Hello to all (future)cryptoinvestors,
I want to share with you my experience and knowledge involving investing in cryptocurrency.
Should i invest in cryptocurrency? Did i miss the train?
That question is an easy one. Brothermic is saying: "yes you should".
And no it is defenitly not to late. The train just left the station.
Yes it is true, bitcoin was worth only 0.003$ in 2010, hell yeah, in 2009 they auctioned 10 000 bitcoins for 50$ and did'nt even
find a buyer for it. But alot has changed these days. Bitcoin is starting to get widely adopted and this is still the beginning.
Q:But bitcoin is already between 2000-3000$, seems to late to buy right??
A: Not to late at all. With japan accepting bitcoin as a payementoption 300 000 more shops now and later will accept bitcoin. South korea is following later this year, and defenitly more will folow their exemple. The adoption of bitcoin is just begon and will defenitly grow exponential over the next 5-10 years. Sources are speaking over a bitcoinprice by then reaching lows of 100 000$ up to extremly high prices between 1mil and 5 mil for 1 bitcoin. Just keep in mind that there possibly will be a split in bitcoin wich means there will be 2 bitcoins. Since different company's would like go different ways with the future of bitcoin keep in mind that if bitcoin splits the price possibly will drop to half of the price now and even much lower. could go as low as 200$ but who knows? The way i see it its just another chance to buy bitcoins at very low price en prices will very soon after the split reach high levels again. So did you miss the bus? No, opportunity is comming!
Also altcoins are a great opportunity to invest in. Meaby you did, or did'nt notice that last year the marketcap was only 7 bilj
dollars. In the beginning of 2017 it was risen to 20 bilj and 5-6 months later we're at over a 100 bilj dollars. And this is only the beginning. If it will reach at the end of this year 200-250 bilj, can you imagen what the marketcap will be in 2 years from now, or in 5 years? More and more money is flowing into this market.
What altcoins should you invest in?
Well i could tell you wich coin you should invest in, ofcourse. But i suggest you just take some time to do some research yourself. I will point you in the right direction. Do not just pick a coin because it's cheap or had a big rise the last few days, you probably will end up losing money.
Q: Then how do i know wich coin to invest in?
A: The answer is quit simple. Coins like ethereum, steem, waves, stratis... all have great tech behind it. Search for info on it and if you believe it is destined to become great, and only if you understand the concept, you got your coin.
Mistakes people are making
When i just started to invest in cryptocurrency, i was buying high selling low, buying high, selling low. Buying at the peaks and panicselling with losses when the coin was dropping in price right after i bought. DO NOT DO THIS!
Choose your coin(s) and if you believe you made the right choice just keep it. Do not panic when price is dropping. Make it a long term investment. First of all never put more money in then you can afford to lose! Thats lesson 1. Lesson 2 tells us to pick a coin and forget about it that you bought it. In the beginning i looked everyday like 10 times a day at the charts. When going up i was invincable, and i loved everyone near me at home, work, on the bus. I felt light as a feather.
When it was going down and i saw my investment drop in value i felt stressed, the world seemed to turn against me, it sucked.
If you believe in your choicee, and did enough research, you should look after a few weeks or months. Would be even better to forget about it for 2 years. if you look in google to pricecharts from the coins in 2015-2016 and compare them with the prices now, so many coins have risen 10x 30x even 300 times in price. Don't go panic selling if you bought at 7$ and next week its only 5.9$. Just give it time or you will only end up losing money while if you had some patience you could have been so much closer to your early retirement. And is'nt that what we all are hoping for?
Another thing you have to watch out for is the only-make-developers-rich-coins. They are just set up for pump and dump and are scamcoins.
Q: Ok but wich coins then deserve my attention? I am really noobish in this...
A: well there are several coins with very big potential. First of all steem is such a coin. Also ethereum, waves, stratis, NEM, ripple, MAIDSAFECOIN, Zcash, monero, factom are coins that are woth looking into. There are others aswell, but these are the coins i suggest to you. But again, first do your own research! It's a golden tip.
Brothermic's strategy
After some mistakes and doing alot of research i picked 5-7 coins i believed have a big future and devided my investmentamong them. That way if a coin goes down and 2 uther goes up, you don't feel bad or having stress. meaby on 1 you will lose your investment but it takes only 1 out of them to rise 30x tiimes or even a 100 times in price and you can imagen the profit you made.
Where to buy these altcoins?
First of all you will be needing bitcoins. If you bought bitcoins you need to send him to an exchange where you can buy altcoins for your bitcoins. First check if the exchange offers the coin you wanna buy. Some bigger and more trustable exchanges are poloniex and bittres. On the website of marketcap.com you can see wich exchanges are offering the specific coin.
If you wanna keep your coins for a long period, never keep them in the exchanges. Always send them to a wallet outsoide the exchange in case they got hacked or freeze your account for some reason.
Usefull links
https://www.coinmarketcap.com
here you can see the charts and prices of all cryptocurrency's
https://www.reddit.com
great to do some first stage research after a coin
https://www.poloniex.be
one of the biggest exchanges with the bigger coins
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