What Cryptocurrency should I invest in?
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I've been hearing a lot about XRP/Ripple going up for ages but it hasn't. I read through a thread from 2017 (https://www.mc-market.org/threads/279069/) which said it would be around $100 USD but it's less than a dollar still but I might still get some just in case it does go up. Thank you for your reply
I personally feel like the reason these coins haven't gone up is because of the exist scams created by private companies promising to go public but never actually doing so. Perfect examples are the ponzi schemes from Bitconnect and OneCoin.I've been hearing a lot about XRP/Ripple going up for ages but it hasn't. I read through a thread from 2017 (https://www.mc-market.org/threads/279069/) which said it would be around $100 USD but it's less than a dollar still but I might still get some just in case it does go up. Thank you for your reply
Edit: full disclosure, I am no professional when it comes to investments or cryptocurrency in general. I simply have been following it since 2016 passively, so anything that I say is from my own personal research which is slightly limited and again, not professional
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How serious of an investment are you thinking?
What I mean is - is this a matter of putting in $100 and being like “who knows, maybe somehing will happen” or putting in $10,000+?
The thing is, cryptocurrecy is made to be a decentralized, secure, fast and semi-anonymous way to send money to anyone, anywhere. It is meant to be used for transactions, if it wasn’t, what point would there be in it?! Bitcoin has been consistently on top and is what most people use for their transactions, so of course all the major value and value changes are going to be with BTC.
Look at the disparity in value. BTC is at $7k+ currently and is at #1. ETH is at $139 or so and is at #2.
The vast majority of crypto users who use it for payments use bitcoin as it is what is pretty much guaranteed to be accepted by those who accept crypto and is oftentimes even exclusively accepted.
So basically your main options are:
1. Invest in bitcoin and hope for a huge increase, which it is known for (and also huge drops)
2. Investing in new crypto currencies and hoping something like bitcoin happens.
3. Invest large amounts into altcoins and hope that it increases a bit, thus bringing in a good amount because you put in a lot.
My thoughts on each:
1. I love bitcoin and I exclusively use it. In the past I’ve seen big gains before which I have captured by cashing out. I never lost any money, because I held what I had each time until the bull run came and got out with my gains. However, if you’re putting in tiny amounts, don’t expect much. Put in $100 and you might gain $10, lose $10 or something like that, not much point really. Such small amounts only would’ve mattered back when the value was a lot less, like under $200 or something. It will only matter in the future if bitcoin ends up having exponential growth, going into crazy high numbers per coin.
2. I am really doubtful any other crypto will ever come close to Bitcoin or replace it, at least not in the near future. Bitcoin is already what is majorly used as I said before and the second most valuable crypto, ETH is worth so much less. The best options for investing in this case would be doing research and trying to find what could be the next big thing, a cryptocurrency that isn’t a shitty copy of bitcoin, but does something better, like how ETH has fast transaction times. Perhaps privacy coins and things of that nature are worthwhile researching.
3. There is no altcoin which has seen gains like bitcoin. Unless you’re hoping for sudden massive bitcoin-like gains which haven’t happened ever before, you’re not going to make any money by putting in a little money and hoping for the best. You need to put in a lot, so an increase per coin of $5, $10, $20 etc would get you decent gains in USD value.
Going from personal experience, I would recommend bitcoin for sure. However, I don’t “invest”, I earn. 90% of my online sales are transacted with bitcoin and I hold all that bitcoin until a bull run happens, then I cash out. When you deal with bitcoin, you need to have balls, you can’t be an idiot who can’t stand seeing their value be so low and then panic sell months before a bull run happens. I’ve been through huge dumps and have seen a loss of 60%+ of my coin value, but I always held out and came out on top. At this point, a loss of $10k in value doesn’t phase me, I know it will eventually go up and there’s no reason for me to worry. So if you choose to put in significant amounts in bitcoin, my advice to you is: Don’t panic sell, don’t overthink it, don’t let your emotions cause you to lose money. Also - don’t put in more than you can afford to lose. Be ready to hold for years sometimes before getting your big gains and expect big drops in between.
I’d rather not discuss the amount I have made though, so please do not ask for an approximate amount. But my point in bringing this up is - bitcoin can be life changing and is an awesome thing. I am very happy with my bitcoin gains and I want to see others experience the same thing.
A major problem is that some people don’t use crypto for what it’s intended for, they see it as some “get rich quick” scheme and are the first ones to get fucked when a major drop happens. These big drops will always weed out the newbies who think they’ll be millionaires in a month. Don’t be that guy, be smart with your choices and be realistic. The best coiner is one who believes in what they’re doing, one who sees the purpose, utility and value in crypto and uses it.
If you get in with serious amounts, I wish you the best and hope to see you make big gains. And feel free to ask me any questions, though keep in mind: I’m no expert, just a guy who has had positive experiences with bitcoin and likes crypto a lot! (Also, I am not into altcoins and don’t keep up with them much)
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Just overall curious, do you expect btc to go up in the near future? If so by how much, I’ve seen news article and shit where experts say it’s gonna rise by hundreds of thousands within a few years, although that just seems not realistic to me
I do indeed expect a rise, by how much is uncertain. The big thing many holders have been waiting for is the 2020 "halvening".
If you don't know what a "halvening" is, here's more info: https://www.forbes.com/sites/investor/2019/10/23/the-bitcoin-halvening-is-coming/
I've been looking forward to it for quite a while and so have many other crypto users. Lots of speculation about price, including as you said, some ridiculous figures. I think the whole "hundreds of thousands" numbers are unrealistic, but something like 2017 happening again isn't out of the question, that's for sure.
If I were to buy a couple of thousand dollars worth of bitcoin, which wallet would you recommend me to use? Coinbase has very high fees and I’d like to reduce as much of the baggage as possible during conversions so I can estimate a more accurate return.
hey i dont know much about the process an all but didnt XRP already make a little peak ? is it pretty dead right now or is there info saying it will be increasing soon?
I use Blockchain
I wrote a guide on how to make a wallet on it for a cryptocurrency forums that shut down, DM me if you need help or any more info
I would definitely recommend Blockchain in general as an online crypto wallet, however I've only used it to store crypto and not to exchange it to USD. I have used Coinbase for exchanging, and nothing else so I can't make any personal recommendations, however I've heard good things about Binance and that they have very low fees, so it could be worth looking into.
I use Crypto.com , not too bad. Also there is a coin called VeChain , very very cheap right now an has not hit any peaking values. I recommend a couple hundred bucks invested in VeChain for the long run.
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