Buying and selling LiteCoin

jarv81178

Hi,

so I’m all new to Crypto currency’s but I decided to buy £150 of LiteCoin the other week through PayPal. I’ve seen it go up and down by about £1-£3. 

Should I pump some more money into this and wait? 

Does it work like, the more I have in my account the more it can go up or down? 

Also any other advise here would be appreciated! Thanks 

Gary1984

Do you have a cash emergency fund of a few months salary? Are you saving into a pension? Cleared all debts? Own or saving for a property? These would all be things to consider before gambling on digital currencies.

grumiofoundation

jarv81178 said:

Hi,

so I’m all new to Crypto currency’s but I decided to buy £150 of LiteCoin the other week through PayPal. I’ve seen it go up and down by about £1-£3. 

Should I pump some more money into this and wait? 

Does it work like, the more I have in my account the more it can go up or down? 

Also any other advise here would be appreciated! Thanks 

Yes the more you invest the greater your returns/losses will be. 

Whether you should invest more/at all in LiteCoin would depend on your circumstances (see questions above).

lozzy1965

jarv81178 said:

Hi,

so I’m all new to Crypto currency’s but I decided to buy £150 of LiteCoin the other week through PayPal. I’ve seen it go up and down by about £1-£3. 

Should I pump some more money into this and wait? 

Does it work like, the more I have in my account the more it can go up or down? 

Also any other advise here would be appreciated! Thanks 

No.  The value of any individual item is not affected by how much money you have in your account.  Everything is only worth what someone else is willing to pay for it.  if you have more money invested in something then you will make more money if it goes up in value and lose more money if it goes down in value.  Crypto is no different to anything else in those respects.

Scottex99

What made you choose LTC?

shortseller09

jarv81178 said:

Does it work like, the more I have in my account the more it can go up or down? 

Based on this you shouldn't be investing at all, let alone in probably the most volatile sector there is. Get some investment education first, there are plenty of dummy accounts around to practise with.