Cryptocurrency - where to start

18
Found 14th Dec 2017
Does anyone invest in cryptocurrency? My father in law invested in ripple on Monday and it has quadrupled in value as of today. I am so interested in getting into this and I have a bit of spare cash to invest should I choose to. However, it is a minefield out there and I don't want to throw my money at any thing.

I have begun my research and can see that there are so many sites out there with conflicting info.

Does anyone have any good sites to research from, where is the best place to purchase from, what are the pitfalls or things to look out for?

Any advice would be greatly appreciated!
Thanks
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That's a load of rubbish with due respect to your father in law . The crypto currencies have basically trodden water this week . 8 years too late in my view to make big bucks . The other thing is buying and selling : its not a fluid market so the bid/offer spread can be massive (or non existant ) and dealing fees /commissions are off the scale .Most of the problem is the herd instinct - folks have got to tell others they have made a killing (on paper) so others pile in - Commonly known as a "Bubble" .

We have all met a gambler or fruit machine player who loses regularly , but admit it ? But they always boast when they win .

By all means research it , but even if the value drops by 50% it doesn't mean its a buy as there is no intrinsic value , apart from maybe to Money Launderers , Criminals and Drug dealers .
Edited by: "rogparki" 14th Dec 2017
If i was told my investment had quadrupled in its first week i would be very suspicious.
Original Poster
Sorry I mad a mistake by saying it had quadrupled, it had just gone up by over three times. He bought at 24 cents and it went up to 87 cents around half an hour ago. I have been tracking it online so I know he is not lying so if he sold it I guess he would have made a decent amount of money in such a short space of time. However, he is in it for the long haul and wants to leave it there but I was after some advice really about the best places to research and such.
I think the Ripple tripled in value rather than quadrupled.

I agree with all the points above, those chasing short term gains are more 'gambler' than investor but that is just my opinion.

If you do have some disposable income and do want to invest I would encourage you to look at the smaller cryptocurrencies, read into the technology behind the currency, who founded it and what institutions are backing it...before parting money.

Sites to consider:
Coinmarketcap - performance or top 100
Etoro - An exchange although it has no wallets, I would only use this site to trade virtual currency and read the desperate comments from users as it adds a bit perspective and is sobering (I would not trade with real money here as their fees are high)

In terms of exchanges - you need to consider how secure your cryptocurrencies are, trading fees, deposit fees (exchange rate of foreign currencies USD may influence this), where the exchange is based (Asia perceived as higher risk). I am not going to recommend an exchange as it will depend on your needs but the main factors above should form part of your decision.
Edited by: "Sagz" 14th Dec 2017
Original Poster
thank you, that is very informative and yes it did triple, or just over that but it is dropping back down again now. It is something I definitely want to dabble in and it is not just to make a quick buck. I am sitting on some money and I just feel that I could afford to put some into a cryptocurrency but obviously I want to make the best decision.
Recently bbc money box covered this in a podcast.. So did Martin Lewis on his bbc podcast.. Go listen to them both.. I nearly bought 100 bit coins in 2011.. Decided against it.. That's all I have to say about it..
Edited by: "wayners" 14th Dec 2017
Coinbase is expensive, use kraken if your not in a rush but you will need to prodvide ID.

Have a browse for cryptos. Look for low market caps but beware there are scam coins that are pumped and dumped.
wayners22 m ago

Recently bbc money box covered this in a podcast.. So did Martin Lewis on …Recently bbc money box covered this in a podcast.. So did Martin Lewis on his bbc podcast.. Go listen to them both.. I nearly bought 100 bit coins in 2011.. Decided against it.. That's all I have to say about it..


100 of them back in 2011 would have cost you about $30

Today, 100 Bitcoins are worth well over $1.6 Million.
Edited by: "zirk" 14th Dec 2017
For me, I'd stay away from storing any coins with online exchanges if possible(although may be ok to get going with small amounts). Too many dodgy stories/reviews. Nothing stopping them going out of business tomorrow/disappearing with your cash/not able to withdraw/high fees etc etc. Not saying it will happen but just too risky for me. I had an issue with Blockchain and they would not reply to my emails at all, to this day I've still not received one reply. So I deleted that account. Similar story with coinbase.

I've went with desktop wallets mainly. I then mainly store the details offline after purchase. I'm not in it for short term gains, just investing over as many coins as I can for the longer term.

