Cryptocurrency

Arsenal2019

Hi guys, 

Completely new to Crypocurrency and know absolutely 0 about it. Only started researching yesterday as I plan to eventually put some investment into it- obviously starting off with small amounts !!!!

What’s the best app to use? I feel as though at the minute I’m leaving towards Crypto.com; but obviously I know it’s down to personal opinion.

Secondly, if I make an investment and it plummets/lose my investment, do I then become in debt to that company I invested in? Likewise, if that money I put in vanishes due to a loss, but then weeks/months later it comes back up and starts doing really well, do I then get my money back and become in credit?

Adyinvestment

Arsenal2019 said:

Hi guys, 

Completely new to Crypocurrency and know absolutely 0 about it. Only started researching yesterday as I plan to eventually put some investment into it- obviously starting off with small amounts !!!!

What’s the best app to use? I feel as though at the minute I’m leaving towards Crypto.com; but obviously I know it’s down to personal opinion.

Secondly, if I make an investment and it plummets/lose my investment, do I then become in debt to that company I invested in? Likewise, if that money I put in vanishes due to a loss, but then weeks/months later it comes back up and starts doing really well, do I then get my money back and become in credit?

I would suggest eTorro is very good for new investors and has come on along way recently with coin offerings/wallet etc

Your last paragraph suggests a lot more research is needed, although in everyday terms it behaves very similar to an individual stock where the price will go up and down and you will gain or lose that amount. One big difference between crypto and stocks are that stocks are regulated and you are very safe (not in relation to price), whereas crypto is not and you have no legal fall back if something goes wrong.

Arsenal2019

Adyinvestment said:

Arsenal2019 said:

Hi guys, 

Completely new to Crypocurrency and know absolutely 0 about it. Only started researching yesterday as I plan to eventually put some investment into it- obviously starting off with small amounts !!!!

What’s the best app to use? I feel as though at the minute I’m leaving towards Crypto.com; but obviously I know it’s down to personal opinion.

Secondly, if I make an investment and it plummets/lose my investment, do I then become in debt to that company I invested in? Likewise, if that money I put in vanishes due to a loss, but then weeks/months later it comes back up and starts doing really well, do I then get my money back and become in credit?

I would suggest eTorro is very good for new investors and has come on along way recently with coin offerings/wallet etc

Your last paragraph suggests a lot more research is needed, although in everyday terms it behaves very similar to an individual stock where the price will go up and down and you will gain or lose that amount. One big difference between crypto and stocks are that stocks are regulated and you are very safe (not in relation to price), whereas crypto is not and you have no legal fall back if something goes wrong.

Thank you for taking the time to reply.
so with what I said in my second paragraph, is that how stocks work?

How often do things go wrong/bad in the crypto world?

And in your opinion, for someone who’s only going to invest small amounts, would you say stocks or shares would be better for someone like me?

Thanks 

Arsenal2019

In addition, I’ve heard that a lot of the time there is a minimum buy amount of cryptocurrency?
is that the same in stocks 

Adyinvestment

Arsenal2019 said:

so with what I said in my second paragraph, is that how stocks work?
I am not exactly a stock/shares expert (although I do own some) so perhaps not the best to advise, but generally if you buy a stock for £1 and it goes up to £1.50 you will make 50% on your investment - there are others that pay dividends etc that you would perhaps look at differently.

How often do things go wrong/bad in the crypto world?
There are lot's of scams out there, and also a very few hacks, but if you stick with the bigger exchanges, you should be okay (remember not guaranteed)

And in your opinion, for someone who’s only going to invest small amounts, would you say stocks or shares would be better for someone like me?
I am pro-crypto so am biased, although would say this very much depends on your age/circumstances/risk tolerance

Thanks 

Adyinvestment

tebbins

Arsenal2019 said:

Hi guys, 

Completely new to Crypocurrency and know absolutely 0 about it. Only started researching yesterday as I plan to eventually put some investment into it- obviously starting off with small amounts !!!!

What’s the best app to use? I feel as though at the minute I’m leaving towards Crypto.com; but obviously I know it’s down to personal opinion.

Secondly, if I make an investment and it plummets/lose my investment, do I then become in debt to that company I invested in? Likewise, if that money I put in vanishes due to a loss, but then weeks/months later it comes back up and starts doing really well, do I then get my money back and become in credit?

No, if you buy £1,000 of BTC at £44k pet coin, and it falls to £22k, and you sell, then you have realised a loss of £500. You don't "owe" anyone any debt. Fortunately unlike CFDs, the maximum you can lose on buying an amount of a cryptocurrency is 100% of what you invested. You do not owe money to, or get money back from anyone. Cryptocurrencies are digital assets that go up and down in price due to market forces, that's it. If you buy £1,000 at £44k and sell it it ever reaches £50k, you would realise about £136 profit. However you only "get" that profit when you sell for more than you bought, you only make a loss when you sell for kess than you bought.

