I literally just started learning about crypto days ago! I have about 1000$ to invest. I’m thinking to go half in for ETH, and the rest spread out on LTC & XRP and maybe LINK. Any advice or suggestions would be very much appreciated!! Also....should I go in BTC at this point?
Posted Feb 21, 2021, 12:23 PM UTC
Yeah, that's what I thought I could do, I had pretty much forgotten about my original £65 stake.
Now I sit in my shed every day watching charts, not having a clue what I'm doing attempting to see patterns in the crypto loud lines 😂
I do get the feeling it's literally as simple as buy + hodl, especially with regards to the main currencies (and from my own experience this far)
I'm sure I read only a tenth of the world's money is using crypto.
Greed is a powerful thing. Money likes money and wouldn't want to miss out on having more money with their money, and what with Tesla fanning the flames, MasterCard bringing it to retailers and general "I heard this through the grapevine about bitcoin" this year, in my stoner opinion, everything is going to go up.
But, as quick as it goes up, it'll also shift any cycles that may have started to appear so far, so, I dunno, Buy + hold + hodl.
😆
Good luck my friend ✌🏻❤️
Read the projects and figure out what seems interesting or makes sense. The top coins have less potential, BTC especially, but they are also way safer. If you want to see a good gain in a year then buy top 20 coins, higher the better for the most part. If you want to gamble and come back to a lottery type winning find lower market cap (not price per coin) and understand your investment could much more likely be lower in a year.
Personally I would go 200 BTC, 200 ETH, 200-400 on one or two other top 20 projects. Final 200 on a bigger gamble or just add onto one of the other positions. But if you really like ETH going 500 or even 1000 into it isn't crazy at all. ETH is relatively safe at this point, as far as projects go.
Whatever you do, do your research before you buy. Do not get tempted to second guess and start trading when you see some other project go wildly up and your project not move. That will happen and it is the easiest way to lose money. Selling a position that hasn't pumped into a coin that just 3x. Then the 3x coin falls to a 2x and your old coin does a 2x. That scenario will absolutely happens and wrecks nearly everyone that tries to outsmart the market.
Maybe take a look here, i wrote that comment for a newcomer like you : https://www.reddit.com/r/CryptoCurrency/comments/l8ihkk/brand_new_to_all_this_could_yall_please_help_me/gld2tef?utm_medium=android_app&utm_source=share&context=3
Awesome advice!! Thank you!
I think that XRP is not a good investment, I am not advising you to not go into it but if you have some spare time try to look at ADA instead. That’s my 2 cents. Ethereum is always good choice.
ADA is not available for me to buy with the platform I’m using :( wanted to!
Damn, what about Binance ? You can just use it once and then transfer these ADAs to wallet so you can stake them and get like 5% apy.
Ok this is something I lack understanding on and am embarrassed to admit.... I don’t have a wallet... and is it necessary to have one?
It isn’t necessary, but the thing is when you have your ADAs on the exchange for example like Coinbase or Binance, these coins aren’t exactly yours. You are the one and only owner only if you transfer them to your wallet. Because if the exchange goes bankrupt, they will take your coins with them. Try to look up Yoroi Or Daedalus for ADA staking and helping the system grow even more. It helps the project and makes you some more profit on top of it all. Just Google Mt Gox and you will see what I am talking about.
If your looking for more potential gains look at alt coins bigger risk greater rewards or loses.
Is XRP a good investment given everything?
Seems like it could either be a really good one....or really bad one depending on how things go with the SEC
Most people have their portfolios split between mostly btc and eth, and then some positions on alts for the potential profit. Just make sure to do a lot of research on an alt before you buy in
That sounds like an overall solid/safer way to go! Thanks :)
Where are you guys even buying xrp everywhere I look it won’t even give you the option to buy
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Stick to btc for now. Learn the ups and down which are much gentler in btc
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I started out with £60 and free coinbase cryptos 6 years ago
60 in BTC became £270 recently.
I've also added another £200 into various coins this year, in my mind the gamble I take now is covered by the £65original stake in BTC.
I'm almost upto around £500 today.. so double any money I recently put it.
So, with my lack of knowledge all I can say is, don't put all your eggs in one basket. 3 from the top and 2 from the bottom. £200 in each. Walk away for a month. Come back and assess. 🤷🏻♂️ ✌🏻
sounds good! That’s why I’d like to spread that out between a few currencies...i’m thinking to just put in the 1K and come back in a year lol but I know that’ll be impossible realistically