How can I start investing in crypto?

[boolean]

I'm totally lost in the idea itself of crypto. Here are my questions:

1. How does crypto work? How do you "mine" money from the internet? How do you obtain crypto currency?

2. What is the Currency Conversion section here for? How does it work? Is it investing?

3. If I use a trusted BTC/ethereum/ltc seller and I buy bitcoin, is that considered investing?

4. How do I invest on my own? What websites/wallets can I do research on?

I know it's a lot, but I'm seriously completely lost. I've tried doing research, but I don't understand what I'm reading. I'm not a tech genius; that probably explains it.

Please don't offer me crypto rates here, I'm not interested right now!

 

[Buzzzzy]

I’m no expert but the basis of the crypto currency is the supply and demand aspect of it. If you understand economics, you’ll know that the higher demand there is for something, the more people will pay for it. This is the same, I’m not entirely sure how it’s obtained, and I’m pretty sure there’s not even a practical use for it, the only thing it does is hold value. This means that people want to buy it off you because other people want to buy it, so this drives the price up, but keep in mind it fluctuates a lot. When you buy and sell it, you can flip profits because people believe the price will increase so they invest in purchasing it or invest in equipment to mine it.

 

[powerpig]

1. Crypto work as a demand/supply currency as a market and fluctuate a lot compared to a stock market. Thus, the risk of investing in Crypto is a lot higher than if you would invest in a safer stock such as Apple, Amazon, Google etc. There is two way to obtain crypto, either by mining or by trading. Mining can happen in different ways, only that is hard to explain in a short brief information. Read more about it here. Alternative, you can obtain by trading like I mentioned earlier. If you want to obtain that way, which is also the easiest way. You have to use a Crypto trading website to first add amount of money in USD or EUR (other currencies probably work also). Then you can buy crypto with those money you added. NOTE! That every crypto currency (i.e. bitcoin, litecoin etc) has different wallets. A bitcoin wallet cannot server as anything else than for bitcoins, you cannot insert EUR/USD/another crypto value into that wallet.

3. Crypto in general is some kind of investment, but not a good one i'd say. It fluctuate to much, and the risk is way to high. But if you are willing to take those risks, and if your lucky, the crypto you invest in could boom up easily. But also lose all of its value in a similar way.

4. I'd say the wallets and best trading platform is Coinbase, Binance and KuCoin. However, I recommend Coinbase if you consider going into crypto, they are the most reputable company out there in the crypto world. Also, they only use the big coins and not the ghost coins which has higher risk of losing all of it's value.

Just be warned, anything can happen in the crypto world. This is just tips I provide to you, not any action on what you should or shouldn't do. The risks are really high of losing everything you invest into crypto. Goodluck!

 

[Ghast]

Crypto is crashing. Don't invest.

 

[boolean]

1. Crypto work as a demand/supply currency as a market and fluctuate a lot compared to a stock market. Thus, the risk of investing in Crypto is a lot higher than if you would invest in a safer stock such as Apple, Amazon, Google etc. There is two way to obtain crypto, either by mining or by trading. Mining can happen in different ways, only that is hard to explain in a short brief information. Read more about it here. Alternative, you can obtain by trading like I mentioned earlier. If you want to obtain that way, which is also the easiest way. You have to use a Crypto trading website to first add amount of money in USD or EUR (other currencies probably work also). Then you can buy crypto with those money you added. NOTE! That every crypto currency (i.e. bitcoin, litecoin etc) has different wallets. A bitcoin wallet cannot server as anything else than for bitcoins, you cannot insert EUR/USD/another crypto value into that wallet.

3. Crypto in general is some kind of investment, but not a good one i'd say. It fluctuate to much, and the risk is way to high. But if you are willing to take those risks, and if your lucky, the crypto you invest in could boom up easily. But also lose all of its value in a similar way.

4. I'd say the wallets and best trading platform is Coinbase, Binance and KuCoin. However, I recommend Coinbase if you consider going into crypto, they are the most reputable company out there in the crypto world. Also, they only use the big coins and not the ghost coins which has higher risk of losing all of it's value.

Just be warned, anything can happen in the crypto world. This is just tips I provide to you, not any action on what you should or shouldn't do. The risks are really high of losing everything you invest into crypto. Goodluck!

Thank you so much for taking the time to write a detailed response! I think the safest way would be to invest in stocks.

 

[powerpig]

Thank you so much for taking the time to write a detailed response! I think the safest way would be to invest in stocks.

Yeah definitely! Bitcoin, which is the biggest crypto have been declining since Dec 2017. All of the crypto is following the trends! Lmk if you wanna have discussions about stocks etc Always fun to discuss with others what they think about certain stocks!

 

[Zeiyon]

I wouldn't recommend investing in crypto, at least not as it is right now.