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RE: My Transition To Enlightenment: How To Trade?
Hey, great post!
I wanted to ask if you think it's safe to invest in these coins for a long-term? I'm interested in investing in the coins you mentioned and sit on them essentially. Keep up the good work!
That is a very good question!
I actually think that virtual currencies are here to stay. However, I have no idea whatsoever, which of the virtual currencies will stay and which one will bleed to death. I'm sure that some (or more) of the available currencies will not make it over time Other will survive. Some of the ones that will survive will become very very big, others will play more in a niche.
Investing in crypto currencies is therefore not without risks. General investment rules shall be applied when investing in cryptos. One general rule is; invest with money you can loose 100%, money you do not require at all for the short but also long term. The money I invested into cryptos since last Saturday, is money I generated through Steemit, so more or less 'free' money (ok, I spend a lot of time on Steemit and the rewards I got through Steemit may compensate me a little bit for that time, but that is a different topic). Since I (so far) use only Steemit generated money, I can loose this without having to cut down on my living costs, now and in the future; Therefore low to no financial risks involved.
Investing means spending time; Understanding what you invest in; Understanding the risks; Being OK when it does not work out. I for sure will spend more time on following the crypto currency news, trying to understand what the chances and risks are. Better understanding means better equiped to make decisions. For now, I hardly have an understanding of this market to make even an educated guess what will happen, and therefore I cannot really answer your question in more specifics.
I plan to write from time to time on my effort in crypto land; If you like, you can follow me and keep reading those posts. Maybe it'll give you direction and helps you to get deeper into crypto currency land.