Cryptocurrency

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  • Wildsound
    Wildsound Posts: 365 Forumite
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    lpgm wrote: »
    Maybe you should just let it keep putting you off. Keeps things simple. Are you already doing the more traditional 'get rich slowly' investing?

    But if you set up a street food stall (as says the guy on the C4 program), you can get rich quickly!! :beer:
  • piggeh
    piggeh Posts: 1,723 Forumite
    First Post First Anniversary Combo Breaker
    wayne1983 wrote: »
    Thanks, yeah i was getting some advice off a guy online, and doing my research it just seemed a scam so binned it.
    So regards 'binance', is this were you can buy and 'store' your coins, or is this just a trading platform?
    I know crypto is risky, and something i dont intend to throw massive sums of money at. Basically to put it simply is i was thinking of buying a small amount and i just want to leave it to see if it grows in profit over time (i know its a gamble but some investments are).
    Anyway, thanks everyone whos replied, all info and knowledage is appreciated. :)

    You can store your coins on an exchange like Binance but it adds risk. One of the biggest scandals in crypto was when a lot of people held bitcoins on Mt Gox which then got hacked.

    Most altcoins are ERC-20 coins which would mean you can store them in your ethereum wallet (which you can store/access on a ledger/trezor). As a random example (not my account, randomly chosen), you can see on this acct that they have a bunch of tokens also in the same ethereum acct (look at tokens dropdown)

    https://etherscan.io/address/0x40120b5a5994f7e3afe3c0a3dc56d1ccb0b75262#tokentxns

    You would need to figure out if the ones you are buying are erc20 or not.

    Crypto is a fairly risky investment at the moment but there are some great projects coming out like lending platforms that will possibly be good savings/investment platforms, paying 6-8% interest a year. Worth keeping an eye out for if people are looking for a higher interest savings option (Celsius is the most interesting although not out yet).
    matched betting: £879.63
  • TBC15
    TBC15 Posts: 1,452 Forumite
    First Post First Anniversary Name Dropper
    Now's undoubtedly the time to get in . Bitcoin is dealing at a 60% discount to what it was worth in December, what could possibly go wrong?
  • wayne1983
    wayne1983 Posts: 1,511 Forumite
    Thanks, i was looking at one of them trezor storage devices. Basically my plan was to buy a small amount and hold it and see how it goes in the future (like a lot of long term investments). Thanks everyone once again for your help.:beer::)
    2016 Money challenge - £290
  • mustiuc
    mustiuc Posts: 98 Forumite
    First Anniversary Name Dropper First Post
    Crypto is verry addictive, once you get in you will start visiting at least twice a day the maket.. the trading website.. you will have a lot of thoughts of buying and selling different coins and because you will be a small fish, first time crypto "investor", you will lose money. Is not for everyone this market... prices will go up and down every hour. Now you have 500$, in 1 hour you 'll have 430$ and in the evening you'll have 515$.
    I lost about 300$ from my 1000$ "investment" because I've been waiting for more than a month to "something happen" and when a stupid coin was released I bought it and fell asleep with my phone in my hand after a night shift. When I woke up I noticed "my coin" is down 30-35%. I sell everything, i bought back my initial coins and that's it. Hold and dont care to much.
    I decided i will have a go in crypto but no more than 5-7% of my cash value and as I said before, because I set my limits since the beginning I am unaffected about losing them all or partially. I am not relying on them. A lot of people lost their money because they "invested" more than they could. Same as credit cards. Don't spend more than you earn/afford.

    I lost my faith on crypto because no matter how good are some ideas/projects/coins people don't give a monkey on them. They sell and buy every coin/!!!!! from rumours or "advises". Thats why many scams worth more than real coins. Only the holders are keeping this market high and not holders like me/others with 1-2k invested. The real holders are waiting for the market to go high enough to move it by their own will.

    This is my personal view on this world and quite impartially. I dont get very excite about and militant for it but in the same way I'm not just waiting from outside and blame it without giving it a go.

    Good luck
  • jaelato1
    jaelato1 Posts: 139 Forumite
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    I think with crypto if you research any coin that you'd like to buy, just buy transfer to safe wallet and hold for some years before thinking of selling, I have seen many people lose their money because they're constantly day trading with their coins/tokens.
  • wayne1983
    wayne1983 Posts: 1,511 Forumite
    Hi, many thanks. Tbh this is what exactly i plan to do. Doing my research the general opinion is to buy a 'cold storage', such has a ledger or trezor device to keep the 'coins' yourself safely.
    I just want to buy and hold a small amount and see if it grows in a few years from now. Thank you. :)

    jaelato1 wrote: »
    I think with crypto if you research any coin that you'd like to buy, just buy transfer to safe wallet and hold for some years before thinking of selling, I have seen many people lose their money because they're constantly day trading with their coins/tokens.
    2016 Money challenge - £290
  • The_Haggler68
    The_Haggler68 Posts: 1 Newbie
    The main problem with crypto currencies that I!!!8217;ve found are that they are very hard to value. Unlike traditional assets, the main driving factors with cryptos are hype and not fundamentals. For example, Ethos, a project that is developing a mobile wallet with fiat gateway was trading as high as $8 without a working project last year. Now the wallet is out it!!!8217;s trading for $0.80 !!!55358;!!!56631;!!!8205;!!!9794;!!!65039;
    Nothing really makes sense.
    Having said all that I!!!8217;m still extremely bullish on bitcoin and if the SEC approves the upcoming CBOE ETF then that could be the catalyst the market needs after 7 months of negative sentiment.
    My advice would be to stick to the coins sold on Coinbase for now and avoid the smaller alt coins until you have a good idea of what you!!!8217;re doing. They!!!8217;re far too volitile and you could soon see any money you put in diminished.
  • System
    System Posts: 178,093 Community Admin
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    Paul Krugman on crypto currencies:
    https://ftalphaville.ft.com/2018/07/31/1533043848000/Krugman-gets-it/
  • Malthusian
    Malthusian Posts: 10,931 Forumite
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    The_Haggler68 wrote: »
    For example, Ethos, a project that is developing a mobile wallet with fiat gateway was trading as high as $8 without a working project last year. Now the wallet is out it!!!8217;s trading for $0.80
    Nothing really makes sense.

    Makes perfect sense. Nobody cared about the wallet. People bought Ethos because they expected to sell their tokens to someone else for a higher amount later. It got pumped, it got dumped.
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