Up until this morning, all I had was Bitcoin, Ethereum, and Litecoin. I used Coinbase to buy the three of them, and was pretty happy with them.
I started researching how to buy other cryptos because I am still kind of a noob when it comes to this stuff. I use Poloniex now, and I now have 8 different cryptos.
Here is what I have. I'm not going to go into how much of each I have, but I will tell you what I have.
Bitcoin -
obviously. I have BTC because to me, it seems like the gateway to any other crypto. On Poloniex the only way you can see most cryptos is by valuing them in BTC so this supports the fact that BTC is like the gateway to other currencies.
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Ethereum -
I am extremely bullish on ETH because I feel that it's got so much potential, so I've decided to keep what I have and not trade into other cryptos using it.
Dash -
I traded some of my BTC for Dash today. I read an article on 4 cryptos that could quadruple in price in 2017. This was one of them.
Digibyte -
This was another one on that list.
Dogecoin -
I'm very intrigued by Dogecoin because it's still so cheap. I believe I bought around 10,000 today. Could you imagine if Dogecoin ever hit just $1? You'd be kicking yourself for not having some.
Ethereum Classic -
I don't know too much about this one, only that it's gone up recently. Could it rival ETH? Probably. But if it does go to ETH levels, I want to have some.
Golem -
This was on another list of cryptos to have. It's also pretty cheap. I bought 55 today using BTC.
Litecoin -
I think there is a lot of potential for LTC, seeing as it's kind of like BTC in that there will only ever be 84,000,000. (BTC only 21,000,000 as I'm sure you all know.) However, I've been told that LTC has faster transaction times and the tech. overall is just better. Overall, LTC is more efficient to mine, using less energy.
Ripple -
The banker's altcoin. The only reason I bought this is for mere speculation. The bankers aren't going to want to go down without a fight, so I bought this as a hedge in case they hold some sort of power in the next major shift.
I hate to have to say this, but trust me, in the future you will wish you diversified into altcoins. Use an exchange like Poloniex or Bittrex (although I've heard of people having problems with the latter)
Thanks for upvoting, following, and commenting!
Some good choices here. ETC is a sleeper.
Very good!
I could recommend you the following strategy, if you want to have 6–8 cryptocurrencies and cryptoassets:
Bitcoin should always be between 40% and 60% of your total holdings;
You can share the remaining part of your portfolio between:
2–3 cryptoassets from TOP10 (according to CoinMarketCap). Ether, Dash and Ether Classic are all excellent choices;
2 from TOP11–100. You already picked some good currencies. I can only add a recommendation to get some STEEM, transfer it to your account and power up your STEEM POWER as a form of dividend-bearing savings.
1 or 2 cryptocurrencies from TOP101–1000. Your "wild cards" that could increase in price ten-fold.
Whenever one of those currencies (except Bitcoin, obviously) increases in price to exceed 40% of your portfolio's total value in USD, sell the part that exceeds 40% (sell it for Bitcoin or some other crypto under 40% in your portfolio). If one of the cryptos falls down below 2% in your portfolio, sell it all off and cut the losses.
Good luck with your crypto investment journey!! I wish you success! And remember: don't keep your coins on Poloniex, Coinbase and other exchanges! Download Exodus wallet and transfer them there.
Wow what great advice! I think I will do exactly that! Thank you!
I'll second that!!!!
I am pretty new to this as well, so thanks for this post! It is super helpful!
Thanks for your post! This was super informative and it was interesting to get your take on alt coins.
I have followed you and feel free to follow me too!:)
Thank you! I am already following you :)
Awesome!
You are doing right man, I have the same thought. Great job!
Thank you!
welcome to my nightmare! I diversified about a month ago, so far it's been both fun and profitable. I'll give you some tips that I learned.
Time flies when you are watching and waiting for an anticipated move, don't forget to drink plenty of water and get up and stretch and rest your eyes!
Also, polo can have lag issues during big moves, so when ready to sell or buy, have the price already typed-in in advance of your target and your mouse over the buy/sell button, don't wait till your target is hit to press that button, put in an order a few points in advance. 15 seconds lag can cause you to miss your target and have to re-type the amounts costing you a few or a lot of points depending on the size of your transaction.
GOOD LUCK AND HAPPY STACKIN'!
Thanks for the advice! That makes great sense!
always happy if I can help a fellow stacker in any way!
Can you recommend an alternative to Poloniex then (if time lag issues)
My friend who is also new like me but is also doing pretty well so far says bittrex is better,
we talk on the phone while we are trading sometimes and the price can vary significantly between exchanges.
When a coin is much higher on Bittrex, polo locks the wallet for that coin so people cant run to bittrex for an immediate profit, that's kind of shitty if you ask me, should be fair game.
I am waiting to be approved at Bittrex, I haven't traded there yet. I should be approved by now I will probably check it out today.
There is no perfect exchange until they make a smart-contract-run exchange, which I believe will be a thing someday.
Thanks raddog, will definitely check this out!!!
Umm
Have you considered STEEM? ;-)
Yes! I have all of my steem in the form of SP because I'm in it for the long haul!
Thanks Vegan for opening my eyes!!!
My pleasure!
The Web Bot talked about Monero looking very good in the future -- hew as on the Greg Hunter show
I was 20 minutes into this video this morning when I decided to get on Poloniex ha!
all good my friend