Cryptocurrency Investing in crypto currencies

[MayoMayn]

A friend of mine wants to invest a serious amount of money into crypto currencies and wants me to do it for him.

I know the basics, but I'm more more interested in hearing about what you guys have to say.

What coins would you recommend investing in, and should I buy BTC from exchange sites or actual "banks" like Crypto Pay etc?

Would it be a good way to handle crypto currency investments like you do with normal investments? Like sell it at high, buy at low and should this be done on exchange sites or in banks, or are the fees too high?

 

[Mikee]

Bitcoin like fiat money cannot be 'invested' in. This is purely a result of the fact that an investment contains some sort of asset that backs it.

An asset is something that provides future benefit.
e.g.
Bonds are an investment because the certificate and coupons are the assets behind it (in other words, the certificate and coupon provide a future benefit)
And stocks are an investment because of the assets behind the company (such as equipment, products, etc.) (these too, also provide future benefit)

Bitcoin on the other hand like currency does not have anything that provides future benefit. The only future benefit is its future value. Which is speculative in nature. So what you are doing technically is not investing but speculating on price changes. This is MUCH harder than investing. Because when I invest in a company or plan to figure whether to invest I do research. I read financial statements of that company, I read the news on individuals' opinons' on the companies' intrinsic value etc.

But since bitcoin has none of that, you are simply speculating on its future value.
Best that you can do is known as backtesting.
Which is using historical data to speculate what its future value will be.
But according to the random-walk hypothesis this will never be perfect.

My point? You're taking on a challenging task at a very weary time.
The greatest investor Warren Buffet is quoted famously for saying "Be fearful when others are greedy and greedy when others are fearful"
Since right now the bitcoin market is extremely bullish, you'll tend to preform well overall but up to a certain point. This hype will certainly die and the price will stabilize. This isn't my guess, but my guarantee.

So my advice, be careful and be smart. Understand what the market is doing and why, never make a decision just because. If there is hype then buy the hype, if there is fear sell the fear.

As far as fees, idk much about that. I'm in finance, not in bitcoin specifically and I don't plan to be since speculation isn't in my nature, since it's as close to gambling as can be.

Goodluck,

 

[Ecko]

Monero, Eth, and Litecoin

 

[MayoMayn]

Monero, Eth, and Litecoin

What in your opinion would be the best website to exchange Bitcoins into those?

 

[Ecko]

coinbase or bitpanda

 

[Sledmore]

Pretty much agree with the above comments. The main ones I'd suggest going for right now are;

• Ethereum (however this is a constant up & down cycle).
• Litecoin
• Monero
• Ripple

The best advice I can say without repeating myself a lot, is to check the whitepapers, out of the above Ethereum was backed heavily by the community. Ripple may be more widely accepted in the future (I think it is now to be fair?).

As for a cheap wildcard, I'd suggest Bytecoin, its been around since Bitcoin - but hasn't really gotten anywhere, but the community seem to be pushing it (more than the devs to be fair), however they're pushing social media right now to try and get accepted by Valve.

You can use

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for exchanging, this is the site I use to swap currency.

 

[TheRealMoonman]

Bitcoin would be pointless to invest in, given how much it is already, the payout would be minimal, if only we were smart enough to invest in 2009 however litecoin would be something i would lean towards, maybe even mbtc.

 

[Adil]

Bitcoin would be pointless to invest in, given how much it is already, the payout would be minimal, if only we were smart enough to invest in 2009 however litecoin would be something i would lean towards, maybe even mbtc.

BTC's gone from ~$6k to ~$15k over the past 30 days alone...
LTC is a good shout though

 

[Sledmore]

BTC's gone from ~$6k to ~$15k over the past 30 days alone...
LTC is a good shout though

LTC peaked at $400 today, massive jump & great to see. Though a correction may be on the way. :<

 

[Weasel]

Alright so I'm really wanting to start to work with Crypto, already setted up enhanced Bittrex account. What are good places to start getting information about speculation, and what currencies are good to invest in at the moment? Most important, the last part. Hence I'm asking in this thread.

 

[MayoMayn]

Alright so I'm really wanting to start to work with Crypto, already setted up enhanced Bittrex account. What are good places to start getting information about speculation, and what currencies are good to invest in at the moment? Most important, the last part. Hence I'm asking in this thread.

Personally I'm using

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to check real time what Bitcoins/altcoins are worth.
But it's not like equities where you can read articles on how it's going with whatever you're investing in.
I've just looked at the 24hrs change rate, whatever the last buy / sell price was at, market cap and how often it gets traded.
Here's some pretty good videos I've watched:

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