Your post demonstrates a real lack of understanding of investing and the risks of investing in general, before you even consider "investing" in Crypto. The oldest rule in investing is don't invest in something you don't understand.
Peter Lynch's 1997 speech would be a good starting point (https://youtu.be/oMmocnLnVgQ) as would monevator.com, and listening to some Warren Buffett interviews.
As you can see in all prior threads about crypto, it is mainly taken seriously by a very small, very loud and very new band of cultists/conspiracy theorists. The majority of heavyweight posters in the forum, I hope, would caution you against pursuing crypto and instead focus on saving and investing properly and sensibly, looking at your financial situation as a whole.
Please do not pursue this, please ignore the other posters encouraging you to buy, or at least do a lot more of your own due diligence and research before you do.

Arsenal2019

Adyinvestment said:

Arsenal2019 said:

so with what I said in my second paragraph, is that how stocks work?
I am not exactly a stock/shares expert (although I do own some) so perhaps not the best to advise, but generally if you buy a stock for £1 and it goes up to £1.50 you will make 50% on your investment - there are others that pay dividends etc that you would perhaps look at differently.

How often do things go wrong/bad in the crypto world?
There are lot's of scams out there, and also a very few hacks, but if you stick with the bigger exchanges, you should be okay (remember not guaranteed)

And in your opinion, for someone who’s only going to invest small amounts, would you say stocks or shares would be better for someone like me?
I am pro-crypto so am biased, although would say this very much depends on your age/circumstances/risk tolerance

Thanks 

Adyinvestment

thanks again for your reply!! Obviously I need to do a hell of a lot more reading before I dip into it but it feels so far away before I even get to know the basics haha!

like I said, it wouldn’t be massive investments, probably around £10-20 a month… especially for the first few months 

Thrugelmir

Arsenal2019 said:

Adyinvestment said:

Arsenal2019 said:

so with what I said in my second paragraph, is that how stocks work?
I am not exactly a stock/shares expert (although I do own some) so perhaps not the best to advise, but generally if you buy a stock for £1 and it goes up to £1.50 you will make 50% on your investment - there are others that pay dividends etc that you would perhaps look at differently.

How often do things go wrong/bad in the crypto world?
There are lot's of scams out there, and also a very few hacks, but if you stick with the bigger exchanges, you should be okay (remember not guaranteed)

And in your opinion, for someone who’s only going to invest small amounts, would you say stocks or shares would be better for someone like me?
I am pro-crypto so am biased, although would say this very much depends on your age/circumstances/risk tolerance

Thanks 

Adyinvestment

like I said, it wouldn’t be massive investments, probably around £10-20 a month… especially for the first few months 

Might as well start by boosting your pension contributions. The fable of the hare and the tortoise. Take the long term view. 

Arsenal2019

I know I need to do a lot more research in the field as I am completely new to this ; both in Crypo and Stocks

Thanks again! 

tebbins

Arsenal2019 said:

I know I need to do a lot more research in the field as I am completely new to this ; both in Crypo and Stocks

Thanks again! 

For an idea of the problems with Bitcoin

Crypro, read the first few pages of the main BITCOIN thread (https://forums.moneysavingexpert.com/discussion/6218458/bitcoin/p1) and this one linked in there https://forums.moneysavingexpert.com/discussion/comment/77716012#Comment_77716012)

jimjames

Arsenal2019 said:

Adyinvestment said:

Arsenal2019 said:

Hi guys, 

Completely new to Crypocurrency and know absolutely 0 about it. Only started researching yesterday as I plan to eventually put some investment into it- obviously starting off with small amounts !!!!

What’s the best app to use? I feel as though at the minute I’m leaving towards Crypto.com; but obviously I know it’s down to personal opinion.

Secondly, if I make an investment and it plummets/lose my investment, do I then become in debt to that company I invested in? Likewise, if that money I put in vanishes due to a loss, but then weeks/months later it comes back up and starts doing really well, do I then get my money back and become in credit?

I would suggest eTorro is very good for new investors and has come on along way recently with coin offerings/wallet etc

Your last paragraph suggests a lot more research is needed, although in everyday terms it behaves very similar to an individual stock where the price will go up and down and you will gain or lose that amount. One big difference between crypto and stocks are that stocks are regulated and you are very safe (not in relation to price), whereas crypto is not and you have no legal fall back if something goes wrong.

How often do things go wrong/bad in the crypto world?

And in your opinion, for someone who’s only going to invest small amounts, would you say stocks or shares would be better for someone like me?

Thanks 

1) Fairly frequently if you listen to the news
2) I'd say S&S would be a better option for someone with small amounts to start with. Crypto has no intrinsic value unlike a company