I would love to day trade with crypto but the risk is to high for me.
My problem with Day Trading with Cryptocurrency
I would love to buy ETH right about now and wait a couple of days to sell it. After that I would probably wait a bit before buying an other crypto and repeating those steps.
The problem is I can't afford to lose all my progress over night. You see I am the type of guy that will always want maximum security. When I buy my coins, I send them to my hard wallet.
If I wanted to sell my wallet when the price of Ethereum reaches a certain point, my fiat money will stay on the exchange. Unless I withdraw my money to my bank (with some unwanted high fees) or buy a diffrent currency it is at risk :
- The exchange could shut down (shoutout Mt Gox)
- Some one could hack my account and steal it
What we need
We need a coin that would stay stable. But how would you do such a thing? To me it is simple. Correct me if I am wrong, but can't we make a coin, let's call it USCoin, that will always have a rate of 1 USCoin = 1 USD $? This type of coin, with a secure wallet would let everyone day trade and would lower the risk of getting hacked/losing money.
What do you guys think? I am curious.
We need a good growing platform where many people can develope -
Than the coin will not only be stable it will grow like crazy 😄😄😄
I think we already have coins that grow. We need one that will keep it's value for people to take it out of the exchanges.
If you want to hold a coin stable to the dollar -
Than somebody must pay the difference when the dollar goes up -
Who should that be?
I think you'll have what you're wishing for. When the crypto market gets well established, all the great cryptos may have more stable valuation by then. But that doesn't necessarily translates to less risk. It may actually become more competitive, like the forex market. As of now, the crypto markets are some of the easiest to trade because:
I agree.
Do you leave money on exchanges? If yes, then you don't own that money. That's the problem!
Also, who knows when crypto will be established. I think in a few years, maybe a decade. But for now no one knows.
Those are risks we face venturing into the unknown. They are part of any venture.
A similar example, when computers started to get mainstream, some companies started to have their files in digital format. What happened if a hard drive got faulty, or someone accidentally kicked the pc on the right place, or stolen files, hackers, etc. Risks...
Yep, it may take a few years to get established, hence why most of the growth happens at this stage. It's really the easiest time to trade.
There are also ways to have your tokens elsewhere. Having a dedicated machine with all the wallets isn't a bad idea.
Let us know what you think of this idea
https://steemit.com/cryptocurrency/@genki.paul/genki-fs-launches-staticoin-a-stable-digital-currency