Buying crypto

to7update

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#1
So, you've been analyzing crypto for a while now, and you decided to make the move to finally buy it. First, you need to convert your fiat (cash) into crypto, and that is usually done in Coinbase. After the money is there, will you get some Bitcoin, Ethereum or Litecoin? It's a pure speculative investment or have you done your homework to understand what is the technology behind each of those names?
 

Hova

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#2
All I can say is whatever crypto you put your mind in mining, never invest unless you have all the right information. To do this of course you have to do your research and I know it is a cliche but you might end up making the wrong decisions if you don't have the enough intel on your hands.
 

Heatman

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#3
So, you've been analyzing crypto for a while now, and you decided to make the move to finally buy it. First, you need to convert your fiat (cash) into crypto, and that is usually done in Coinbase. After the money is there, will you get some Bitcoin, Ethereum or Litecoin? It's a pure speculative investment or have you done your homework to understand what is the technology behind each of those names?
Coinbase is normally referred to as the the beginners start up cryptocurrency exchange site especially if you are still new to the world of digital currency. Take for instance, you have never minned cryptocurrency before but wish to invest in it, coinbase is your only bet because they accept fiat currency (dollars, euro, pound). But if you are looking at getting best deal in cryptocurrency prices, when you must have acquired bitcoin mostly on coinbase, use your account there to purchase and trade on Binance. The exchange site offers arguably the best deals and services in cryptocurrency.
 
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#4
I have bought Bitcoin and I am actively trading them using Technical Analysis. I only do long positions because I am not comfortable shorting yet. I buy Bitcoin when I see some pullbacks on the BTCUSD pair. I sell them and reap the profits once the uptrend is no longer there.
 

Heatman

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#5
I have bought Bitcoin and I am actively trading them using Technical Analysis. I only do long positions because I am not comfortable shorting yet. I buy Bitcoin when I see some pullbacks on the BTCUSD pair. I sell them and reap the profits once the uptrend is no longer there.
I believe that this is just about how trading in any cryptocurrency as well as Forex trading works. One just have to analyze the market and monitor it closely to determine when to sell or hold back or even buy more as well depending on the cost.
 

Hova

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#6
I have to start investing soon cause I really think crypto is the future. Recently, there have been speculations that cryptocurrencies are going to displace roughly 25% of national currencies by 2030. I gather with the way things are going, cryptocurrency is very much here to stay.
 
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#7
I have to start investing soon cause I really think crypto is the future. Recently, there have been speculations that cryptocurrencies are going to displace roughly 25% of national currencies by 2030. I gather with the way things are going, cryptocurrency is very much here to stay.
How much of your assets do you plan to invest on crypto? I myself have invested at most 1% of all my wealth. It is a small sum of money that I wouldn't care if I lost all of it in the future. But if it does go up significantly, I could still feel the profit and I wouldn't feel left out.
 

Hova

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#8
How much of your assets do you plan to invest on crypto? I myself have invested at most 1% of all my wealth. It is a small sum of money that I wouldn't care if I lost all of it in the future. But if it does go up significantly, I could still feel the profit and I wouldn't feel left out.
Since I'm still learning the ropes I think I'll start small and your 1% percent feels like a great place to start. I read somewhere that the value of Bitcoin sky rocketed to almost $20k in December of 2017 but really dropped this year. My concerns are whether it ever going to stabilize.
 

KellyGeo

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#9
So, you've been analyzing crypto for a while now, and you decided to make the move to finally buy it. First, you need to convert your fiat (cash) into crypto, and that is usually done in Coinbase. After the money is there, will you get some Bitcoin, Ethereum or Litecoin? It's a pure speculative investment or have you done your homework to understand what is the technology behind each of those names?
I'm well aware that the technology behind all cryptocurrency is called the blockchain technology. Bitcoin is the first of all the digital currency blockchain technology and it's from Bitcoin that all other cryptocurrency were born.
 

