Digital Cash, assets and all sorts
* some but not all links in this post are affiliate links.
This post isn’t ment as investment advice, just some thoughts & info on the crypto space, but … Don’t invest what you cant afford to loose because there are no guarantees with crypto or any investing.
Crypto is all the talk at the moment and for very good reason. Its not un heard of to see 30% gains in a day or 60% in a week .. that said though, you havent missed the train yet, this is all just getting started with extremely low adoption rate and use cases tipping point is still coming.
It is a volatile market though so expect ups and downs. There are days when the market corrects and drops 20% and some people will cry bubble crashing but when the gains have been 300% for the month, a 20% pull back is normal and to be expected. Dont try and buy all the lows and sell all highs unless you very lucky, know the markets or looking to loose your money because at some point you will end up on the wrong side of the market.
** Check out BAD BITCOIN for a heads up on scams and so on ..
Couple of things you need.
1) Spare money – Don’t invest what you cant afford to loose!
- Ice3x – Can buy and sell Bitcoin, Etherium & LiteCoin
- NO mobile app, only online web platform
- Luno – Can buy and sell Bitcoin & Etherium
- Has a mobile app and web platform
- Alt Coin Trader – Can buy and sell Bitcoin, Bitcoin Cash, Bitcoin Gold, Etherium, Litcoin, Namecoin, Ripple, Dash & Zcash
- NO mobile app, only web platform but has a few coin option to buy, sell and hold so we like this one.
- Do some homework on the coin you invest in, check out the use cases for each and know what you putting your money into.
- Coinbase is another large exchange but no available in South Africa 🙁 at the moment.
3) Online wallet ( hot wallet ) – place for your coins / currency online – Xapo is a great option but the exchanges above can hold your crypto as well. Wallets do offer better protection. Xapo mentioned here offers a “vault” which is there version of an offline storage.
4) Offline wallet ( cold storage ) – for safe keeping of your coin. There a few way to do this, one is a hardware wallet and this involves a USB liek device that stores your keys to access your coins. Two of the better know are Ledger and Trezor.
You might know of or want to buy some crypto that isnt available on local exchanges and for this one of the services you can use is Changelly. Another option is to use on of the multi currency online wallets like Coinspot.com.au or Freewallet.org and send some support currency to the wallet and exchange it inside the wallet. Coinspot seems to have a wide variety of cryptos and has thus far worked seemlessly for me, but i do use all 3 personally.
So you registered on one of the exchanges, verified your account and allocated some money to invest. You’ll need to EFT the money to the exchange your have registered with. Do some home work on the coins you are considering investing in.
Bitcoin is the biggest and was the first of the coins available and is still the strongest and most valuable coin available.
At the moment there are so many different coins to choose from but the top or main ones remain Bitcoin, Etherium, Bitcoin Cash, Ripple, Litecoin, Dash and so on. The use cases for each do vary so its worth checking them out. Coindesk and Coin Market Cap are good places to start but Google has all the answers as well. Invest is the ones you feel have a place .. for eg. litecoin is faster and cheaper to transact with than bitcoin. I have heard Ripple (XRP) compared to swift from the banking space. Dash, Zcash, Verge and Monero are anonymous transaction coins and will probably have more adoption as regulation starts to come into the crypto space, so check them out. Youtube is also a good source of information but there are some cowboys so dont just believe the first persons take on the matter.
If you fancy your self somewhat technical and you are looking for charts Trading View have most charts available.
… to be continued