Buying & Selling Cryptocurrencies?
OK, to cut a long story short:
I have been looking at the exchange rates for the cryptocurrencies out on the market.
So I can not help but think about the possibility of some of these currencies jumping in price one day.
So then the idea of "gambling" comes to mind and I figure;
What if I were to buy $100 US of the cheapest 20 currencies on the market?
Not necessarily the best thought out plan as far as investing goes, don't necessarily know the market too well, but when I think about it, there is a possibility that one of these horses pulls of a one hit wonder race, the race of a lifetime that pulls in a few million $ US.
Now what i would like to hear if the thoughts of those who have experience in trading cryptocurrencies.
Because I am not going to be buying anything before I hear what experienced people have to say about this idea!
I think it is a foolish idea. For several reasons. You will end up wit coins that has no practical use, except from sending (hopefully) them back and forth. And if lucky they have even made a wallet that works. The cheapest coins will be listed on exchanges with little volume and can prove to be hard to get rid of.
Do your due diligence:
Is this something that has a use case except from only being cool?
Does the software work?
Is it traded?
Is it unique?
Are the developers active?
Are they funded?
Do they enter harsh competition?
I expect most of the low-low-cap blockchains will not exist in two years time. There will be new ones, sure. But there will be fierce competition for the top spots.
No risk no gain.. listen to ur own voice
I think your strategy has a much better chance for success than trading. Buy a portfolio, put it in cold storage and don't touch it for a few years. Just my humble opinion (not advice 😐).
I would like to see what people think and recommend also.
I have resteemed this post. The more feedback I read on this topic the better.
Thanks.
Oh yeah, much appreciate the resteem.
I still haven't gotten into the drift og things as far as writting "Please upvote and resteem" at the bottom of my posts.
Maybe one day.... til then....
Thanks again for the resteem. Much appreciate it.
I say go for it.. it's the insane ideas that people will call stupid.... until you hit it big and then they want to know your strategy...... My Darkhorse is DogeCoin.... Might go back in on Ripple.. just as a set it and forget it... Somebody I'm sure will tell ya don't do it but fuck that... You got a plan.. and as long as it isnt with rent money... GO FOR IT.. I cant wait until your post that says You made a millie
Steem jumped up a bit earlier on today:
https://steemit.com/steem/@strapped/breaking-steem-up-10-within-the-last-hour-or-so
Everyone whos holding that did ok
Hey Jack, you and me both bud. I am getting my mining rig up and running on Saturday and hoping for the best. I am going on what others say about it and so far, i reckon its a go.
Mining Ethereum and other ALTcoins so maybe worth investing that way
Could well be. For now I am sticking to steemit.com, this is all rather new to me, however, the idea of investing/gambling a few grand kind of takes me back to the days when I purchased five million IQD.
Had a mate of mine cash them in for me last year, made a few hundred bucks and that was that.
Ohhhh well... if any bank would have taken IQD as a currency on a savings account I would never have cashed in. Here I can put the cryptocurrency into a "bank" (wallet).
My question is where do you buy some of these altcoins and how do you hold them?
From all the sources I looked into, this site seemed to be straight forwards enough for an oldschool codger like me to be able to grasp it.
https://poloniex.com/exchange#btc_doge
As far as "wallets" go, well that is something that I will have to look into as well, once I decide to do what it is that I am going to do, based on advice, winks and nudges from the people who are already in the game.
I found the same place to buy but the wallet is the hardest part to find
If you want to invest and not sell so just to keep the coins for a while i will suggest you the first coin from the photo of the post... and yes i am talking about Dogecoin. I think soon the coin will gain more attention and it will go back in the place that belongs witch is in my opinion in the first 10 crypto coins. It is for a long time around and have one of the best communities as well. Anyway one day Dogecoin price will go all the way to the Moon!
buy some Ardor and Liskto sell later... you can't go wrong with these 2 coins