DGStaff

DG Staff
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#10
I have to start investing soon cause I really think crypto is the future. Recently, there have been speculations that cryptocurrencies are going to displace roughly 25% of national currencies by 2030. I gather with the way things are going, cryptocurrency is very much here to stay.
Not sure how anyone could make such a prediction with such an unstable and volatile digital currency, however, no one is going to use bitcoin or any other kind of digital currency as long as the currency has wild mood swings, and right now, cryptocurrency is not back up and only exists in digital space, and exactly what happens when all those bitcoins have been minded, so how would people be able to get more bitcoins once they are all gone?

Since I'm still learning the ropes I think I'll start small and your 1% percent feels like a great place to start. I read somewhere that the value of Bitcoin skyrocketed to almost $20k in December of 2017 but really dropped this year. My concerns are whether it ever going to stabilize.
Why is it supposed to stabilize? Cryptocurrency is considered an investment, and it will act as such and will go up and down just like the stock market, and therefore how can it be used as a common digital currency if the currency system goes up, then comes down, then back up, etc...
 

Hova

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#11
Not sure how anyone could make such a prediction with such an unstable and volatile digital currency, however, no one is going to use bitcoin or any other kind of digital currency as long as the currency has wild mood swings, and right now, cryptocurrency is not back up and only exists in digital space, and exactly what happens when all those bitcoins have been minded, so how would people be able to get more bitcoins once they are all gone?



Why is it supposed to stabilize? Cryptocurrency is considered an investment, and it will act as such and will go up and down just like the stock market, and therefore how can it be used as a common digital currency if the currency system goes up, then comes down, then back up, etc...
By stabilize I mean the fluctuations in value and other untested areas need a lot of tweaking. The so called movers and shakers of the digital currency industry realize they have a long way to go since crypto is only 5 years old. Issues of security and market stability are in the process of being looked at and solutions are being implemented.
 

Hova

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#12
Not sure how anyone could make such a prediction with such an unstable and volatile digital currency, however, no one is going to use bitcoin or any other kind of digital currency as long as the currency has wild mood swings, and right now, cryptocurrency is not back up and only exists in digital space, and exactly what happens when all those bitcoins have been minded, so how would people be able to get more bitcoins once they are all gone?



Why is it supposed to stabilize? Cryptocurrency is considered an investment, and it will act as such and will go up and down just like the stock market, and therefore how can it be used as a common digital currency if the currency system goes up, then comes down, then back up, etc...
There is less than 21 million Bitcoins left for mining and it is believed that the last one will be mined in 2040 and after that no more bitcoins will be created. But this doesn't mean that Bitcoin miners will not get paid. After every 4 years the number of bitcoins rewarded when you mine a block is cut in half which is a built-in feature put there to curb inflation. There are transaction fees charged when one gets approved to get ahead in line to send a Bitcoin transaction and these fees are expected to rise as the value of bitcoin increases. Although bitcoin production will cease, miners will still get paid using those fees.
 

to7update

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#13
Yep, it's a self sustaining ecosystem around bitcoin, but all depends on adoption.

Crypto is seen as an investment now, but there are already tons of practical use cases being used in practical terms. Sure, the "industry" is just giving it's first steps, so it's never easy to change a paradigm.
 

DGStaff

DG Staff
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#14
There is less than 21 million Bitcoins left for mining and it is believed that the last one will be mined in 2040 and after that no more bitcoins will be created. But this doesn't mean that Bitcoin miners will not get paid. After every 4 years the number of bitcoins rewarded when you mine a block is cut in half which is a built-in feature put there to curb inflation. There are transaction fees charged when one gets approved to get ahead in line to send a Bitcoin transaction and these fees are expected to rise as the value of bitcoin increases. Although bitcoin production will cease, miners will still get paid using those fees.
So what you are saying bitcoin does have an expiration date, so what is the point once it has all been mined, regardless if it is next year or 20 years from now, as it seems to be that bitcoin would become obsolete since nothing more can be mined, and whatever is left is probably cashed out.
 
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