Diversifying
di·ver·si·fy \də-'vər-sə-"fī, dī-\ vb, -fied -fy·ing
vt(15c)
1 : to make diverse : give variety to ‹~ a course of study›
2 : to balance (as an investment portfolio) defensively by dividing funds among securities of different industries or of different classes
3 : to increase the variety of the products of ‹~ a business›
vi
1 : to produce variety
2 : to engage in varied operations
Up until today, I have only invested in Bitcoin for the sole purpose of purchasing Steem.
I have done all this on the Bittrex platform, which is a trading platform as well as online wallets.
I have been wanting to diversify and learn to trade in other cryptos, today I took my first step.
A quick google search on how to trade on the Bittrex platform revealed how quick and easy a process it really is.
I looked at what Blocktrades accepts for trading Steem, and chose to diverse into Litecoin and Dogecoin, and will keep an eye on Ethereum and Dash for future trades. I also chose Ripple as it seems to be popular atm, with a good chance of rising rapidly.
If you have been looking into diversifying your Bitcoin, but haven't taken the first step yet, I hope this post helps.
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Mark Cuban says diversifying is for idiots. He does make a decent point in explaining it though. He argues most people that make it big only make a couple big bets on just a few things. Personally i believe a bit in both. I diversify in stocks and crypto but keep a few big positions that take up about 50%. Nice post.
great postttttt
Great post. i am new to Steem myself but involved with Cryptos since 2014. Steem is a great platform and nice to hear it was one of your first alt coins of choice. Keep it growing!
SP
Steem is an intersting project. Mining with your mind!
Yeah, the best topic are now that you have mention for steemians need to trade more in any crypto as well as first so bothe are eligible to creating process
I can't resist the chance to post my favorite online dog!
Nic post
Criptocurrency ,is now a usual word to me, I do try using it but not fully strong on it, but I saw it as a easy and saver way the control currency. Thanks for enlightening me more on that. Keep steeming hot.
True diversification means investing in assets with low levels of positive correlation. As it stands the crypto market is highly correlated, and it seems that there is only some negative correlation on some price moves between coins with and without fiat pairings at exchanges as some are exchanged for others when people are cashing out.
Asset correlation has increased in a world flush with newly printed money, it used to be that you could actually find yourself a basket of stocks, for example, that weren't all correlated, but with the rise of algorithmic trading and ETFs correlation in price moves between companies regardless of the fundamentals of the underlying business has only increased.
I see parallels to this in the crypto space, when there are some very obviously weak coins with little to no real use value being pumped speculatively with late-comers being taken for a ride before the dump.
I think that it would be hard to have a diversified crypto portfolio in the traditional sense because of how they move together, but at least for ultra long-term holding it would make sense to not have too much overlap in terms of what each individual coin purportedly attempts to accomplish.
In today's wild environment you might as well throw some crypto at a random handful of 50-200 place coins and pray that they get huge buy walls from the Tether gods and cash out before anyone is the wiser.
Appreciate the information. I am still very new to the crypto world. Learning a lot. Thanks for the information
i was looking to somehow learn how to buy and sell , am new and i did know how . thank you
You can also earn curation rewards, just by upvoting a post...
Please expand on curation rewards and how it works.
Using @steemdunk is the easiest method, this is from the FAQ section of Steemit. https://steemit.com/faq.html#What_determines_how_much_of_the_curation_reward_goes_to_the_author_versus_curators
wow... that sound interesting am looking forward to upvoting more often
Nice information. I'm excited to see how God Coin will do soon, it will bring even more diversity!