Cryptocurrency

[Wishmelucknow]

Interested in seeing if it’s worth all the hype. Been investing a small amount on PayPal but it’s seems just to trundle along - put in £80 in 4 different cryptos but seems to hover around £78 and goes down slightly and back up or has done for a week. Is it worth it? My neighbour was doing it but he major computers to do loads of data mining and he was making about £3000 per month but has stopped due to cost of electricity. What causes spikes in crypto?

Crypto is not a scam or a ponzi, but there are tonnes of scams and ponzis around crypto and there are a few key principles to learn before you get started.

First and most importantly not your keys, not your coins.

If you "have crypto" in paypal, you dont actually have any crypto, you have a promise from paypal to pay you the fiat amount of what that crypto is worth. Thats a very different thing. To own crypto you need to have the private key (or seed phrase) of a wallet that you exclusively have access to.

My general recommendations to a beginner are:

1. Start with bitcoin. Bitcoin is the most straightforward cryptocurrency, the best known and the most stable. There's lots of info on it, and its wise not to dabble in more exotic stuff until you properly understand bitcoin.
2. Get a small amount - £5, £10, 50p it doesnt matter, and learn how to the following, once you've got that mastered, you are on your way.
3. secure your private key or seed phrase
4. send some to someone
5. receive some bitcoin
6. Buy small amounts regularly and immediately move it to a wallet that you control. Exchanges are an enormous risk.
7. Once you are confident with bitcoin, maybe after a few weeks or months, you are ready to start exploring. Bitcoin Layers 2s (eg lightning, RSK, Stacks) is one way to go, the Ethereum eco-system is another, Cosmos (Atom) eco-system is a third. These are the best 3 level ups for the sophisticated beginner, read up up on them and pick your path.

Randomly picking coins from an exchange and crossing fingers that number goes up is no better than betting on the grand national. Some win bigly, most lose their shirts.

Again NOT YOUR KEYS NOT YOUR COINS.

Agree. Crypto is a Ponzi scheme. There is no intrinsic value behind crypto. It cannot be classified as an "investment". The value of crypto depends on the number of "wallet", aka how many people you can con. This is the definition of a ponzi scheme.

People keep saying crypto is the future, the technology is advanced. It is just blockchain, a ledger system, which is an audit trial effectively. There is nothing special about blockchain.

Please don't. Put your money elsewhere. A vanguard low cost market tracking fund is a safer option if you can't think of anything else to invest in.

It’s all a scam.

Please enjoy this website:
https://web3isgoinggreat.com

Thank you, ChatGPT

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