Q: Have you invested in cryptocurrency?
Yes, I have! Since 2019 .
I bought ethereum when it was less than 100€ now it’s over 2000€
Though, I sold it all and used the money to buy a house here in Spain so I didn’t enjoy all the increase.
I didn’t enjoy as much return as I could have if I hadn’t sold early! But I needed the cash back. Now anything I buy i don’t intend on ever selling, I’m using it to protect cash against inflation
I got back in last year (2021), with ADA.
I also have nft domain names from unstoppable domains, minted on polygon, for the sake of web3.
Buy ADA, stake it and forget about the price, which will eventually increase.
There’s nothing particularly special about nfts, only useful when applied correctly. I don’t like speculation and there’s too much speculation around nfts which obscures the real utility.
For the price i* bought the nft domain names, I’d have bought them nonetheless even if they weren’t nft. So, I bought them for the utility which nft happened to make possible.
I would recommend you forget about sh*t coins, if you want to hodl.
If you want to trade, then yes. But learn to enter before pump and exit before dump.
Not impossible but highly risky.
For me, unnecessarily risky. So I buy value, which Cardano happens to promise.
For me, unnecessarily risky. So I buy value, which Cardano happens to promise.
If it delivers, great.
So far, it appears to deliver. Partnership with Ethiopia, Samsung through Veritree, among others.
I did it trading, and it went well in terms of profit. But the stress prevented me from doing other things so I left it.
Btw, tbh, too much TA. is not good. Choose a few technical indicators and add value to it and you’re good.
In my opinion, the best way to make tone of money investing (crypto or otherwise) if to generate a constant and stable flow of cash and invest mid-long term.
Like, start a side job (maybe online) and invest the cash.
Investing, and trading for that matter, is complex, there’s no denial of that. But unlike lottery, it’s not all depending on chance if done well.
And diversification is important, true. My main holding currently is ADA but when I give suggestions I recommend any of the top ten cryptos. But investing should not be limited to crypto either. There are many ways to invest.
Regarding crypto, you should look up ico, Ispo and other forms of airdrops, if you haven’t already. But be careful with icos, two years ago a bough 100€ coin of a company after the website I used to look up cryptos promoted the company. It turned out to be scam and the company disappeared with over 8millon euros
Also, after telegrams crypto project was shut down, investors faced the risk of losing all their money. And telegram wasn’t a scam project, yet the risk of losing from investing in the ico came when government shut telegram out of the project.
Evergrow does look like an interesting project and it’s market cap is pretty low compared to the top ten cryptos. But be more careful with low market cap, less popular coins. They offer more upside potential but the risk is more too.
Nonetheless, I personally believe if crypto is not the future (because quantum computing is coming) then it’s an important part at least for the next decades. So I’m more into blockchain for it’s future potential and that guides my decision on the projects I bet on.
In the coming months, when I start to generate stable income, I will be looking more into icos and buy less popular coins of new projects. But being aware of higher risk, I’ll only use money that will not affect me if I loose.
When I told my friend (I bought the house in collaboration with) to buy crypto two years ago, he had all sorts of excuses to not buy. At that time Bitcoin was 4000€ after dropping from 17000€. He finally bought some last year, but the short term benefits temptation got to him. He started speculating with coins and terms he knew nothing about like liquid swap, etc. I told him to only do staking and other safe ways to earn, he didn’t listen. He wanted to experiment. He lost everything.
Good to know you’re really investigating it. I can assure you it’s possible to never loose in the mid-long term. If you have any questions, even if you want to do short term trading, you can ask me.
My main recommendation is still to generate stable income somehow and invest your spare money in projects that are packed with value.
As I said, I bought 400ADA just yesterday at 0.85€. Even if the price goes down to 0.1€ I will not bother partly because it will eventually go back to 3€ like it was some months ago and partly because I can survive if I were to loose the money.
Sh*t coins like dogecoin (I have some dogecoin btw) or Shiba inu can definitely go up but how they will do 20 years from now is anyones guess. Two years ago, besides the scam project I bought into, I bought many coins just because they were cheap. Most of them died out and were delisted from the exchange I bought them from (Binance) I can’t even withdraw some. I imagine that will not be the case with dogecoin or Shiba inu based on their popularity but they can’t be compared to Bitcoin (which has been accepted as a legal tender in a country and more to come) or ethereum which has been used to build many applications used by millions of people today.
My point is, no matter how cheap and promising a crypto project is, more importantly is to find the true value it provides. The problem it solves. And the partnerships it has.
I’ve seen people avoid it because of fear and others jump in then make wrong decisions and loose. Yet it’s so easy to gain.
Yes, I still use Binance. I’ve compared price with other platforms and Binance appears to be cheapest. I considered buying directly from a wallet (metamask and Yoroi) but the fees are 3x higher than Binance. So for now I stick to Binance. If I get more income and interned to buy regularly, I’ll look more closely into other options.
I don’t mind the fees because I buy crypto to use it. It’s easier to move money across borders in cryptocurrency. And way cheaper. To send euros to Nigeria, last time I checked, black market fee was 3–5€ fee to send 100€. And you loose even more in exchange rate. Now, buying crypto, converting fiat currency to cryptocurrency is much cheaper. And once you have the cryptocurrency, moving it around is so much cheaper. For example, you can send any amount of ADA for 1ADA as fee. To protect against volatility, buying stable coins works too. For the sake of investing, buy with lowest fee possible but fees becomes irrelevant if you invest appropriately and your investment doubles. For the sake of frequent trading, fees becomes more important. There are platforms like Robinhood that doesn’t charge any fee but there are rumors that it makes money buy selling at higher price. I used DEGIRO for trading and the fee was quite low in some cases. Maybe it’s even free now.
I started trading with an online bank platform. But the fees were unacceptably high. Since I was trading with very little cash, sometimes the fees will actually cancel out my profits so I looked for other platforms and ended up with DEGIRO whose headquarters is in the Netherlands where I was living then.
Precisely, the potential is enormous. Some of those platforms are already integrating blockchain. Mastercard for example. And I think PayPal also accept cryptocurrency now. Those that don’t evolve will be left behind. I, for one, am already setting things up to maximize the use of blockchain when feasible.
Ripple blockchain is said to have been developed for financial institutions. So, even as it’s more centralized than others, it does offer other blockchain benefits.
There are blockchain cheaper than cardano btw, I only mentioned cardano as an example. So yeah, the future is blockchain. That’s the impression I got when I discovered it 3 years ago and everyday I’m more convinced. From logistics and distribution systems to tracking educational records and presidential elections voting, complete transparency while offering security and being inmutable, no space for fraud and corruption.
You should worry more about what will happen to governments when DAO becomes widespread 😄
I don’t think it will in the short term, but I do see DAOs as the future.
Things to consider.
AI automation: robots working on factories, driverless cars more efficient and safer than human driver, robot performing surgery better than human doctors and eventually becoming better at diagnosing a desease than a human doctor can, automated shops, automated customer service, digital school with VR learning and simulating practice environment risk free, lab produced food (including meat)
This is already possible without blockchain and I believe blockchain will make AI more powerful and efficient