How to trade Cryptocurrency
How to trade Cryptocurrency other than Bitcoin, i get asked that question quite a lot. Many people feel like they missed the BIG explosion in Bitcoin, when they enter the market at Bitcoin price of over $10 000 a coin, its easy to think that perhaps the gains will never be as much as people that invested at $1 per coin.
Is it too late to Invest in Bitcoin
I can assure you, it will never be late to invest in Bitcoin for as long as we have this “parabolic growth curve”. Its irrelevant where you get in, you will benefit from the growth curve of Bitcoin – in direct proportion to your initial investment.
When i started Bitcoin investing, the Bitcoin price was just passing the price of Gold and it made news headlines – how could this imaginary virtual coin be worth more that an ounce of Gold? Critics were sure – the bubble was gonna burst soon. At the time i thought, is it too late to invest, should i find other alternatives, maybe Ether?
Had i put money in Ether then, i would be richer today, because Ether grew faster than Bitcoin this past year. So maybe, its never too late – i am still sitting on 10X returns . . . . but i could be sitting on 100X returns instead, hmmm? If i can find the next Ethereum, that next coin that will grow 10 000%. Yes it possible in Crypto, very possible.
My favorite picks for 2018
I have many picks for 2018, if you follow our Facebook page: We are tracking two parallel portfolios for 2018. My top 10 picks (In no particular order) are: Tron, Qash, Cardano, EOS, Stellar Lumens, Enigma, VeChain, Siacoin, Bitcoin and Ethereum. There are other great coins not included here – like Golem, Wax, Binance Coin, Walton etc.
I have a combination of tokens and coins, most of these projects are in their early stages and there is no real products. When you buy them – you are investing in the team, the idea, the concept – you are taking a gamble that the coin will be significant enough to make you a lot of money. There is the element of “the bubble” — where i think, any coin you pick will grow at this stage, so we are in good times, let us now discuss my absolute top picks, the one coin that i think can go 10 000% and make you very rich, like those people that invested in Ethereum when it was $1.
Qash – Definitely on top of that list. This coin has the right team behind it – the Quoine exchange in Singapore – people with years of experience in traditional Fintech markets and Cryptocurrency exchanges. They want to build a worldbook of exchanges creating liquidity for Crypto Exchanges on a global scale. They are not designing a product for individuals, but for exchanges. Bitfinex, Binance and CEXIO have already partnered with them – these are the BIG exchanges, so yes. This coin is going to be BIG in 2018 – if they can pull off half the milestones they have on their white paper.
Cardano – Generation 3 blockchain. need i say more – imagine an improved Ethereum without the limitations cryptokitties exposed. A limitless platform for Decentralized Applications and anything else you want. Multiple layer solutions with better security in the programming language – using functional programming (If you want it) or you can use a simplified programming language (If you want it) to build your decentralized apps. EOS could be competing in this space – but they are still an ERC20 token, given credibility by the founding team members, EOS could be huge, Cardano already has a blockchain and wallet.
How to trade Cryptocurrencies – other than Bitcoins
You start with Bitcoins. Most countries will have local exchanges that allow you to change from local FIAT currency to Bitcoin. That is all you need – once you have Bitcoins, you can send it to any decentralized exchange like Binance and start trading immediately.
Last thing to remember
After buying your coins, get them off the exchange in to a safe wallet. ERC20 tokens can be stored in an Ether wallet, most other coins will have their own wallets. Don’t leave your coins in the exchange because (1) You could lose them and (2) You WILL be tempted to sell and switch between different coins to make a quick buck.
This will be a very bad idea and you will lose money. Trying to day-trade Cryptocurrency is the fastest way to lose money (trust me on this one).