Bitcoin is tumbling

[Κracus]

I would use a hardware wallet if I intended to buy and hold a currency for a long period of time as I did in 2015. I pretty much just bought and forgot about it, cashed out in 2017 and bought back in slightly when prices dropped again. However, when I bought back in it wasn't for much and I just kept the coins on coinbase. I didn't think much of it till around November of 2020 and struggled to regain access to my account due to a change in phone numbers, hence my advice to avoid this at all costs. I didn't regain access to my account until January, well after the huge spike and began day trading at that point with the coins I'd purchased in 2017 that had quadrupled in price.

Day trading has been a learning curve, won't lie it's not all roses. I withdrew a small amount of coins from coinbase and swapped to coinbase pro and wanted to see if I could grow that amount. I initially went up 10% and then quickly lost roughly 50% to impatience, ignorance and few learning blunders. Keep in mind I won't lose any sleep if I lose 100% of this experiment, this is testing the waters before I get serious. In the last week I've been steadily growing up 20% from my lowest point. One day, I did the math on if I had exactly 1 bitcoin and in 15 minutes I'd have made 1,350$ profit after fee's. (I am not playing with 1 whole bitcoin)... Playing with smaller amounts you don't care to lose allows you to really experiment without emotion, I highly recommend it. Right now, I'm hopeful that in 2 weeks I'll be back where I started and continue growing from there. If things go well I might move more ETH into my day trading side to increase my daily profits.

[Doombrain]

I’ve just started with ETH. A small amount which I’ll add to each month.

I’d like to see what happens with around £1k over the long term.

[Κracus]

Good luck dude, I think you'll make out well in the long run. Hopefully you'll watch 1k turn into 30k. I have a little over 3 ETH and I have no intention of taking it out now, I'm convinced it's going to give bitcoin a run for its money.

Also things to watch for.

ETH will be halving soon

ETH 2.0 is going to release soon.

Both of those will cause it's value to increase.

I also believe Staking ETH is in the near future, watch out for that because if you're holding onto it long term this will be hugely beneficial and will compound your returns. Definitely do this if you plan on holding long term.

[Doombrain]

I’ll keep my eye on this topic so if you notice something before I do, post it...

[Κracus]

I definitely will, also note my edits above, very relevant.

[seremtan]

anyone jumped on Elon's Dogecoin hype train?

[Eraser]

Elon's dogecoin hype train? That was a WSB thing last week as well, wasn't it?

[Κracus]

Not dogecoin but I happened to be holding bitcoin when he set his status as Bitcoin and made a 20% jump in a matter of hours.

[Silicone_Milk]

Cashed out some ETH I bought when it was around $300 per to buy dogecoin, made 50% profit cashed out and thinking about putting it back into ETH.
I also have bitcoin but I'm not really paying attention to it.

[shaft]

ah, i had it in my head they were young for some reason. Going to wait for the next crash then put some spare down.

What's Coinbase like?

I wouldn't use coinbase, and if you do use coinbasepro as the fees are much much lower.

There are better options with access to more coins if youre outside the US. Try FTX or Binance.

[Silicone_Milk]

ah, i had it in my head they were young for some reason. Going to wait for the next crash then put some spare down.

What's Coinbase like?

I wouldn't use coinbase, and if you do use coinbasepro as the fees are much much lower.

There are better options with access to more coins if youre outside the US. Try FTX or Binance.

I second Binance. Very happy with them. Been using them for around 4 years now.

[shaft]

Check out ADA.

Yeah I have, there's a lot of crypto's that look super interesting like Polkadot, ADA and others. I'm currently experimenting though and I will only trade with coins that go directly against the USDC and I'm only trading on coinbase so I can only trade coins that they allow on that platform. Trading against the USDC though has thus far made it very easy to always profit. Could just be that the market is bullish though.

Yeah I had to setup an account on Kraken and transfer assets from Coinbase. There isn't an easy way to link your bank account in Kraken like there is in Coinbase. I'm considering moving everything to FTX.us or Binance.us as they have everything but im lazy and haven't gone through the verifications yet.

ADA up 108% over past month. $$$

[Doombrain]

So I plan on not putting more then £1k in over the next year and cashing out within 3 years depending.

