[dtube] Newbie Cryptocurrency Investors Will Make This Mistake...
IF (and that is a big if) Consensus 2018 really does trigger some kind of fresh bull run, then we could expect to see many new people enter the space for the first time.
Many of these people will making what is in my opinion is a major mistake by opting to invest primarily in smaller altcoins rather than Bitcoin because of how "expensive" it's perceived to be.
DISCLAIMER: This is NOT financial advice. I am just offering my opinions. I am not responsible for any investment decisions that you choose to make.
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When I first got into crypto I thought I would only buy Bitcoin. Stick to quality over cheaper projects, but there are so many other great coins. I don't think the Googles and Amazons of crypto are at the top yet, so a diverse portfolio might be a good idea.
The biggest mistake you can do as a newcomer is to jump from one coin to another, day trade or try to chase certain coin after a huge run, unless you are lucky 🍀 to get a huge profit right after your investment. Choose your coin and wait for a little dip. First buy just 10% of you total cash set aside for this kind of investment and if price goes lower, buy another 10%. I would definitely invest in ETH and bitcoin first. These are usually pretty safe investments. However, you shouldn’t invest any money unless you are prepared to loose them. Some people invest in altcoins only and actually did pretty well, some were not fortunate. Bitcoin is definitely a must. Just to have this feeling being part of it. At first, when I finally made a decision to pulled the trigger, I paid about $200.00 for bitcoin. It really felt good to have a taste. It still feels great about my portfolio, including altcoins, which has grown to a level I wouldn’t believe a year ago.
I like your post @louisthomas.
I agree with your premise here although I do caution about focusing upon crypto from a financial perspective. Too many are looking at this like stocks or commodities to roll money into and out of.
Certainly, there is a financial component to all this yet it is still a technology.
To start, to buy anything based upon a low price is stupid. If that was the case, skip stocks like Google, HD, and Amazon and go for the penny stocks...for each share of Google one can get 1M shares of bullshit company traded OTC.
The one concern I have about your approach in this video, which I will cite in a post tomorrow, is that you mentioned alt-coins without mentioning telling people to look at what is going on with that blockchain to determine if it is worth while.
If trading, look at the charts and make a decision...
If investing, see what is going on with the projects, the people involved, and what their goal is....add in the development on the blockchain to boot.
Common mistake is that it may look potentially attractive but getting the picture right. It is not the best choice to go for lower coins. It is best for newbie Cryptocurrency investors to invest in some already known coin.
Consensus 2018 may make prices go a bit higher but I believe It is a high risk, high reward world. My chip of advice is that before you dive all in on, ensure you adjust for your personal risk tolerance to make the right decision.
Once again we all have learned it at one time or another - the greed of making a quick buck from less established coins can seem like a good idea until the market starts to see red.
I see that Bitcoin might have depreciated only 60% from it's peak value but other coins like Verge which made a lot of people rich fell more than a 1000%. Bitcoin is the basis for all portfolios.
PS: I also rode the verge train but took my profits when I could
I agree with you
The majority consider the Bitcoin as a train delayed for travel so prefer the adventures in Token and ICO, but the risk of them are greater and the rate of movement of the Bitcoin stronger than them and is currently the currency controlling the rise and fall
It is difficult to give advice and guidance in this area, especially since the market this year knew the tools of many exciting news and changes, including positive and negative ones.
My first coin ever purchased was a bitcoin. Bitcoin was so tempting at that time and it was the reason I actually got into crypto. Steemit has completely opened my eyes about how huge opportunity blockchain can provide. However, I have to say I was lucky as well. Before I purchased bitcoin I was tempted to buy Bitconnect. It was being advertised on my favorite You-Tube Chanel’s so much, that it was impossible not noticing it. Fortunately I didn’t get fulled. At the end you just have to choose whatever suits you. As a good investor, you should listen to other opinions, but you have to do your research as well when it comes to buying altcoins as a newbie. Being diversified and buying liquid coins is important st well.
BTW: nice place especially when everything is growing up. I love places like this and share them with steemit community.
Crossing fingers for that spot to be some sort of bull run summoning place :-D
Its easy to know why people would go for lower market cap coins because they offer the most exponential gains if they blow up, while at this point depending on who you ask, bitcoin won't be growing as much (depends on who you ask lol), I'm still relatively bullish on Bitcoin, especially if they manage to overcome their current development obstacles.
While I think the market cap will increase as more capital flows into the market, I believe that the winners will be more selective as valuations continue to depart from an intrinsic value that is still really uncertain. Therefore, I would expect the more establish projects that have delivered on their roadmap would outperform the market.
i would say start with eth