The Crypto Rollercoaster

[LemonSwan]

Hi all,

I have decided to take the plunge and start investing in Crypto.

Pretty hairy experience and thought I would make a thread to see if we can get other MN crypto investors all together for moral support while we ride the rollercoaster.

Any one out there?

Fun innit!

Well I hope so :)

Hope I am not too late to the party. We will see.

Have you been onboard a while Cailleachian

Hi @LemonSwan I've been thinking of doing her same. On what platform have you invested and how much initially?

Woo green day today

@LMW1990
I am on etoro which I think is easy for beginners. But the more I learn the more I am realising its not the best place to be. Its more expensive to buy and they only guarantee funds up to 28k. So short term thats not going to be an issue at all! But I have realised long term if I wanted to keep adding to it and it goes up as much as expected that might be an issue and its better to hold your own in a wallet.

I did a couple of buys which were each less than a satoshi of Bitcoin (the smallest recognisable unit), so I cant transfer to a wallet if I wanted to anyway!

Something to bear in mind. Either choose a platform with a higher insurance or make sure that you buy at least a satoshi in each trade so you can transfer if they become valuable later and you want to move them to a private wallet.

Is there a minimum cash amount? I've got £100 to invest.

Do you just buy it or do you keep Doing Things with it?

Savings - buy low sell high. Repeat.

I started a month ago, invested in Bitcoin and Ethereum, using Coinbase as the exchange. Must admit Ive become a tad obsessed with it! Reading up tonnes of info and found some useful Youtubers for news/advice, like Investanswers.

OP are you buying really tiny amounts, how much are you buying at a time?
I also use Etoro and it works well for me, I buy and sell and pocket the profit.

@Tarzaan

Is there a minimum cash amount? I've got £100 to invest.

There is no minimum cash amount to get started in crypto.

If you download a wallet, you can even pick up some free crypto (look up faucets and airdrops).

I wouldnt recommend e-toro. Its not actually crypto that you are trading there, you are trading crypto derivatives (legal grey area) so you cant actually withdraw the crypto, you always have to withdraw in fiat.

I havent really figured out what I am doing yet. I bought some and then when it was green got really excited and sold. Then I realised I was an idiot and wanted to buy back in again and basically nulled all the wins.

Not got a huge amount in there as obviously terrified the whole thing goes poof. But obviously if it continues to go up I will kick myself for not putting more. Such is life.

Unsure what to do as a plan.

I haven’t invested but it sure sounds interesting. Also, when does one decide to sell and how is it really done? I think cryptocurrency means it’s not a physical currency right?

I put some of my savings into crypto last October.

I'm using Binance, it's an easy platform to use but I k ow coin base is also good.

If you know nothing about trading and it's an extremely technical business I wouldn't recommend you be 'trading' at all.

I suggest you invest in Bitcoin, Etherium and maybe some other large cap alt coins such as link or polkadot. Then leave it, buy and hold as they say. Trading with no knowledge in an extremely volatile market such as crypto is a really easy way to lose your money fast.

My DP trades but he has learned obsessively for the last 9 months spending hours each day listening to you tubers and following Twitter and a whole bunch of other and he is only slightly ahead of me and mine which I basically bought into last year and did almost nothing with.

I suggest starting with bitcoin and ETH and then finding projects you like and think will have legs in the future and using your profits to buy into these.

Don't buy into any scams offering to help you make money.

Think about dollar cost averaging where you put some of your weekly/monthly savings in. Don't worry about the price, and remember it's impossible to pick the top and bottom of the markets.

Only invest what you don't need.

Also depending on which country you are in, you'll probably have to pay CGT on anything you make, that includes for example using profit to buy another coin. Not just withdrawing as fiat.

Ooo you must have done very well indeed beingsunny

I am a lot late to this cycles halving bull run but still up 15% in a week.

Hoping it will run to Sep/ potentially Dec. Not sure if this year is the year we break through and dont have a crypto winter or not - due to potential hedge funds investing in summer.

Hence I have no plan yet.

The concept of it all is kind of messing with my head. This surely cant be so easy. (I know it is - I had a few friends from uni who are more than made for multiple generations). I am just confused about it as a long term thing, like if every one is just putting their money in and its growing at such a rate then will this be able to pull people out of poverty in foreign countries or will this just cause huge inflation.

Curious to know more about how to invest. What do you need to sign up with Binance or Etoro?

How can you learn about trading strategies? Can anyone recommend a book?

@LemonSwan Those uni friends must be real risk-takers to have made enough from investing in the early days. What kind of amounts did they cash out?

I invested a grand total of £30 with Revolut on Bitcoin and now have about £160s worth of the same without withdrawing any or investing more. It DID go down to £18 at one point. I did the same with Ziglu, so I have probably about £200s worth of crypto at the moment. That's probably as much as I feel comfortable with, although, as my partner keeps pointing out, had I invested £10,000 instead of £30, I'd be sitting on £55,000.

Haha thats what I do in my head too riceuten

What if I put in x amount. 10k, 50k, 100k! I would be super rich.

I do not have the guts though

I buy and sell quite large amounts (25k) and transfer any profits into my current account.
I used to trade banking shares and went through all the scenarios ‘if only I’d bought, then, sold then, bought more’ etc etc. Now I don’t say that to myself, I don’t have a crystal ball and I say to myself anyone can read a graph and say oh if I bought them and sold then I’d have 20k or whatever but did they do it, no they didn’t. Any profit is good. The psychology of it all is really interesting.

Id love to buy bitcoin but dont know where to start

I bought some Cardano (ADA) at 35 cent and they’re now at €1.09.

Ethereum cash was sky rocketing today! What insanity.

Up 50% in a day!

If only I had put more than a token amount in that one lol. Even when your winning at this crypto game you are still filled with regret.

@diverblue

Stupid amounts. They are all richer than Prince Harry. Put their student loans in right at the beginning.

I fucked up all but one of them. Think never having started your career or worked and struggled - so they spend their time searching for the greater meaning in life - perpetual gap yahing and inward soul searching. Sounds great but honestly only one of them came out ok.

I invested £18 in November 2011 at time I didn’t think much of it just interested on the technology of it as I was at university on a computer science degree. I bought 4.3 coins
Little did I know that would be life changing!!

2018 hype I sold a little ( around £20,000)

March 2020 - Bought an other coin at £4200
April 2021 - Sold 2 coins at £45,000 a coin, it’s so volatile I couldn’t take the risk anymore also bought my car using Bitcoin (crazy time!!)
I still have around 2.75 coins, I’m going try and keep these long term but I do buy and sell some times depending on the market.

LondonMiss that’s amazing, well done you!

Do Binance still do referral codes, & if so does anyone have one I could use?