I still can’t figure out if I’m best using a site like CB/ones mentioned above or a hardware wallet.

I’ll probably change my phone in a few months but from what I understand that won’t make any difference as my codes are on the xxxxxx site?

[Κracus]

Although I'm aware you can stake coins and I've looked at the potential returns I have not looked into how staking a coin actually takes place. If you're buying ETH I would take a minute and google how to Stake ETH or when Staking ETH will be available and base your storage of the coin around the ability to stake it. Staking in theory should dramatically improve your overall returns, especially for a plan like yours over several years.

[Κracus]

Nevermind.. did a quick read up on it and I guess they want a minimum 32 ETH in your account to stake. Nice over 2k returns yearly though on top of whatever you'd get if it goes up in price but 32 ETH is a big ask.

[Κracus]

Ok well... I guess this is a rollercoaster article. So you CAN stake less than 32 ETH on certain exchanges listed in this article.

https://www.bitcoinmarketjournal.com/ethereum-staking/

It's worth reading honestly. So yeah, I'd look into the ability to Stake your coins on an exchange. It'll no doubt cause transactions like withdrawls to take longer but if you're not in a hurry it seems well worth it with possible 17% in interest projected on certain exchanges.

[seremtan]

what an actual Doge coin looks like:

https://en.wikipedia.org/wiki/File:Bart ... ldCoin.jpg

(https://en.wikipedia.org/wiki/Doge_of_Venice)

[xer0s]

So I plan on not putting more then £1k in over the next year and cashing out within 3 years depending.

I still can’t figure out if I’m best using a site like CB/ones mentioned above or a hardware wallet.

I’ll probably change my phone in a few months but from what I understand that won’t make any difference as my codes are on the xxxxxx site?

I bought a Ledger Nano back in 2017 thinking the same thing you are. But I never used it. I had good intentions, but just ended up keeping everything on Binance. Then Binance closes everything up to the US and I was fucked. Had to VPN to move my coins. And now here I am with my coins on Binance.US. Did I learn anything? Apparently not...

[Κracus]

[lvlshot]https://i.redd.it/tc24gj3w6vf61.jpg[/lvlshot]

[shaft]

So I plan on not putting more then £1k in over the next year and cashing out within 3 years depending.

I still can’t figure out if I’m best using a site like CB/ones mentioned above or a hardware wallet.

I’ll probably change my phone in a few months but from what I understand that won’t make any difference as my codes are on the xxxxxx site?

If you want to just hold it something like a Ledger Nano is the most secure. If you trust the security of an exchange like coinbase or whatever you can just leave it sit there. Coinbase has some pretty good safeguards..2FA, white-listed withdraws on a 48hr timer and I think they might even have some sort of cold storage. Its really a personal choice on the value of the amount of coin you own.

[Κracus]

Tesla just bought 1.5 billion bitcoin.

[Doombrain]

Wondered why it jumped today

[seremtan]

Tesla just bought 1.5 billion bitcoin.

you mean $1.5bn *in* Bitcoin

1.5bn Bitcoin would cost $66tn

don't think even Elon has that kind of cash bro

[Κracus]

This gem from 2014. I make typographical errors on a message board, you make financial ones. I'll stick with my typos.

fucking magic beans :dts:

i hope you all burn to a crisp when the inevitable crash comes

Price breakdown of mistakes.

Kracus = 0$
Seremtan = 43,000$

[mrd]

Just got into investing a while ago myself... I'll probably stay clear of crypto for a bit, seems too damn volatile. In Canada we have what they (confusingly) call a TFSA - Tax Free Savings Account. It is more properly described as a tax free investment account. Capital gains, dividends, etc. are 100% tax free (as long as you are not doing stuff that is obviously beyond the scope of a personal account, like making 50,000 trades per day on penny stock futures with a computer program). But there are limitations to the amount of money you can deposit into the account. For now I am sticking to basic stocks but I will probably venture into crypto at some stage. Christ I remember when Bitcoin was mere cents per coin. I had a friend who bought a fuck load of it and lost her wallet or lost the key or whatever and could not recover it, I think it would have been worth $500k+ at this stage. Hindsight is 20/20 as they say.

Thanks for that link Kracus, Tradingview.com looks pretty mint