I have been watching and studying for while. I understand the basics of how it works. I have some questions before I take the plunge: 1. is it too late? sure doesn't seem like it? 2. Better to get in now thru the exchanges or wait till CME is ready for rutures or possibly ETF's which I know are coming soon? 3. If go under current structure, what is the best wallet and exchange for a US investor? 4. All the talk is on BTC... what about others like Ether, or Steem , Monero.,,,, there are now approx 1000 crypto's,,, is it too late to get in on BTC and should look at others?
Thank you for the reply. The issue of trading with institutions that have no oversight and insurance is the key thing that has kept me out of the Crypto's. I would be much more comfortable participating, once it is available thru mainstream exchanges and brokers such as CME if we get options and futures... or pretty much any US institution if we get ETF's for Crypto. But, by the time that occurs is it too late?
1. Thought the same a year ago, I only regret not getting in sooner. 2. I question how the legitimate market may manipulate crypto. If the big houses decide they don't want to believe in it, they could crush it. The SEC seems ambivalent about granting them legitimacy too. I hope it remains an asset in their eyes and not a currency. 3. The best wallet is one you control and have the keys for. The exchanges can and have imposed restrictions on withdrawals... I've been using coinomi (phone wallet). I like poloniex myself but bittrex has more listings. 4. Looking for cheap diamonds myself. Had monero at one point and let it go. Had litecoin at another, and let it go. I see some potential in litecoin being the next big one, keeping an eye on a couple of sub10$ coins as well. If you're not willing to day trade, seems like the best strategy is to hold. With -50% stops, lolz
Fair concern, I had been lazy about getting my own wallet so been keeping 15k in the exchanges. Bittrex decided they want more personal info, so I'm moving assets out.
I started small at coinbase. High fees but fairly painless process (auto pay by CC, if it's your choice). Most of my gains have been from appreciation however.
If you find it too difficult to setup a wallet, use https://counterwallet.io/ and backup the private keys to each address you store bitcoin in. For trading and the highest risk with the highest rewards, look into HYIP coins. Be very very careful. These are ponzi schemes. Literally. Having said that, the gains are simply unmatched anywhere in the i(nvesting Not!) speculating world. I'm sitting on 1200% gains (~1 month) on CRDNC and waiting for the lending platform to be opened in 2 weeks and anticipating another 1000-2000% returns. I've taken out more than my investments so just letting profits run... Do your own DD http://www.lendingplatformreviews.com/
I have a crypto question. Bitcoin works on the basis that users maintain the ledger by solving equations on their computers or "Mining rigs". But what happens when the finite supply of bitcoins have all been found. Nobody will be incentivised to maintain the transaction ledger anymore as no more coins to be found.
I think they will just take a small transaction fee from each transaction. The inventor is a genius he covered most angles.