Bitcoin Wallets – Crypto Currencies SpeculationIs anyone in this community speculating on Bitcoin and other crypto currencies? I’m starting to learn more about and curious about your thoughts and experiences with it. Do you know what is the best wallet to have to hold multiple types of coins, i.e. Bitcoin, Litecoin? What exchanges do you use that you feel is secure?
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I’m getting into it. It’s quite complex I’m finding. I started with GBTC which is the one on the stock market so that was easy. It was up 300% before the recent dip. Then I’ve read it’s a mistake to invest in this, safer to buy cryptocurrencies directly. At the moment the Palm Beach guys with Teeka Tiwari are all over the internet. $3000 and he’ll tell you what is his choice as the next bitcoin. Do you get a number of them that are out there for pennies on the hope of scoring big or do you go with the ones in the $300 range like Ethereum which recently had a disaster. Teeka Tiwari has an excellent description of what cryptocurrencies are and how they can change so many areas of our lives. That you can get for a few bucks, but not his reveal on the big one. It’s not Thinkolater time as he’s not spreading any clues about his choice.
Like many … I’m just starting to make some sense out of the cryptocurrency world. I’ve been in the accounting field for a lifetime and struggling to understand the eager acceptance of value of the crypto on exchange. On the surface recording a transaction in Bitcoin would be no different from dollars. But the risk in using Bitcoin (or any crypto) appears to be much different. It seems to me the value fluctuation risk would be unacceptable. I’m not providing as a criticism … just trying understand. This would seem particularly meaningful in the case of large retailers (who I read are gearing up to accept Bitcoin). From all I’ve read about cryptos thus far … the only way I can understand it’s value is to see it stated in U S Dollars $$$. Now I know it can be stated in relation to other currencies or other sources of value for exchange … but for me … it still comes back to dollars … good old U S dollars $$$$. I also know any accepted form of exchange is subject to price / value fluctuations. But on any given day … these cryptocurrencies have enormous fluctuation risk … UP or DOWN. Again … I’m just trying to make sense of it. Plenty of people out there much smarter than I who are experts in dealing with the risk issue and … at the end of the day … I just want to be invested in this movement. It’s headed for mainstream acceptance and still in a state of infancy. I just can’t seem to wrap my head around the basic accounting issues … but again … I just want to invest in crytocurrencies not buy merchandise with them. So then the problem becomes … who the heck do you turn to as your trusted advisor on what cryptocurrencies to buy for investment and/or the new ICO’s to come ??? Anyone have any advice regarding same ??? I’ll take all the help I can get !!!!
Yes, the wild price valuation is why cryptos are not particularly close to being adopted as a medium of exchange on a commercial scale — though as speed improves that might gradually go away as a problem (if you can change to bitcoin, send the payment, and the payment can be shifted back to dollars or whatever other currency within a few seconds instead of fifteen minutes, for example, then the volatility matters less). They aren’t trading as currencies right now, widely accepted currencies don’t shift in value that quickly… they’re trading as speculative hard assets, oddly enough, like gold. That’s what worries me. I think blockchain will be revolutionary for the financial and investing worlds, at least, and perhaps for commerce as well, but I sold my coins because I can’t get my head around what makes sense as a valuation when the coin holders don’t own the technology.
Hey Travis. I am trying to subscribe to comment thread for this, but it keeps coming up “OOPS, WE CAN’T FIND THIS PAGE” Same thing for Palm BEACH CONFIDENTIAL discussion. I am ok for other threads.
Can you look into it?
Thanks
Volatility is indeed extreme with much of the most recent rank speculation coming out of S Korea. In addition approval of futures and hedging activities in the US and anticipated hard fork(Not effected) contributed to the recent run up (and down) in BitCoin. Ultra low cost transaction costs and increasing acceptance in non traditional commercial enterprises (as marijuana sales increase) make a compelling argument for continued rapid growth. Unfortunately initial coin offerings will cloud the value equation. I like Bittrex and Poloniex and am partial to trading view.com for graphing.
Best of luck – invest no more than you would for a short vacation in several of the better known coins. At worst you’ve entertained yourself for hours while learning about the new fintech – at best you’ll enjoy some amazing return on your cash.
Yes I am. Stay away from Bitcoin and instead buy bitcoin cash.
I have invested a little over 10 K and it’s been a roller coaster ride in the last 6 months…. I started backwards, Bought cheapest coins with largest circulations, then medium range, and now I am into lowest circulation with high $ volume,
I use Coinmarketcap is a good place to check swings and prospects quickly….
Started with coinbase, now have hitbtc, yobinet, conexchane, cryptopia, livecoin, coingather, bittrex…. have over 100 different coins…..final veredict…
if you don’t risk u don’t GAIN…. invest what you can loose and wont hurt your budget…OF COURSE i don’t want to loose any money !!!!
so far i am up +- 100 %…. is good enough for me… for 6 months…
outlook looks …. (also have stocks and real state :0)…)
sooooo diversifyyyyyy!!!!!!
I like to use a hardware wallet (nano ledger S) to keep my crypto currencies. Bitcoin, Litecoin, Ethereum, xrp and some other alt coins are supported. The security features are explained on their website. The low down is you need the physical nano ledger s to access your coin wallet and you must confirm transactions physically on the device. I use gatehub as my primary platform they offer ether, Bitcoin and xrp, kraken is reputable they offer a variety of alt coins to trade. I don’t buy coins unless they convince me they have real economic value, solve a problem and I can get in early which really narrows them down to 2. My biggest gambles are xrp and frd both are trading under a dollar, both of them are to hold for a few years. In no way would I ever consider crytpos an investment. Welcome to the crypto casino.
I just started into this a couple of months ago and there’s so much to learn! I think that since the crypto market is so volatile, it pays to be patient and not let FOMO (Fear Of Missing Out) get to us. I did end up purchasing a Trezor hard wallet and use MyEtherWallet for Ethereum and the supported coins.
Would split it with you. Time is short.
So like many of you I am just trying to understand this market. I’ve listened to Teeka Tiwari’s Palm Beach Confidential pitch. My question is is there any other service/subscription that has great teaching videos, articles, etc. that will help understand this market? Thanks!
Udemy has a number of inexpensive crypto courses – https://www.udemy.com/courses/search/?q=cryptocurrency.