Hello friends,
I just put 50 USD into bitcoin, 50 into ethereum, and 50 into litecoin. I used coinbase and was charged a fee for these transactions, and I will be charged a fee when I cash out. But I'm not entirely interested in making money on this transaction, more just testing the waters.
I am planning on throwing some disposable income into crypto currencies each week, and am wondering if you have any advice on how to buy / things to read / understanding and avoiding any pitfalls in cryptocurrency.
>>2288459
Before you buy a coin read up on any news you can find about it. Check out the members of their team, what their vision is and why they're making a coin. Theren you look at the graphs and connect the dots, you might see a dip when the Bitcoin market dips, when the devs release news it can cause fluctuations. You buy when the coin is in a stable low point and there's developments being announced in the coming weeks or so. Also look at the ask and bid orders on your respective exchange to see when theres a big sell wall ahead of you or when there's little support below the current price. There's a lot of coins that are not going anywhere but you'll be able to avoid them if you take these tips and keep learning.
>>2288531
thank you mate. do you have any opinion on exchanges? should I be striving for maximum independence, i.e. looking into managing my own wallet?
i am wondering how many people believe in the technology and future stabilization vs how many are using it purely as an investment tool
I'm just watching this thread because free knowledge is valuable.
>>2288579
agreed. i think there is a lot of resources of this nature on reddit's crypto boards, but i like this board a lot and am looking for advice from people who have been in similar situations / did not really know where to start
Is coinbase really the only semi decent place to buy with USD without wait weeks for verification?