Sites like etoro you don't actually own any coins, it is basically betting if the value goes up or down. Good for short term. Not sure about them in terms of security, I know people who use it without problem but there are also a lot of terrible reviews out there.

I buy from UK sites, mainly Bittylicious. I wanted as much security as I could find and didn't want to go to sites based in far away lands. Not that it's necessarily any safer but I've had no problems thus far.

At the end of the day, it's an unregulated business and incredibly risky and extremely volatile.

Only invest what you would be willing to put down the drain is what I'd say.
zirk58 m ago

100 of them back in 2011 would have cost you about $30Today, 100 Bitcoins …100 of them back in 2011 would have cost you about $30Today, 100 Bitcoins are worth well over $1.6 Million.


Listed to Linux outlaws at the time. Brilliant podcast where they did an hour on bit coins explaining everything. Probably still available to download. Think they were $3 each.. I decided not to waste my money.. What a plonker!
Edited by: "wayners" 14th Dec 2017
wayners5 m ago

Listed to Linux outlaws at the time. Brilliant podcast where they did an …Listed to Linux outlaws at the time. Brilliant podcast where they did an hour on bit coins explaining everything. Probably still available to download. Think they were $3 each.. I decided not to waste my money.. What a plonker!


Hindsight is a wonderful thing eh...

Here's a question for you, imagine you did buy them at 3 bucks a pop, when do you think you'd have cashed them?

Can you imagine them hitting a hundred quid or even a thousand? I doubt many people would have held to get to where it is now.

If my $300 initial investment reached 100k I think I'd have done well to even get to that before bailing.
What’s the next bitcoin / internet to invest in..
Find what works for you.

I use Coinbase on a iPod touch which I use as a offline device..
This is my first wallet and my first purchase was litecoin last month at £59, so the fact it is at £200 am happy.

I did test the app first making a small purchase, then selling and withdrawing which worked.

I have now purchased a ledge nano s which is one of the most safest offline devices.

Anyway do a lot of research and you will be fine. It’s all trial and error.
The temptation to make a lot of money fast is drawing a lot of attention, but there is so much corruption and uncertainty and risk of losing everything I think I'll stick with my current investments which are doing ok, but safe.
Rusty8210 h, 1 m ago

Hindsight is a wonderful thing eh...Here's a question for you, imagine you …Hindsight is a wonderful thing eh...Here's a question for you, imagine you did buy them at 3 bucks a pop, when do you think you'd have cashed them?Can you imagine them hitting a hundred quid or even a thousand? I doubt many people would have held to get to where it is now.If my $300 initial investment reached 100k I think I'd have done well to even get to that before bailing.


I would of sold when they were $700...That's when I heard another podcast( tllts) discus again in length.. Can't remember when that was.. Maybe 2+ years ago.. I considered buying 1 coin to.. Plonker again.. Lol
Edited by: "wayners" 15th Dec 2017
Original Poster
So, out of curiosity, if I saw a cryptocurrency today that I wanted to invest in - say a small amount of £100 what would be the best desktop wallet to use? I would store it on my works machine because our security is super tight.

I do have my eye on Ripple at the moment but I wouldn't purchase unless it dropped down below 50 cents but at the moment I am more intrigued about purchasing at the right time.
Check out coinmarketcap.com/

And then if you spot a coin of interest, click in to it and then click the 'Markets' tab. Thsi will show you what exchange it is listed on to buy from.
brettytopbanana12 h, 45 m ago

So, out of curiosity, if I saw a cryptocurrency today that I wanted to …So, out of curiosity, if I saw a cryptocurrency today that I wanted to invest in - say a small amount of £100 what would be the best desktop wallet to use? I would store it on my works machine because our security is super tight. I do have my eye on Ripple at the moment but I wouldn't purchase unless it dropped down below 50 cents but at the moment I am more intrigued about purchasing at the right time.


The wallet would depend on the currency. The lesser known coins either don't really have wallets or they may not be fully operational/in a beta stage or just rubbish.

If you decide on a currency then start looking up desktop wallets and watch videos and read reviews. You could check out Electrum windows wallets, they have a version for Bitcoin, Litecoin and Dash and are mostly the same although the dash version is a bit different in appearance and isn't as far along the process as it's newer.

You could also check out Exodus desktop wallet which stores multiple different coins, I have downloaded it but have yet to use it. I like the idea of it but can't really say how good/bad it is.
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