I’m a 17 year old student already with enough money saved to pay college. I have only about 500€-650€ that i earn last summer that i can spend into cryptocurrency. The thing is i don’t really know what crypto should i buy (some say Ethereum and EOS because of the its innovation, differences from bitcoin and such - don’t really understand but go along with it- but they said a diverse portfolio of crypto is important). I’ll be 18 y/o in exactly 2 months today (20th of january) and I’ll have my own bank account (so for now no spending xD).
So: What coin(s) should i invest? How should i invest (DCA or shouldnt put all my money in it) ? And when?
You should spend some time researching before you invest is my first piece of advice. Start with bitcoin white paper and understanding what and why you are investing. Secondly if your just looking to invest only 500 to 650 right now i would just put it into bitcoin in one go. 3 to 4k area would be a good region to buy in. No one has a crystal ball but that region seems like good value for long term investment. (5 to 10 years) Spreading out a dca with that small amount of fiat i dont really see being beneficial. Always potential for it to drop lower than 3k so just be aware of the potential risks.
I’m not diversified and only hold Bitcoin because that’s what i believe in and it has a proven track record. There are many different opinions revolving around this subject but that’s why my first piece of advice is to do your own research. Never invest into something just because someone said to.
GL and if you have any questions in your quest for knowledge feel free to ask. Lots of members around here that are very knowledgeable and forums are chock full of good info.
Thanks a lot for your reply.
I come from a family which had some problems during the 2008 global financial crisis and that made me (since im not a native english speaker i think the wright expression is) very “economical”, for that reason it’s a little hard spending money on something “invisible”. I’m aware that if i’m going with this, it is my own risk and if i fail i have to blaim to myself.
I heard a lot of opinions in the past days. So i’d like to know what makes you believe in Bitcoin?
@Berna_Silva what a time to start in crypto. My suggestion is start researching as there are quite a few great projects that can make you very wealthy over the coming years. I’m not here to shill you anything or tell you what to buy as you’ll pick up yourself what the market fancies and what investments make sense to you. Be very patient and start small here because the entries you’re going to see will be the opportunities of a lifetime over the coming months. You’ll be getting in when many will be giving up. Glad that you’re here and feel free to ask questions.
I like to swing trade on the longer time frames but I am a DCAer at heart which I’ll be starting again in the new year. Starting out now I would recommend DCAing maybe on a monthly schedule and increasing the frequency to a weekly schedule as the market finds the bottom. No need to rush into anything and you’ll do just fine.
Its really important to research each crypto in depth to know what you’re getting into rather than listening to everyone else, they are helpful but it should be your decision. When i was first starting to get into crypto and investing i found these really good pages introducing all of them individually as well as other stuff which is helpful. Heres the introduction and all the individual currencies are linked at the bottom. They are also a platfrom that allows you to store, buy and sell in a way that is far safer, and more professional than i have seen elsewhere.
I hope this was helpful and if you have any other questions just ask
Before investing in cryptocurrency make a research. There are few really great coins that can bring you good profit and the huge number of existing altcoins makes you dizzy. Also, some knowledge of the crypto market will prevent you from being scammed. A diversified portfolio is the most widespread strategy that partially covers the risks, but it doesn’t mean you should invest in every cryptocurrency. The best time for investment is the low price that is currently happening in the crypto market but first is research. On the question where I’d answer crypto exchange as it’s the easiest and safest way.
So was checking out a video on youtube about the inability to censure or seize bitcoin. So what if a “bad” person robbed a bank or whatever and then traded the fiat currency for bitcoin, how would we recover that money and send it to the righteous owner of it without the permission of the robber?
Thats more a fault of the legal system rather than the cryptocurrency system. If they were stored in a hardware and the person was unwilling to give up the keys theres not really anything you can do. If it was on an exchange they may be able to freeze the coins and work it out that way.
I hope this was helpful, any other questions just ask.