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Have you invested in crypto and did it pay off?

Madza
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・1 min read

Cryptocurrency is a digital currency that can be used to buy goods and services but uses an online ledger with strong cryptography to secure online transactions.

According to CoinMarketCap, more than 6,700 different cryptocurrencies are traded publicly and the total value of all cryptocurrencies is more than $2.2 trillion.

Have you invested in crypto and did it pay off?

Discussion (10)

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pcjmfranken profile image
Peter Franken • Edited

Be careful out there people, you only ever hear about the minority that made it big, but never about the poor sod that gambled their entire family's savings account away.

  • Learn about stop-loss orders, even when you're not planning to actively trade. These allow you to automatically sell your assets at a specific price point.
  • Decide before-hand how much money you will invest, and how much you are willing to lose.
  • Pick a reputable exchange that has enough liquidity and decent support. You want the exchange to actually have the money to pay out when it is time.
  • Do some research. These markets are completely unregulated so you can do all the things those regulations would normally protect you against, and all those things can also be done to you by others. Market manipulation, pump & dumps, free access to and even adverts for complex and risky investment products, etc...
  • Altcoins (like Doge) are cool, but also extremely risky. They are completely unpredictable and are often heavily manipulated. There's also the risk that the team behind that cool and exotic altcoin you just picked up dumps the value and disappears (this has happened many times).
  • If you plan on just buying and holding crypto, please don't keep the coins on the exchange but invest in a hardware wallet for offline storage.
  • Do not be tempted by the gamified trading schemes some of these exchanges offer. It's addictive and you can lose all your money. Also stay away from leveraged trading until you're confident you've got this.

Some resources:

Research:

Exchanges:

  • coinbase.com/ - Likely the safest option due to this being a publicly traded company, has higher fees and not really suited for active trading
  • kraken.com - Another safe option, very unintuitive interface though!
  • binance.com/ - Largest by far, more options, my home base

Non-sensationalist YouTube channel I'm a big fan of:

I had earned quite a nice sum back in 2017/2018... and then the markets crashed. The price came down so fast, that by the time I was able to sell my assets there was only a fraction of all those gains left. I then picked up active trading again as a hobby last October. It's a lot of fun, made some money, but sometimes it's a struggle not to let myself get distracted by it when I have other things to do (having ADHD doesn't help 😝).

As I said you can lose all your money, so be careful, and base your actions on your own research and your own decisions.

My Binance referral link - gives a tiny trading bonus to us both:
(Let me know if you want me to remove this OP!)
binance.com/en/register?ref=PYBCB3T8

Happy to answer questions here if anyone has them.

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madza profile image
Madza Author

Thank you for such a detailed answer! 😉👍
Learned a couple of things 😉

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skirbunk profile image
Skirbunk

It's incredibly captivating to me that you asked this question because I just made my first crypto purchases last week, so the answers to your questions are yes and no.

Would you let us hear what your answers are? And to everyone else, would you elaborate, like how long did you wait before you sold or is there anything that you've made habit that you're willing to share?

Great question. Thanks a lot.

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madza profile image
Madza Author • Edited

Excited to learn more on the topic myself, too 😉
Congrats on your purchase, btw 😉

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skirbunk profile image
Skirbunk

Here's what I learned after a week or so of day trading. Day trading is something that #1. is not conducive to my web stats (massive drop but I went back to work in less than 7 days, something like 5) and #2. is not possible for me the way it works, quite the contrary, I lost money trading using a finger and a mouse.

Day trading to me means having access to the account to do anything to make gains by the end of the day, this was also something that was occurring for me during a downturn, a lot of things dropped massively. My thing now is to purchase, wait for at least two months or a year, then do whatever over again, well, that's what I will do. I could just keep it where it is, and I may very well do that, I need to watch the other symbols over months to understand if that would be better than not.

I will not put another cent to this thing until I get back the nearly %50 from $385 USD I lost or regain confidence to trade again. I believe I can recoup the loss just by keeping it one place. I can't imagine what someone who went in massively a week ago to learn what I learned is going through.

I hope day trading works out more successfully for you. All the best.

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skirbunk profile image
Skirbunk • Edited

That statement about stats after more thought makes me rethink that my visitors are missing because they are crypto investors.

My initial thought was that a new addition that was unfinished with broken links was the cause in traffic decrease.

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skirbunk profile image
Skirbunk • Edited

Upon further inspection I would say it was the broken links, stats are back to level before it dropped.

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mccurcio profile image
Matt Curcio • Edited

Crypto? haha
youtu.be/HaJpYjO136o

Satoshi Nakamoto, which I think are the Japanese words for Monopoly Money.

Bill Maher

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brunosette profile image
Bruno Sette

Buy Bitcoin!

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kalashin1 profile image
Kinanee Samson

It did, then the phone caught fire all of a sudden and i lost access to my tokens