AIBU to ask about Crypto

[OneFootintheRave]

Hi wise mumsnetters. I KNOW it's basically gambling and no one really knows how the hell it really works but.....I'm only using very small amounts of money, would never invest money I can't afford to lose and it's interesting.

I use my Revolut app to buy and sell and have only small amounts in Bitcoin, Doge and Ethereum. I nearly bought some back in 2015 but back then it was all dark web and really hard to convert back to real cash.

What are the best independent sources to read about Crytpo news, new ICOs?

Surely the best way to trade would be to have an available balance and a rule set to make purchases when established coins dip? Also to invest early in something up and coming.

Interested to hear what others are doing.

Thanks!

I invested in ADA Cardano back in January when it was 35cents. It went up to $3.05 recently. I sold some to cover my initial investment, and have the rest staked. Staking earns more ADA weekly, so my total constantly increases.

OK, I am googling "staking" now @magicstar1 to see the basic principles unless you have any insight to add? 😊

What made you choose this ADA Cardano?

Be careful what you but into. There is a good podcast on the BBC called The Missing Crypto Queen about the huge scam that is Onecoin.

Coin Desk, The Daily Hodl are decent crypto opinion and analysis sites.

Don't trade what you don't understand. Of course in theory it's simple, (buy the dips, sell the highs) but the reality is that noone knows the dips and the highs, greed and fear kick in and people lose money.

If you're interested learn about trading as a skill, and learn about the world of crypto as an investment.

A very simple way to start, would be to look at the 'top 10' (see The Daily Hodl for their analysis) etc, decide yourself a small amount (that you can afford to never ever see again) and buy small amounts of some or all of them. Then monitor, learn, keep reading and watching your portfolio.

The purchases I make are because they crop up/appear in different analysis / articles and appear to have a use case outside of just being a currency. I steer clear of most alt coins.

If you are intetested in trading why limit yourself to Cryptocurrency? Trading is much easier when you understand the factors that cause prices rises and dips. If you are new to this I suggest trading FTSE100 companies where you can at least make an educated guess as to the price movements.

Otherwise you might as well go and play roulette.

I have some small crypto holdings. I get info from as many sources as possible. I don’t bother with analytics or anything like that, I just follow the chatter and then look at what projects etc. a company proposes, is there a lot of enthusiastic developer involvement, how much is available to buy compared to total, things like that. I’ve don’t pretty well also far, even the recent dip only saw me go back to the level of my initial investments.

A lot of shit coins out there and plenty of shills happy to help rip you off.

Obviously you can make £ minute by minute trading but all these shit coins are intrinsically worthless and often associated with scams.

Thanks for your insights @Nayday.

@ChaoBella

If you are intetested in trading why limit yourself to Cryptocurrency? Trading is much easier when you understand the factors that cause prices rises and dips. If you are new to this I suggest trading FTSE100 companies where you can at least make an educated guess as to the price movements.

Otherwise you might as well go and play roulette.

I do have a vanguard account as well where I can make small investments. The crypto is just super small so I can learn a bit about crypto and blockchain.

Just dipping my toe in Bitcoin and ethereum looking to hold for a few years a lot of my friends have done well from it and I’m not looking to buy and sell quickly. I’ve started with a small amount just to make sure I could get it out that was my biggest fear but Coinbase seems ok to navigate although my friend uses Crypto.com and gets 8% interest on holdings and I’m planning on splitting between the two mentioned cordano and solano.

@magicstar1
Can you explain staking to us Don't Knows?
PS I have a few quid in ADA

I invest quite a bit and have made quite a bit of money, at the moment I'm at home with my two kids and it's a passive income. I investing especially in decentralised finance, having an APY of 60-300%, good alt coins with an amazing blockchain technology behind it, to name a few:

Arweave
Terra Luna
VeChain
Fantom
Harmony
Audius

This month has already been crazy and I think it'll be crazy gains up until the end of the year, a sharp drop is to be expected to make sure you have an exit strategy and out your money in stable coins (USD backed) before the market crashes.

As always, there is risks to investment but the ones I put there are in my opinion a safe bet for the future (no investment advice, just my personal opinion).

The blockchain technology is the future, Facebook just renamed themselves to Meta - huge step for crypto and the entire market.

I invest in something high risk every now and then, the last one was that I staked £200 on gyro, I made about 50% + it's an APY of 8000% when I last checked (it fluctuates).

[quote lmpeachment]@magicstar1
Can you explain staking to us Don't Knows?
PS I have a few quid in ADA[/quote]
You basically give the people who work on the blockchain your money to use your money by staking it. You need to have a wallet, then connect your wallet to an exchange which has that currency, then connect your wallet to the website. Your money can be locked in for a few days or months. The rewards are crazy though, the APY you get is so much higher than any bank would ever give you. I staked some money in Gyro (it's high risk) and their APY when I last checked was 8000% + I made 50% as the course went up. Usually it's between 60-300% which is still AMAZING.

You're making money whilst you're sleeping + your regards can automatically be restaked so your money is making more money?