Altcoins Talks - Cryptocurrency Forum
Archive => Sorting Box => Topic started by: sulphur007 on April 08, 2020, 05:05:01 PM
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In 2017, Bitcoin went from being worth less than $1,000 to $20,000 per token. The meteoric rise of Bitcoin created an interest in cryptocurrencies that hasn’t disappeared altogether, even though this year’s gains for cryptocurrency investors have been much more modest than last year’s.
As of this writing,bitcoin is worth around $3800 per token and it still has the highest market capitalization of any cryptocurrency. But Bitcoin isn’t the only cryptocurrency out there — here’s what you need to know about cryptocurrency for beginners.
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Cryptocurrency for beginners: What is it?
At its most basic level, a cryptocurrency is a digital token secured by cryptography. Because it’s a virtual currency, it’s bought and sold digitally. Many digital currencies are decentralized — a central bank doesn’t control them.
Cryptocurrencies are often based on blockchain technology, which acts as a digital ledger where transactions are recorded chronologically in “blocks” of information. Blockchain platforms are used for sending and receiving payments, executing contracts, managing supply chains, among other purposes.
“The most visible cryptocurrency is Bitcoin,” said Ashe Oro, cryptocurrency enthusiast and co-founder and CEO of cryptocurrency analytics company SteemSmarter. “However, there are hundreds of other cryptocurrencies available.”
Oro pointed out that companies can issue cryptocurrencies in exchange for money as a way to fund different ventures, as well as “mined” by using a particular computer process. However, he added, investors commonly buy cryptocurrencies on an exchange.
How is cryptocurrency traded?
“Just like you can buy a stock on an exchange like the New York Stock Exchange, it’s possible to purchase a cryptocurrency on an exchange like Coinbase,” said Oro, who also spent five years as the head of business development at Euro Pacific Bank.
In many cases, it’s merely a matter of setting up an account on the exchange and connecting a bank account or debit card. Cryptocurrency exchanges display the prices of each token and you can buy (or sell) them at that cost.
A major exchange like Coinbase offers a number of options similar to what you might see when you manage your portfolio using an online stock broker. You can keep your tokens in a portfolio on the website, set up automatic investing so you can buy over time, and set up withdrawals using time delay.
“In terms of cryptocurrency for beginners, Coinbase is a good place to start,” said Oro. “They even have insurance and an offline storage protocol for digital assets.”
If you want access to more obscure cryptocurrencies, other exchanges such as Binance may meet your needs. However, Oro warned, it makes sense to start off with an exchange like Coinbase that more closely mimics the stock buying and selling experience.
In addition to storing your cryptocurrency purchases on an exchange, you can also use a digital wallet. Your wallet is stored on your own computer, and you can only access it with the right key. Oro recommended the wallet offered by Exodus, since it’s compatible with a number of government-based currencies and cryptocurrencies.
“You can withdraw your tokens to your digital wallet from an exchange, much like making a bank withdrawal,” said Oro. “However, just like cash, once you have the tokens in your digital wallet, you’re responsible for them. You could lose them if your computer crashes without a backup.”
What can affect the price of cryptocurrency?
Cryptocurrency prices are often affected by utility, said Oro. He points out that the more useful a currency is, the more valuable it’s likely to be.
“Think about it,” Oro said. “Bitcoin was used to send secure payments around the world without worries about exchange rates and governments being involved. That utility made it valuable.”
Some currencies offer different uses beyond payment transactions. For example, some cryptocurrency enthusiasts see potential in Ethereum because its blockchain platform manages smart contracts.
However, prices are also influenced by speculation. In the 2017 runup, many investors saw that Bitcoin was becoming popular and they wanted a piece of the action. That kind of speculation can inflate the price of any cryptocurrency, Oro pointed out.
But even though cryptocurrencies are becoming more popular, Oro warned that it’s still relatively small potatoes when compared to other asset classes.
“Market caps are small enough that a fairly small number of heavily invested people could make moves that impact cryptocurrency prices in a major way,” Oro said. “Things can be quite volatile, especially with the less popular cryptocurrencies.”
