Investing money into top 50 cryptocurrencies according to market capitalization
So...I did.
Yesterday I invested some money into first 50 cryptos according to market capitalization.
What I needed?
Just money, access to three crypto exchanges and time.
What is my aim?
I want to compare yearly interest of this portfolio with yearly interest of first crypto according to market capitalization, now it's Bitcoin. I'm expecting something around 500%, but whet I told this to my friends they were like "It's impossible", "You will loose all your money", etc.
Every quarter I wanted to check actual numbers and compare them with the beginning so write about it here, so we can discuss.
How do you feel about it?
Do you think that I'm crazy?
It's another investment. You take a risk, definitely not crazier than any stock trader... However, what would make you crazy is if you kept your crypto on an exchange for longer than the time for trading.
Maybe I will keep it after year...I want to hold it at least one year and we will see what happened...I expect that some of cryptos may be canceled or may go down, but most of them will go up...
Just remember, exchanges can and have been hacked... With the latest stirring in crypto news, I would advise to get a hard wallet or wallet on your PC. Depending on the coins you are going for there are some easy good wallets. I use Exodus on the PC for Decred and then coinomi on my Android for all the remaining coins I collect and mine. Just trying to help out a new member of the crypto world. Have a great one
Thanks...that was exactly my biggest problem...what should I do with coins...of course I have 2-FA on all cryptos, but you never know...I will find some wallets for altcoins (I already have coinbase) and I will try to move as much as possible coins there
Well coinomi on Android is great because it has a built in exchange. You hold the private keys to the wallets. Speaking of which... When or if you get a wallet and it tells you to write down a phrase... Write it down at least 4 times and keep it. That's the key, if it's lost then so are the coins. The key is usually 24 word phrase, thus very very hard to hack.
I would suggest getting a phone wallet... Since you're less likely statistically to destroy your phone over a hard drive loss. If you're an apple person, jaxx is not a bad choice. The wallets also give you qr code access and have such low fees you will be disgusted with what the exchanges charge you, especially coinbase.
The other reason to pull off the exchange is because with changing legislation the exchanges have started thinking about sending 1099s on gains. If they can't track what you have/sold/spent then that makes it tougher for them to try and tax you. I'm only against the taxing because for years they won't acknowledge cryptocurrency but they will still try to tax you? Seems crooked to me
I'm interested in what results you will get. Looking forward to read more from you.
thanks...I want to write about it at least one per quarter...maybe even more often...also include charts to see better picture of whole portfolio
I wouldn't share the amount of tokens you have! Just the name from the tokens you have would be nice and how the price changed. Cool would be if you do it every Week on the same day.
Btw I'm interested in your journey and will follow you on here. If I at all either helped or entertained you please follow me back 😁. I usually post about crypto stuff, food and crypto mining. Either way good luck
I already did :)