Cryptocurrencies: You in, or out?

Yep so one shouldn't play if they can't afford to lose.
But it does offer the ability to instantly transfer (theoretically) something that could be considered to have value across the globe .. without having to go to the bank, get permission to send say 100k USD to someone in Moldova to purchase a really cool 50 hectare estate in the Carpathians. Granted .. both parties have to be willing to make the swap and should probably trust each other as a bitcoin transaction is not reversible .. well at least not without a quantum computer and probably another 5-10 years.

 

Been there, done that, and lost mine when an exchange got hacked, plus an EMP or natural disaster like the recent hurricane in Puerto Rico, that has left a large part of the island without electricity, would mean you can't access your BC. So, sticking with what I can hold in my hand right now, and if I feel compelled to invest - gamble, I'll stick to playing cards.

 

Bitcoin... I would rather go to Vegas at least there is entertainment in the cocktail waitresses that bring you drinks while you lose money.

Rancher

 

In for 1 days pay of bitcoin - $150. ($15/coin in 2010-11ish Pirate Party days)
Out for 1x outback duster jacket ($300) and aboot $4000 CDN when my mom passed away.
Currently out.

 

If theres nothing of physical value then I would not invest in it.. Think the Dot Com...

 

Reasonable opinion.
Wagering a days pay - no big deal.
Just sayn and i'm blessed - not lucky.

MG

 

Tell that to a guy on my forum who has made $500,000 US since he started. (He started several years ago, buying Bitcoin.)

I do agree with you, though, regarding now NOT being the time to invest in Bitcoin. Of course, some are talking it will hit $10,000 US, or higher. I personally keep BTC, what little I actually have, for trading for other crypto.

I also agree with what has been stated about not investing more than I can afford to lose. A bit each week isn't a lot to worry about. If it make something from it, then great. If not, I would have spent that much going out to eat or a night out having drinks anyway.

The bottom line here is, if I were day trading with fiat currencies, I could gain or lose just as much, if not more, just as easily. So, it isn't really that much different, to me.

Another point here is, I believe the numbers of people dealing in crypto is going to grow significantly. At the moment, still, there is only a small percentage of people around the world dealing in it. It may or may not be the coin I have invested in that grows. But, I imagine there are cryptocurrencies that will, without question. Just gotta bet on the right horse.

 

So How do you start ?
AMEX Partners With Ripple For Blockchain Payments

 

Well, Sloth, I'll tell you how I started.

As with any and ALL ventures I am interested in, I researched. I started reading anything and everything I could on the topic, even before I was really interested in buying into cryptocurriencies. I still do, in fact.

Later, after the I-told-you-so posts in a recent thread (from the young member who made out so well with Bitcoin), I asked him for advice, via PM, for someone new getting into crypto. (Fortunately, I wasn't one of those who gave him a bunch of sh*te in his thread from several years ago, where he had forecast the considerable increase in value of Bitcoin (BTC).) He suggested I may want to try Ethereum (ETH) or Litecoin (LTC). He also let me know about a new crypto that he felt would have a good growth future, NoLimitCoin (NLC2). He must think something of it, because he had put over $5,000 USD into it, at the time of our last communication. He was going to look at it again and consider more, in fact.

I decided to put some in other crypto, as advised. But, I decided to put a larger amount into NLC2. I have been purchasing it between $.16¢ US and $.18¢ US, per coin. It is still bouncing around those prices, depending on the day / hour. But, this crypto is tied to their Fantasy Sports site. It also isn't offered on many exchanges, currently. That will change, from what I understand, around February. Once offered on larger exchanges, I imagine it will become much more popular, especially considering how many Americans are into Fantasy Sports. (They are offering other World Wide Sports, as well, to attract foreign players.)

Anyway, once you have decided which crypto to buy, you need to find an exchange, or exchanges, to use. Being in North America, you should have NO issues doing this. Being in Cambodia - well, that's another thread of its own, honestly. It took me until today (started joining exchanges on November 13th), to FINALLY be verified on two of them. On others, I am still waiting for verification!

IMPORTANT: Make sure you enable 2FA - Two Factor Authentication on your exchange accounts. A lot of exchanges will work with the Google 2FA APP. (The APP is also available for Apple's iPhone. I use this version.)

Download and install the appropriate "wallet" for the cryptocurriences you wish to purchase. They can be encrypted. (You can also purchase hardware wallets. But, I have yet to do this.)

Make your purchase on the exchanges. Your coins will be in your "wallets" on these exchanges. BUT, and this is a very BIG but, do NOT leave your crypto currencies on the exchanges. Move them to the wallets on your computer. Keep them there until you wish to trade. Then, move them to the appropriate exchange for trading.

You transfer coins from wallet to wallet, either yours or someone else's, by way of a "Public Key". Basically, it is your specific account number for your wallet. Just "send" your coins to that particular key, and they will show up in your wallet. If someone sells you coins, you can give them that wallet key as well.

Another good thing about NLC2 is, they offer an incentive for you to hold on to their coins and let them "stake". Just unlock your NLC2 wallet and leave it running while on your computer. (It will continue to be encrypted and secure. You will just have the option for staking.) It's like cash back for making purchases, man! NoLimitCoin offers 4% per year, for doing this. I leave my computers running just about 24/7/365, anyway. So, I might as well stake my NLC2 while doing so.

IMPORTANT: Back up your wallet .dat file for each wallet, in secure locations away from your computer. I back mine up to 3 different USB / external drives with encryption. I keep one with me, one in the safe, and one at the farm. Do not lose your encryption codes / keys, or your passwords. If you do, say bye-bye to all coins in that wallet.

 

Thank YOU & Great Info @Asia-Off-Grid
I just did the VPN system .
I have so much on the plate , !!!
I do ALL the High Tech things here & then back to farming work so , I'm sure like you , were spread thin ..
Sloth

 

I invest in things I can actually use like fuels, and chickens and tools and metals and fasteners and things I can use to make a living to barter with whether the dollar falls or not .
I am retired but if social security fails, I must go back to work. At he very least I can sell /trade goods and services.
If your skills require materials and you don't have them, how will you acquire them to make your self valued.
If no one has the means to make/earn coin of the realm what ever that may be, what is left ?
IMO ,having silver or gold will only be valued to those that don't need any thing else.
Silver is valued to me for use , but as a trade item ,proving it is real ,buying or selling, takes having the right equipment.
Those to whom you exchange need to be equally schooled in conducting this test.
A steel gate, or dozen eggs on the other hand ,does not require much of a test to prove what it's made of.

 

Out,I prefer to keep my wallet and wampum close and other materials even closer.

 

I would be a fool to say there are no scams regarding crypto. Lots of scams regarding credit cards and cash in the world too, wouldn't you agree?

 

Sorry. I just woke up. Not firing on all cylinders just yet, Sec.

 

This is where I should have replied with my post about credit cards and cash.