Vlog #14: Which cryptocurrency I recommend to my family.
With the popularity of crypto on the rise, I get asked more than ever before which crypto my family should invest in.
Even after the recent correction, I have trouble recommending Bitcoin or Ethereum. Even though I like them as investments.
When I went to Brasil last time I got Bianca's dad interested in Bitcoin. He was on the verge of buying but decided not too.
Bitcoin was $500 at the time (a lot of money for him). But I felt comfortable recommending it because it was functioning fine and it had already hit $1300 before.
Now he asked Bianca to ask me to help him buy BTC because he saw it hit $2000. But now I feel uncomfortable. Not just with Bitcoin but also with Ethereum.
Recommending these two was all fine for me when BTC was around $500 and ETH just $5 not that long ago.
But with a $2000 BTC and a $150 ETH I just feel weary.
I don't want to be responsible for any crash, lost money etc.
Therefore I started to only recommend Steemit from now. Even to her dad.
For the following reasons:
- You don't have to buy STEEM to use the platform. So 100% no risk (on my part or theirs).
- They can actually use crypto here for something more than just sending coins from a to b.
- You can learn anything you want about crypto through being on this platform.
- I can actively support and teach family/friends on this platform.
I talk about it more in vlog.
EDIT
If they decide they want to invest later by buying STEEM, they can do so on their own accord. After learning more.
Follow Me @exyle
Fact that one doesn't have to buy STEEM is such a fantastic option. Anyone can join Steemit and start contributing, making new friends, and engaging...
And get their fair share of Steems.
In fact, that's how I started. Didn't invest in Steem and I already have 150 of them along with Steem dollars in my account.
Never was publishing so much fun! :)
I could not agree more. One of the hardest things, is just getting people into the crypto space and getting comfortable with it in one form or another. Having a great platform like steemit that can get people in at no cost, but become an active member for free and earn money. Its a pretty amazing system.
I understand exactly how you feel, it was hard to give advice to people which Crypto currency to invest at current crazy prices!
At these prices, I find it tough too. That's why I like Steemit. It's totally free to try and learn from.
makes total sense, especially for people new to cryptocurrency. you gain a free platform to interact and share your thoughts, whilst at the same time you collect some steem.
Exactly!
Doge, always go with the Doge
lol :)
Steem is so much riskier than btc... If they want exposure teach them how to flip icos into a relatively stable currency like btc.
Not steem, one of the most volatile crypto's the last year.
As for blogging for steem, sure. Buying it though...
How can it be riskier if it doesn't cost anything to join and use, unlike BTC? That makes no sense. The whole point of my post was that I no longer want to recommend a crypto to anyone at these prices. It makes me uncomfortable.
I just steer them to Steemit now and they can take their crypto journey from there. I can even support them a bit with some Steem and teach them. I'm not asking them to invest anything. A lot of questions will follow through using the site. That is something I can work with.
In that case, yeah it seems all good. I initially thought you were talking about buying steem.
Otherwise invest for your family. :)
Cheers, man!
What I've been doing recently is advising people to get into crypto with small weekly amounts like a savings account. That way they can secure the average price over a year or so. With the option of putting in more during dips.
It's money they can afford to lose and the importance of timing is muted and averaged over a longer period. Something like coinbase, sure you take the 3% hit but you can throw as little as 10-20 dollars in a week without batting an eyelid.
Although for close family I just get them to give it to me upfront and I trade it for them.
in this case you need to say that you recommend "steemit" . Steem is much bigger and a coin, steemit is the platform!
You are right. Sorry for the confusion. I edited the post.
Wot is the riskiest cryptocurrency on the market?
I don't know, usually it's the one with the most volatility. Usually further down the list of the top 100. One of the shitcoins.
steem is the obvious choice to recommend to our family...because it benefits to have good social circle on this platform.
I like this thought!
Yes indeed we are living in strange times
very nice post ... your post is very interesting
Thanks!
Great advice!!
Thanks!
You are welocme
I think it's a fair call, learning the ebb and flow of the market first before parting with cash. Steem out of the 3 you've mentioned for me too right now, and btc eth in a few years when interest is at its lowest?
It's smart to learn the ebb and flow of the markets indeed! Steem makes this a lot easier.