Is cryptocurrency a good investment?
According to Oro, cryptocurrencies were a little less popular in 2018 than in 2017, but they are still picking up steam. “It’s more like things are settling down and people are actually starting to figure out how to invest in them like any other asset class,” he said.
“For many millennials, cryptocurrencies represent a chance to invest in something that isn’t stock,” Oro continues. “On top of that, some cryptos are still being used for exchange, and in some communities looking to live independently of government-controlled money systems, that can be attractive.”
When investing in cryptocurrency for beginners, Oro suggested looking at tokens that have future utility and potential. “You wouldn’t invest in a stock without evaluating it,” he points out. “It’s the same with cryptocurrencies. Really look at what it offers and pay attention to the community around it.”
Oro also warned about some of the risks of investing in cryptocurrencies. “At this point, there’s still a lot of speculation,” he said. “You could bet wrong and lose your investment. Don’t risk money you can’t afford to lose.”
Another risk is in your cryptocurrency wallet. If you keep your tokens in your wallet, you need to make sure you always have the key. “Forget your password and there’s no way to recover it,” said Oro. “And if your computer crashes, it’s all gone unless you’ve backed up your wallet.”
He also points out that if someone somehow gets access to your wallet, there’s no way to recover the money, any more than you could get back cash stolen out of your real-world wallet. That’s why Oro encourages novice cryptocurrency investors to use an exchange like Coinbase and keep the tokens there.
Should you invest in cryptocurrencies?
In the end, Oro said investing in cryptocurrencies can be a smart move, but you have to be careful. Carefully consider whether cryptocurrency investing makes sense for you, and choose tokens that you think are likely to perform well. Then, steel yourself for potential losses.
“If you can’t handle the 80% drops that can come in cryptocurrencies,” said Oro, “you’re not ready for the potential 500% gains.
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Try to read and research a lot. Go to forums & reddit and try to engage in discussions a lot. Try to read whitepaper of different crypto’s and try to analyze it from a price perspective.
If your first investment is minimal in nature then try to invest in some particular coin and try to analyze how the coin is doing with respect to your research done and also try to be in that particular crypto telegram group to try to understand what caused a particular positive or negative spike. This will help you gain knowledge of what to look into while investing and what to do when you are trying to invest a bigger amount.
Diversify, aways too.
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you need to follow old but gold rules like not keeping all the eggs in one basket, and start with the options where you do not need much attention and got enough time to react like choosing a passive income with structured depossit on gekkoin, and when you learn more and became an experienced fellah you may add trading to your investements to multiply gains
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I see your post is well written , trying to decrease length of post . Your information about Bitcoin investment is really good , I also invest some amount of money in Bitcoin when it's price is on $4500 in market , now Bitcoin touch $9300 .
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Everyone who is just starting up here in cryptocurrency must begin with learning first before anything else.
This is one of the basic things that you need to know first. Because there is no shortcut here for us to earn big at once.
And to become a good trader's too, you must be skillful and more something like that.
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Probably the things I can give to you is don't stick into one exchange or coin that you are going to hold in the long term.
I mean, never put your eggs in one basket. This is one of the effective ways for us to earn well in the future dude. Always do what you can afford to lose, and always think of the basic knowledge about in crypto or bitcoin.
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I suggest you don't rush the idea of trading and investment when it has to do with crypto. My advice is to access the abundant information and resources available online and educate yourself to a comfortable level before you invest. You can use the koinpro.com cryptocurrency exchange demo trading feature to learn a lot and perfect your trading practice before proceeding to their live Interface to trade.
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you better look for information about cryptocurrency read articles about bitcoin/altcoin to add insight into the cryptocurrency each investment has a high level of risk you have to learn and know how to keep that risk can be minimized so that losses in the can when trading does not make you afraid to invest in trade crypto.
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I have been using CoingMarketCap, but I don't like this site as it's not userfriendly. Since they have been taking over by Binance I am seriously looking for some good alternatives.
