How do you start investing in Crypto Currency? Is it even worth doing? Red Pill me on all of it (Picture unrelated)

How do you start investing in Crypto Currency? Is it even worth doing? Red Pill me on all of it (Picture unrelated)

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coinmarketcap.com/
coindesk.com/calculator/
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buy DGB

Hi user. The first rule is to ignore most of what people do on this board. There are some good threads but dear god there are a lot of people shilling for coins so they can get people to buy them and dump what they put in. Groups of whales and Pajeets do this often, especially with small coins. Do your own research and do not listen to most (#NotAll) threads on here or places like Reddit. Groups of people will get together with maybe 2-3million between them and pump a coin above its value, they will then either manually or with bots go to sites as above mentioned to make posts saying to buy this or buy that. They then dump what they put in and taking the small guys money and the coin inevitably sinks back to its original price. They say 100k a lot, offer XXX BTC or of the coin they are shilling for things to get their thread bumped to the top of a board and then add a few smaller threads tot eh board saying XXX is doing amazing, I made 100% on my investment! you should buy now. So people who see the top thread on it search the board for more info and find those. Bingo, you caught yourself a fish. Rinse and repeat and become very rich.

That out the way, if you do your research its ok yeah. Buy Bitcoin using something like coinbase (fees apply) or ETH also works on most exchanges. then send that money to the exchange. you can then trade away. If you are thinking of doing day trading leave your coins on the exchange or the fees will make your profits sink. A place to find exchanges is here and also all the coin stats and things coinmarketcap.com/ (if you go onto your coins page and click the exchange tab it shows all the exchanges you can buy/sell that coin or token).

Cont...

If you are holding for a long-term investment you will need a ledger (£70-£100) from Amazon or a free MyEtherium wallet where you can store your coins. Some coins require special wallets but you can research that. Ledgers are better as they cant be hacked as they are basically USB sticks. You transfer all coins/tokens with your walled addresses and via exchanges/wallets and coinbases (or similar places to buy BTC ETH LTC).

Black folio on your phone is great to keep track of your investments.

If you are day trading a good way to see if a coin is about to be pumped is a small abnormal jump in price as insider investors buy up the coins/tokens. Just remember to get out a few hours after the next spike happens as more people notice and buy in.

Some good long-term coins are... well fuck knows, it's all speculative. LINK & RIPPLE seem ok but LINK is a bit dodgy but could make $$4 in 2 years-ish, ripple less dodgy but less $$$. As for the rest Bitcoin and etherium are always safe-ish along with a few others but do your research and chose wisely.

Something like that... Easy rly.

Oh and never put in more than you can afford to lose. Literally even if day trading, just write it off as money gone until you cash out. Which you do by buying bitcoin, Etherium or lightcoin (if using coinbase) and converting to cash money)

Coinbase and blocfolio are iphone apps and the rest I do on the PC

Now fuck off back to your board before you lose all your money lol

Buy and hold bitcoin.

Pretty much everything else is a vaporware scam designed to scam normies and accumulate more bitcoin.

True, some have banks and big companies backing them now tho. It's not great because they will be regulated but meh. A lot of shit coins out there.

ETH and XMR are literally the only coins I would make an exception for.

Anything that had an "ICO" after ETH's ICO is a pile of shit.

Okay grandpa

Buy SIA/DGB/XRP
POSW too.

Shills are about already preying on new blood. Do your research on coins OP :)

so why should I use coinbase exactly? Won't it limit my ability to move the coins around? Also they ask about a bunch of personal information, if bitcoins become regulated in the future they will know exactly where to get you...

