Cryptocurrency is a high risk form of investment.
Cryptocurrency investment only becomes a high risk form of investment when you the person investing do not really understand the crypto market and do not have any form of plan or strategy. With any kinda investment, there are some kind of risk attach to it. With sufficient knowledge and understanding, you can invest in Bitcoin at the current market value and still make a good amount of profit. Your knowledge about the crypto market will provide you with the necessary skills to develop a plan or strategy in order to maximize your profit margin and decrease the rate at which you lose your investment capital. |
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Ethereum has always been my favourite crypto coin for some time now but with increase in the transaction fee, I might be considering litecoin as my new favourite. The gas fees needed to transfer a token on the ethereum blockchain network is currently making it difficult for people to make transactions. I just hope this doesn't continue and stops soon.
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Ethereum and Ripple have been the most profitable crypto coin for the past three months considering their market value on the crypto market. But personally for me, I think Ethereum is currently the profitable altcoin right now. Considering the ethereum market value portfolio, you can easily grow your investment portfolio by trading daily with Ethereum.
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Despite it gain such adoption if this high price of transaction fees continues so many projects will abandon ETH.
Exactly, the gas fee of Ethereum currently is ridiculous. How will people be able to transfer their tokens if they are required to pay over $20 for tokens which might be worth $50 or $100. If the gas fees do not drop, a lot of projects might leave the ethereum blockchain platform and network. |
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This is a mistake.
For bitcoin is not a currency; it is not money—it is a speculative hedge, an investment, a form of trading, and, quite possibly, the great white whale of finance.
It's very unfortunate that a lot of people do not see and think Bitcoin is a currency but an investment asset. If you take a look at the whitepaper of Bitcoin, Satoshi developed Bitcoin to be a digital currency rather than a digital investment asset. Personally, I will be very glad if people can see Bitcoin as a currency rather than an asset. |
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Do you know of any resources to help victims of crypto scams recover their losses?
I was a victim of one made by coinkast.io where they had me pay more money to release my funds and then they kept adding additional fees... so basically I lost $100k+ and I need to recover it someone especially since much of that were loans I took out.
Any help or links to agencies that can help would be appreciated...
Thank you in advance
In this crypto ecosystem, there is nothing like resources to help people who have been scammed to recover their lost coins. Its quite sad that you have lost $100k+, but you should find a different way like getting a job to recover some of the funds rather than searching for agencies to help you recover your funds. You might get scammed again if you continue to search for this. |
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Many people I know formed a bias that cryptocurrencies are inherently risky and you shouldn't invest in them more than you can afford to lose.
I agree with the above statement in a certain extent, but I'd like to ask the community. Is it riskier to place your money in Bitcoin or hold them in a fiat savings account? What's your opinion?
So curious to see the response especially today when we live in times of crisis.
People who see and think Bitcoin is a big risk are people who have no or little knowledge and understanding of what Bitcoin is and how relevant it is to the financial ecosystem. If you don't understand how something works, you might see it risky to use or invest in it. People need to understand Bitcoin before making assumptions on whether it is a big risk. |
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Satoshi Nakamoto has done a great job in bitcoin invention, his idea is what many of us are celebrating and enjoying today and we are grateful to have such a great idea, we have all believed that by the decentralized nature of bitcoin, it should be unstoppable by any government,even by Japan where Satoshi was claimed to be a citizen. Now that his idea has been propelled far and wide, do you think he has the capacity to stop it again?
In my personal opinion, once satoshi created Bitcoin and its blockchain technology, it is quite possible for satoshi to stop the function of it. Just like creating your own technology or software, there are huge possibilities of splitting the codes of the software apart. I see the possibilities of satoshi stopping Bitcoin if satoshi decides to bring an end to the entire ecosystem of Bitcoin. Satoshi created Bitcoin and can definitely bring or stop Bitcoin. |
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My biggest regret in the crypto space is holding onto a coin I received from participating in a bounty campaign for long. The coin was worth about $1000 and from the nature of the project, I thought this project had a good future in terms of the value of the coin increasing some few months to come. My $1000 coins became $20 in just an month of holding unto it.
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I see that more and more investors are interested in a passive income that comes from cryptocurrencies. But, I am a little bit afraid that all these concepts: staking, crypto lending, and all form of income that is generated from nothing will end up sooner or later. When you compare mining, you have to buy mining rigs at first, then you need to pay electricity, so you spent a lot of money to mine a Bitcoin and that makes it valuable. What about staking? What you sacrifice to receive new coins?
Just like mining and proof of work where you invest your money in buying mining rigs, with staking, you spend money buying coins to be used as collateral in order to start earning. Considering both mining and staking, you need to spend money in order to earn or receive new coins. Both mining and staking require you to invest money to receive or earn new coins. |
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We have seen series of predictions in the last three months when bitcoin had its last halving. The prices kept rising until two weeks ago.
Now that the prices are falling again, when will the time like 2017 be experienced again in the cryptocurrencies community.