Anyone not using CMC and is happy to share it's site with me?
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Cryptocurrency is very wide so investing in cryptocurrency need certain consideration and time taken. To invest in cryptocurrency, one need to do a very vast research about the particular token or coin you are trying to invest in, study the market, team, ICOs. This will give a guide on what to do. Also make reference to bitcoin recent price so as to know how to enter the market wisely.
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Cryptocurrency is very wide so investing in cryptocurrency need certain consideration and time taken. To invest in cryptocurrency, one need to do a very vast research about the particular token or coin you are trying to invest in, study the market, team, ICOs. This will give a guide on what to do. Also make reference to bitcoin recent price so as to know how to enter the market wisely.
I do not recommend investing in startups, now is not the best time for that. Consider a hold or just look at the movement of the market during a period of such volatility in the financial markets. The right decision will come to you and you can earn
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If you take a rush in the crypto space, either as a trader or an investor, you might rush in and be rushed out in the shortest time. The market might be fun at the start of trading the stock market, but it's a whole different thing here in the crypto industry. Proper investigation, research and patience are some vital instruments used here. Before putting in your money, take your time to look through the team, the white paper and how active the project community is.
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Beginners can invest in any cryptocurrency, remember the risks and possible goals that you are pursuing, do not buy shit coins and be prepared for changes in your deposit, both in the smaller and in the larger direction. Wish you luck!
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So far I think you can take a look at current economic conditions and also can check the yearly chart since a yearly chart can help you to understand the movement of prices also don't forget to use a good exchanger or broker.
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Dollar cost averaging into reputable projects (BTC, ETH, ADA, etc.) is a good way to get started. Dollar cost averaging means you buy a certain amount of a coin on a regular basis... over time this will beat almost any other strategies out there...
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I think it is necessary to devote more time to training and market analysis. you also need to follow the news so that you can predict the movement of the cryptocurrency rate. our success depends on our self-education. it is best to take experience from proven and successful people, do not hesitate to ask for advice
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Wise came from experience so you only need to try whatever your strategy. The rules is simple, never use loan money, take risk you can handle, replace money only in popular coin. Never avoid or change the rules, safety is priority and never give up to try again.
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We think that a few of the concepts you need to take into consideration are how viable a project is.
- who are the people behind the project. Its team and its background.
-The company behind the project
-Its whitepaper is to be structured and contain all the information of the project from the concept, legal part, to market analyses and the future of the project.
-See how many people invested in them from the launching of the first phase.
There are a lot of things to take in consideration, but these are the main points, and for every point to divide into other questions and so on.
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To invest wisely in cryptocurrencies pay attention to IEO/IDO/ICO lists. For beginners like you, I can recommend Cryptototem website (https://finance.yahoo.com/news/cryptototem-reveals-newly-reformed-sections-151500047.html).
Here is a description of this:
IEO/IDO/ICO lists section presents one of the largest and most up-to-date databases of top-rated crypto-token sales, as well as the ones users should avoid. The list of new ICOs, STOs, IEOs and IDOs makes it impossible to miss opportunities to invest during private and public sales. Users can easily find, select and track popular blockchain companies and crypto startups with expert ratings, user reviews and business analytics. It's also possible to filter through the results in accordance to goals using parameters such as ratings, dates, bounty or project type.
Beginners often make mistakes due to the fact that they do not have the necessary knowledge and information. Now you know what your first step should be and invest wisely in crypto, avoiding the typical beginner mistake.
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If are a newbie to crypto then I would recommend not invest and if you know the risks, etc. then I would still recommend to not invest your real money, instead join bounties, Airdrop, do some research and then take a decision.
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As far as I concerned, trading cryptocurrencies is the most difficult way of trading, because cryptocurrencies are very volatile nowadays and it becomes harder and harder to trade them. They are not only volatile, they're taken over control by a particular group of people and it must be admitted. I believe that if you;re a novice the main thing for you is to get acquinted with fundamental things in trading activity and try your power at demo account. You should create a special trading strategy and try to use it on demo, only after these steps you can start trading on a real account. I think it's the best option.
