No, I am not going to provide you with chart analysis or other crystal-ball promises. This post is not a story about financial unicorns riding cryptographic rainbows. I am writing this post because lately I have seen way too much buy/sell speculation posts. So much in fact, that I believe the next trading post will be about newborn sacrifices to the Dark Lord of Forex.
First things first. If a trader was really succesful, they wouldn't be desperately trying to lure you into the next crypto-hype. In the Crypto world currencies pop up like mushrooms - only to fade away equally ...mysteriously. You' ve seen 2 or 3 charts online, the guy on the post looks like he knows what he is talking about, so you pour your savings into the dark pits of trading. If only it was that easy...
You want to invest wisely in for the unvailing Blockchain revolution? Great. The easiest and safest way to do it is open an account with Coinbase. It will automatically create Bitcoin and Ethereum accounts for you when you transfer money from your bank account or debit/credit card. Afterwards you need to get into a cryptocurrency exchange service such as SimpleFX in order to be able to purchase all the other cool coins you keep hearing about. It has a step-by-step guide guiding through your first purchase. There is no way you can mess it up.
Now that you have your bitcoins, ready to press for the first time the buy button, you find yourself buffled about which coins to puchase. The trending Ethereum? Perhaps more Steem tokens? How about piling up with ol' good Bitcoin? The asnwer is simple. Sort all the coins by volume and buy tokens from the first 20. How much of each? Doesn't matter. Just distribute your investment equally. Blockchain Technologies are still massively undervalued right now. In 10 years it wouldn't matter if you hold 100 tokens or 1000 tokens. Just make sure you invest in all of them. That's it.
Nobody has any idea which cryptocurrency will thrive in respect to others and don't let anyone tell you otherwise.
The top 20 cryptocurrencies have established some reputation and trust. They look like they are here to stay by competing with each other. Surely new ones will keep coming and this is why you check your account every month (not every 2 hours like most day trading gomblings do). Treat this investement as if you are investing in a Crypto ETF.In the FIAT world millions of companies compete, including many different ETF's. The more choices, the more chaotic and random the market becomes. In a sense we are all lost whether we like to call ourselves "experts" or "rookies". In the crypto market you just have a handful of coins.
As long as you are "In" there is no way you can loose longterm.
To sum it up. Instead of wasting your time with technical analysis and trading advice, that will most likely make you loose more than you will earn, research new blockchain technologies. Avoid Trading between cryptocurrencies back and forth. This form of Trading is similar to gambling. The only "systems" that exist are the ones that end up with your pocket empty. Don't get played into the game.
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As always the mantra "This is not an investing advice nor do I claim to be an investement expert". Thank you for following me - @kyriacos
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I've only invested into cryptos with solid fundamental differentiators. Subjective lens, but that's the game.
I don't see why you think trading will drive people in the pit, if you have the knowledge required and the control of your emotions ( because its mostly a game of patience and stress ) you will succeed with trading. But your advice on investing now on cryptos seems good to me as I also think that cryptos haven't even yet shown the slighest bit of their potential. Dash is one of them for me
Trading back and forth is gambling. Anyone who is trying to tell you differently they are scamming you. The market is chaotic.
That's the only advice I could personally give to people. Spread your chances because you don't want to miss out on the one or multiple taking the lead.
As the saying goes, don't put all of your eggs in the same basket :) !
This is good advice. I like the part, "buy them all". It is better to invest for the long term and diversify into a lot of crypto, the top 20 volume is excellent, than to trade your crypto in a virtual hamster wheel. Crypto is like the stock market in the very beginning, they all are equally cheap, there will be many booms and busts, however far off in the future they may all be just as equally expensive. edit: Always do due diligence, and make sure you know what the coin is. If you still want to trade, start with the top 20 volume with biggest dip of them all and buy. FIBRE is the one on POLO today i just spotted, looks like a nice zombie crypto in the top 20 volume down 50%. Not saying, but this is a strategy I may look into! Also I am not saying to trade, just get in on good low bases for building positions, eventually you will collect all 20!