Practice, practice, practice. You can start off by practicing sending to these addresses:

BTC: 1EbC1N12ctHhPZUYHffCzyUbtk1CZdxDBj
ETH: 0x5d54713e65612145cd3559fb13574face1b0adbc
LINK: 0x5D54713e65612145cD3559Fb13574fAce1b0aDBC
LTC: LVxfjTsNdcjcU5rfB42nFXugvq6WFocA3F
ZEC: t1aoC6uwFcnYGo9nm4HBMyRGm4LXWvTwNud
DSH: Xg3q9p1zDa7Y9BBEwqudUCJE8BEQsDDcBY

You need it to buy then initially (as far as I know anyway) and there are other apps/websites but I trust that one. . You can then move them between wallets and exchanges as you see fit for a small amount of the coins but far less than the initial purchase (I think I pay 4% on coinbase). Yes if it all goes to shit they know where you live but they will only know the initial amount you bought in for not how much you made unless you use it to cash out. You will still have to pay capital gains tax on any money you make (in the UK it is 18% ish I think). If it gets cracked down on then there is not much you can do. Try buying BTC from a dodgy site if you wish, up to you. I don't know any untraceable ones. Prob some that accept PayPal or something no doubt. As long as you pay tax the governments shouldn't care, the banks do but they are implementing their own crypto solutions to regulate the crypto market with things like ripple anyway so they shouldn't be a problem. They are just going to try and bully Bitcoin out of the market if you ask me. Same thing with Russia and China coming out with their own Cryptos and banning all others. If that happens in your country then yeah, that company has your info, there are still data protection laws which may or may not help. As for losing your money then also that may happen but there will always be underground dodgy companies willing to buy your crypto for cash if you need to but they will take X% prob. IDK. It is all a crapshoot. Wild west type shit. Try installing a stocks app if you want to play it safe. Same shit but harder to make big money unless you find that amazing new company and get lucky investing in it with its revolutionary new product. As for day trading, you might as well stick with stocks altho if you can see the (illegal in stocks) price manipulations going on as I described earlier you can make a killing in crypto day trading.

Decent advice for this board. Even if OP is larping.

Pros and cons vs Stocks.

Pros:

> More chance to find that cheap company/coin/token to invest in and make thousands.
> More chance to double your money very quickly day trading if you see the price manipulations going on.

Cons:
>It might get shut down by the government and you lose everything or find it difficult to cash out.
>Exchanges can close and coins can fold without many repercussions to them especially if they are based in china or pajeet land. Essentially taking all your money.
>prices are manipulated often and you may fall for it.
>The fees to buy in and cash out are quite high (although once you are in they are relatively small on most exchanges but they all take their cut).


There are more but that's about it off the top of my head. Maybe somebody else can add some.

I guess my question was more like, why can't I just have the wallet encrypted in my computer and buy bitcoins from somewhere else, rather than leaving my private key with coinbase?

coindesk.com/calculator/ list of other places to buy Bitcoin on this page OP if you want to find a different one. Even I didn't know about most of those. Might even have been cheaper for me to buy them form the UK based one altho I think coinbase has UK offices so idk.

Also, some ledgers on there too. I just noticed. My mate has the Nano and desu I have been using his for a while now but ill get my own Nano soon as they seem pretty decent. Right now I have 4 separate wallets including his Nano to store all my long-term holdings in and it is a bit of a pain. Would be nice to get them all in one place and safely offline in some cases. At the end of the day your wallet is only as secure as the computer/phone you have it on, or the website in some cases like my etherium wallet. Shit gets hacked occasionally especially online wallet companies (and sometimes exchanges) so be careful, the best bet is your own ledger. You had talktalk in the UK one of the main ISPs getting hacked and customer data stolen the other day so it happens to even the big companies sometimes. At the very least use different passwords (long random letter and number combos) and write them down!

Basically bitcoin is fox, so you're going to want to main that. Falco is litecoin so throw a bit of that in your portfolio. Etherium is marth/sheik/peach, a solid floaty. Puff is XRP, can go up but is really lame. Cpt falcon is chainlink and will never win a major. See you in 20xx

Yh sticking with BTC isn't a bad shout, bit boring tho lol