Considering the market price pattern since 2018, I don't really think and see a bull run happening like what happened in 2017. The crypto market is in a state where prices of the top cryptocurrencies will always be in a particular range of market value and will not go beyond this range. It will be very difficult to see bitcoin hitting $20k or more. It will be in the range of $10k and $15k . |
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Investing in the Altcoin market, your investment plans and strategies are the initial tool rather than the particular coin you choose to invest in. Your investment plans actually determine the coin you choose to invest in. If your plan and strategy is a short term something, Ethereum and Ripple will be the perfect altcoins to buy or invest in. Personally, I think both Ethereum and Ripple can be used for both long term and short term investments. These are the coins worth buying.
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What people need to know and understand is that, traditional banking system will always exist so far as fiat currencies still exist. Also, government all around the world will always prefer the centralized system rather than a decentralized system where they have no control of how transactions are made on the system. So far as they prefer centralized systems, traditional banks will always be in the financial ecosystem.
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Do scams harm Bitcoin's reputation in the mainstream world? Personally, I don't think scams harm the reputation of Bitcoin but it is the media that is harming the reputation of Bitcoin. Scams have always existed since the beginning of time and I don't understand why people will ever think scams can harm Bitcoin's reputation. We should be consider about how bitcoin and blockchain technology is gonna transform the financial ecosystem rather than speculating about something that has nothing to do with the reputation. |
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One incorrect character can cause you to lose your Bitcoin. I appreciate the sentiment behind it, but it is factually incorrect. One incorrect character in an address will lead to an incorrect checksum and therefore an invalid address which your wallet will not accept. There is only a 1 in 4,294,967,296 chance that one incorrect character can cause you to lose your bitcoin. That's not to say you shouldn't double/triple/quadruple check every address - you absolutely should - but any incorrect or fake address will almost certainly differ by more than one character. I don't think I will agree with you on this. First and foremost, how did you come about with this statistics '' There is only a 1 in 4,294,967,296 chance that one incorrect character can cause you to lose your bitcoin.'' You can't just state figures without giving us proof on how you obtain it. So far as there is some level of chance, you can loose your bitcoin when you input an incorrect address. |
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As we all have seen ripple has been quite strong these past few days and with all that it has done over the past months compared to most other currencies and the launch of xrapid is actually starting to show in its price.
There is so much talk about ripple taking over bitcoin and being 10$ what are your thoughts on this?
First and foremost, you should stop deceiving yourself that ripple is the next bitcoin. The value of Bitcoin is not its market price in the crypto market but the introduction of Blockchain technology into both the financial ecosystem and every aspect of the entire ecosystem. The value of Bitcoin is based on the existence of the use of Blockchain technology. Ripple on the other hand has nothing relevant to introduce or contribute to the entire world. Also, there is no way the market value of Ripple can surpass that of Bitcoin. |
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The new projects that are not listed at exchanges and without their own market place will always pay in their own token (as long as there will be bounty hunters accepting that) because in this case they don't pay anything from their pockets. If the project has success and gets listed, you'll sell for other investors' money. If it doesn't have success, tough luck, you've worked for free. It's a risk the bounty hunter have to think of when he jumps for enlisting under their banner. One has to check first if it has a good enough chance for success and listing.
I agree with you on this perfectly but what he is trying to suggest is that, Bounty hunters provide services to these projects and it will be better for bounty hunters if they are paid in a stable coin. Most of these projects sometimes complain of Bounty hunters dumping their coins when listed. In some cases, these projects don't list their coins and bounty hunters end up gaining nothing for the services they provided. Most new projects make a fool out of a lot Bounty hunters via payment in their tokens. |
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It is possible that someday all country accept Crypto Currency and it will become Universal Money?
So far as there are centralized organizations in this universe, there is no way cryptocurrency can become a universal money or currency for all nations in the world to use in exchange of goods and services. There are power groups in the world that would not allow decentralization in the financial ecosystem. These people will always like to control the nature of the financial ecosystem. The idea of decentralization might hinder how they control the financial space. Cryptocurrency is not yet recognized as a currency and to be even considered as a universal currency. |
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In my personal views and knowledge, there is nothing like the best time to invest in this crypto ecosystem. You just need to understand and know the nature and pattern of the crypto market. Once you know and understand the crypto market, every time is the best time to invest in any coin in the crypto ecosystem. Knowledge and understanding are the essential tools needed to invest in any coin in the crypto market but not time or value.
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I used to have 14 ethereum but I got caught in the web of FOMO and I lost over 10 ethereum because the project I invested the ethereum on have dropped marginally, is this the end of the road for me? Or I still have hope? How can I recover?
Why do you invest in crypto projects without knowing how feasible the projects are to the world or the financial world. You don't just invest in any project without considering what and how the project can improve or contribute to the gaps seen in the entire world or the financial world. It will be very difficult for you to recover your lost but it is possible to invest in good projects if you first analyse how relevant the project is in making the entire world better. |
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