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In case you're a total rookie in trading I personally don't advice you to start off from cryptocurrency trading, because there is a huge risk that you will lose all your accumulations, which is a direct consequence of lack of knowledge and skill. In my opinion, you'd better get acquainted with forex trading. Of course, all the trading types are somehow can be considered as difficult for studying, nevertheless it's only because you're just starting. Everything you should so is to dedicate uncertain amount of time to learning and practicing. When you will have results at forex, you can try your power at cryptocurrencies.
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Bitcoin was considered nothing more than an interesting phenomenon when it first came out in 2009. Technicians and futurists could see the future potential of cryptocurrency in general, but it wasn't drawing much interest as an investment. Many didn't know how to invest in Cryptocurrency and what really is its potential.
But as the years have passed and hundreds of more cryptocurrencies have come and gone, Bitcoin has emerged as the standard-bearer of the currency. This point hasn't been missed by investors and speculators. Some are now coming to see cryptocurrency as an alternative global currency that will eventually replace sovereign currencies such as the U.S. dollar and the euro.
But the trading activity has also drawn a large number of speculators. They're betting on cryptocurrencies — Bitcoin trading in particular — rocketing all the way to the moon. Speculators are rarely seriously concerned with fundamentals. They see a sudden and dramatic price rise, and whatever the asset, it draws their attention.
This article isn't meant to be an endorsement of Bitcoin or any other cryptocurrency. Instead, it's a general guide for anyone who wants to start investing in cryptocurrency. It is entirely possible cryptocurrencies will continue their march forward over the next few years. And if you're betting on that outcome, I hope this information will help.
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Its all about crypto currencies and many of them in past are having low values but now they are on top and are having high prices one of the best example is bitcoin. Bitcoin is one of the biggest and highest currency.
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It may be quite complicated for freshmen to make investments into cryptocurrencies. There are a variety of opportunities to achieve this and a huge choice of various providers. The only manner is maximum probable the maximum high priced and least profitable. So beautiful to make investments with out getting ripped off. good luck
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The best way is to invest little by little every month. Currently market is bearish mode so if you invest all of your money together you could end up being rekt. Because many project lose its value because of BTC market is not in a bullish mode. Also you can follow the trend by investing only on trendy project.
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read more , learn more .. look AT THE MARKET AND EXPERIMENT WITH COINS AND THAN INVEST
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Make sure you are very good in research after you have know that basic things you need to know about the crypto market. Before you invest in any project, make you do a serious research about the project because there are many fake project out there.
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Make an extra effort to expand your knowledge base. Profitable cryptocurrency trading is only possible with in-depth market knowledge and understanding. The only thing that can help you make good choices is the level of knowledge and experience you possess.
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Loads of places to learn about cryptos and the various ways they work so see if any of those particular things appeal to you and then also think about what is important to you perhaps. It is not too dissimilar to stocks investing in that if there is a problem or niche you are interested in then crypto probably has a project in that area. Failing going into it that deeply look at the main top 10 cryptos and examine what they are doing and think about if you want to add money into those
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You have made some great inputs here. If you really want to invest in cryptocurrencies, start with acquiring knowledge about the market and cryptos available. Don’t wait for the prices to slash or increase. Start today without waiting any further.
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As a beginner is advisable to start by taking less risk, right now is best advisable to hodl this process of buying and keeping in your wallet is the safest method in crypto, mistake people make is not having proper knowledge on first stake there are good staking wallet, all wallet specialise on different duties in terms of hodling getting a wallet with high staking functionalities is very important "trust wallet" is mostly advisable you can check Google about trust, not everyone is familiar with decentralized networking the world is developing everyday is very much advisable to also embrace it "it can also be simple refered to as Dapps this enable you to access alot of tokens which people really don't understand the benefits in bear markets like this we survive by swapping tokens this why is advisable. Goodluck on your kickoff
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well don't put your money in one project and always invest money what you will to lose and losing don't affect your daily life