Advice on Trading in Crypto
I'm a noob..., A Crypto Noob. And I'm looking for your help.
I've been aware of Bitcoin for several years now and have been following its growth although from the sidelines. Really kicking myself for not prioritizing the deep research time and the seventy or so bucks from my poor-assed cash flow situation back then to get involved. Really kicking myself.
But it looks like, while Bitcoins ship has sailed in that regard, there are a lot of other currencies out there that may have promise of rewards for the savvy investor... This STEEM thing seems to be one of them. Are there others that you would recommend following @dollarvigilante ? @clif ? Are there other analysts out there that you would recommend following?
As a noob I've got lots of questions about the varied platforms as it seems like they all are based on slightly different blockchain Ideas and its all so confusing to make sense about. The one thing I'm not grasping is the Idea of Proof of Work Vs. Capitalization to indicate value. I"ve seen all of these ICO's popping up... Is that how bitcoin got its start? I thought it was all about mining... or did they have to have an initial capital investment to work with? I see steemit as a similar thing or was there an ICO here as well?
I like the Idea of industry specific currencies like the Dentacoin or Potcoin or The Hemp Coin (THC) but do they have any worth or value on the market? If they aren't useable at this point will they be? Are there any others that exist and are any of them worth investing in?
I'm about to come into a bit of money that will unpoor my poor ass somewhat. (Thanks Grandma, bless your 102yr old soul) It makes sense to me to get it into crypto currencies as a tool to grow it into something that can provide long term security for my family. It's the wave of the future I'm sure. But I just don't know where to start.
Any advice or suggestions, links or comments will be welcome.
I've noticed that steemians seem to be really good at sharing advice. Thanks in advance
If you don't understand crypto yet, only put a little money in it. FOMO (Fear Of Missing Out) is the best way to lose everything.
Check out the wikipedia page for bitcoin, the bitcoin.org website, the original whitepaper. There's a lot of material to sift through, but no shortcut if you want to know what you're getting into.
For a newcomer, I'd recommend getting into Ethereum (for that matter, I'd recommend Ethereum to anyone!). But you have to do your research and see what resonates most to you.
Thanks @paulramlach it is a lot to sift through. I'm hoping people can share some of their experiences and recommendations based on their research as well. Cheers!!
Here is an update on the contracts I was telling you. This is from Minergate
Now I can buy a new contract every 10 days, in about 2 months will buy a new contract every 3-4 days and so on, will start earning more BTC every time.