Thanks for the information, I'll visit the suggested websites and open an account myself.
Very calming to know that one'll never loose longterm. Happy Steeming and best wishes!
Great advice, I've had this advice before from someone, But I can't help but to fully invest in maidsafe over most other coins, As to me this is the most revolutionary coin yet.
I just got into Maid. What a good deal! A few others I like are FCT, & ETC.
I've been watching FCT for a while too, I think that It'll reach about $25 a coin over the next couple of years. Not sure about ETC though, seems to be a bit of a pump and dump If you ask me, plus I'm still m8ning ETH at the moment.
I just made a post yesterday about maidsafe https://steemit.com/maidsafe/@endaksi1/maidsafe-the-decentralised-internet-a-brief-explanation-of-what-maidsafe-is-and-how-to-acquire-store-maidsafe-coin
I'd really apreciate some feesback on it. :)
Madesafe is one of several storage coins, it holds a different niche than something like ethereum. There won't be just one revolution!
Maidsafe is far more than a storage coin. It will have the ability to host websites, Essentially acting as a giant computer server, with several levels of incryption in order to ensure user privacy. The likelyness of a website getting shut down by the government will be practicallyt impossible, as there will be no centralized computer server rather a hive of computer servers. If hosted on the safe network, websites such as 'Kickass Torrents and the pirate bay would still be going strong. I really am a fanboy of ethereum, But when maidsafe is released I'm certain that it will blow every other coin out of the water.
isn't ethereum the same thing?
Not quite, Ethereum can not be used to host a website, Although you could integrate ethereum with a website that is already hosted elsewhere. Maidsafe will look and feel very much like the internet you see today, only with little to no regulation. You could even say that ethereum and maidsafe would work hand in hand.
I only own Bitcoin and steem
get on with it and get more :)
Bitcoin, steem, dash
My 3 loves :)
So what are your thoughts on Dash, real cheap right now eh ?? But i had the impression you needed to buy min 10 grand dollars to benefit from the interest payout from them?? how much Dash do you hold ?? thanks !!
Interesting but not easy
it is quite easy if you have played with paypal accounts.
I fully agree with your recommendation to follow a buy and hold strategy when it comes to cryptocurrencies. Buying and maintaining a basket of the top 20 currencies in terms of market cap is also a reasonable advice. The promise that I don't agree with is that one couldn't loose long-term with this strategy. Simply because nobody knows at this time point how our governments will react as soon as cryptocurrencies start going mainstream. The underlying blockchains may well be immune to any regulatory influence, but governments could implement laws that would penalize the creation, possession and distribution of cryptocurrencies - similiar as this is the case for false money. This would make mass adoption impossible. I absolutely hope that this is not going to happen but I wouldn´t say that this possibility can be neglected. Therefore, I would recommend to invest only those amounts that one could afford to loose.
Goverments and banks are already investing in blockchain technologies because they are safer and more efficient. don't worry about that. early coins will thrive more than existing S&P 500 companies. screeshot this and lets talk again in 10 years :)
Of course they do, and in particular the banks keep mentioning that its about the blockchain tech, not the cryptocurrencies that bear the real transformative power. What else should they say...I´m actually as optimistic as you are regarding the future value of the current top 20, yet I wouldn´t deny that there are (and will be) strong players who have their reasons to position themselves against cryptocurrencies.
Wow. I like your perspective. It looks like you had your ups and down so you're not so hyped about the trading. Is that common sense after cooling down. Hard to find.
Thank you, sir !
Trading is gambling. nobody can predict anything. that's a fools' game. unless you are doing insider trading which is illegal..don't bother.
nice post
Very insightful... I just wrote an article depicting the underlying principles of a few major blockchain projects that I think would go well with this article if you want to take a look.
https://steemit.com/steemit/@flandude/4-blockchain-based-projects-that-are-poised-to-change-your-life-for-the-better-and-how-they-are-going-to-do-it