.

Scottex99

MX5huggy said:

I can’t get past the environmental damage of this folly. 

POW coins only which is about 3 of them in the entire market

Scottex99

Yeah CB pro much cheaper but not as noob friendly 

Reaper

Timing the market is always a mug's game, but having said that it doesn't feel like the right time to me with prices historically pretty high and the all important Chinese market looking bad:
https://www.bbc.co.uk/news/technology-58678907

Adyinvestment

Reaper said:

Timing the market is always a mug's game, but having said that it doesn't feel like the right time to me with prices historically pretty high and the all important Chinese market looking bad:
https://www.bbc.co.uk/news/technology-58678907

I see it the other way around, I have just loaded up more today, in my opinion there are some bargains today. From a pure history point of view we are just about to come into the most profitable 3 month's of the 4 year Bitcoin cycle (October to December every 4 years)

Not exactly a lot of history to go by...but gotta start somewhere

Adyinvestment

Forgot to add eToro is very beginner friendly and also UK regulated (not crypto) so no bank issues.

Royy

If you are not going to invest somewhere, then the best solution seems to be a cold wallet, at least part of the crypto.

HCIMbtw

I spent a while looking recently and eventually settled on using coinbase pro 

I'm not speculating on alt coins personally and  they don't have availability of a lot of the penny stock equivalent type alt coins that present the higher risk boom/bust style possibilities (though many would argue this relates to all crypto), so it suits my needs