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But I am not that optimistic. Of course, as an investor and crypto trader, I would like cryptocurrencies to start seriously grow as it was in previous years, especially at the end of 2017. But the problem is that the majority of people expect this scenario. And as the practice shows, the market almost always moves in the opposite direction of the expectations of the crowd. Therefore, I think there is a big chance that we won't see a huge growth like it was in previous years (up to 20000$/BTC) by the end of 2018. But at the beginning of 2019, when a lot of investors get frustrated about this market, lose their patience or simply withdraw their funds to fix their annual profits or results, then, when nobody already expects, will see a long-awaited pump.
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In general, it depends on the market situation and the reason why you got into this situation in the first place. If you see that you really made a huge mistake entering the market the price of the coin was actually high, and there are a lot of chances that the correction is going to be huge, then you'd better sell those coins if you are not in a big loss so far. But if it dropped sharply and you didn't manage to sell it before, you in a huge loss know, then you better hold until the price starts to recover again. When I started trading in this market I made a huge mistake once. I bought Verge its price was 0.10$. After that, the whole market started a continuous correction that lasted more than a month. And the price of the Verge dropped to 0.04$ That was a huge drop and loss of my savings. Even when the market started to recover again, the Verge stayed low. I already didn't expect it to recover again. But one day it started to grow fast and persistently even when the other coins were down. And it reached 0.085$. When I found out that it is the biggest price it could reach then, I decided to sell it. Yet with a loss but not that big loss. Anyway, I had money to reinvest in other, more stable coin which brought me good profits. So, if your coin drops big, just hold. Never accept huge losses. This market is winning from such people who get scared and accept their losses.
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No matter how much investment your friend can afford in Bitcoin. It can be beneficial for everybody with almost any savings. But the one important thing that matters is that what knowledge your friend has about the crypto-market, its behavior, how much time he can dedicate to learn how to trade and invest right in this market. As you say, he has a big family and a hard main job, so I think he won't be able to get involved in this market as a man should be. Because he wouldn't have time for that. People that have no knowledge about the crypto-market should stay out of it because it'll "squeeze" them like a Bulldozer and they will lose all of their money. But even if he makes a good profit once, a person in debts will decide to take even more credits and loans expecting to make even more profit to cover his debts. And that is when the market will punish him and leave him empty-handed.
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There are a lot of fake coins on the market at the moment. The majority of them are the coins released this year after the ICO of the project that stays behind them. After the tremendous success of plenty of projects reached by the ICOs launched in 2017, a lot of companies decided to enter crypto and blockchain market in order to make a fast fortune without any significant contributions in it and without any essential knowledge in this area. For that reason, they fail.
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I don't think we should be too much concerned with the price stagnation of ETH. As we see, during the last 2 weeks the crypt-market behaved differently than it was before. When the Bitcoin got pumped, the other coins didn't follow it as it happened always before. The other coins started growing a little bit later with a slight delay. And Ethereum also started to grow later and not that high as Bitcoin did. That is true. But I don't think there should be big concerns about that because, as we see, when Bitcoin started to dump, altcoins followed it with the slight delay too. I think Ethereum still has big potential and its price at the moment is attractingly low. I think buying it for 400-430$ is a very good investment, as it can easily reach 500$ in a single day.
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Yeah, man. That is really sad. I've faced the same problems before. Since then I never deposit my funds to an unknown exchange without getting acquainted with its fees and withdrawal terms first. If withdrawal at any exchange requires completion of KYC process, first of all, pass the KYC and wait for your approval, and only when it says that you passed it, only then deposit your assets. This way, the exchange won't have legit reasons to deny your withdrawals.
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It is 100% long-term investment. Although Ripple is considered a cryptocurrency, it differs from others by its features. For that reason, a lot of people are very skeptical about it. At the same time, it has a very huge potential. Ripple has a lot of influential agreements with international and other local banks and other commercial giants. So, if cryptocurrency will receive the legal status and gets regulated internationally and on the level of local governments, Ripple will have a huge advantage in front of other coins to work with banks and financial institutions because it is transparent and corresponds to the bank requirements.
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I think you should way a little bit. Cryptos where growing for the past two weeks and according to technical analysis, the correction must start very soon. I would suggest you to wait in order to find out who is going to win, seller or buyer. Personally, I would start buying altcoins when Bitcoin rolls back to 7200-7400$. I think if the correction comes we can see dump to 7200 or even 6900$. But I would actually buy for 7200-7300$. I can see the strong support at this level.
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Of course, there will be more international and local legal regulations of cryptocurrencies in the future. Every existing asset should be regulated. A lot of countries already implement blockchain in their in their transaction systems and other countries accept cryptocurrencies as a payment mean and even create their own national cryptos. No governmental institution will allow crypto transactions and exchange to fiat money by the banks without the strict existing regulation.
But the process of implementation will take time. Because it is hard to achieve the common approach to defining its legal status and creating a unified international legal regulation of this asset. Negotiations on the international level take a lot of time and require a lot of meetings. This process can take up to several years.
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There are plenty of ways to buy Bitcoin. It depends on the country where you are from other options. Do you want to buy it for real money (I mean dollars, euro)? Stay away from intermediaries and other people who suggest you selling BTC. They can deceive you and leave empty-handed. So stay away from such suggestions. Also, before buying Bitcoin you should research the market situation and its behavior in order to buy for a good price and avoid possible huge losses. The best cryptocurrency exchanges today are: Binance - https://www.binance.com/ Bittrex - https://bittrex.com/ Huobi - https://www.huobi.com/. But they do not accept fiat money at the moment. The one exchange I personally know is good for buying BTC for money (because I used it myself) is CEX ( https://cex.io/). There you can buy Bitcoin safely via your credit/debit card. |
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If you will take crypto investment and trading as a gambling game, you will lose for sure. It is not a game. It is a serious business. And entering this market you should be able to control yourself, your emotions, your bankroll. And the most important thing is that you shouldn't join this market without the necessary set of knowledge of it, of its behavior. Otherwise, you will soon lose all your investment. It is not true that only Bitcoin is worth something. There are a lot of good cryptocurrencies out there, because behind each of them is a working product and company (like behind stock exchange shares). But everybody picks its own investment coins. Before investing, learn this market, its coins, and the platforms/products behind them. You can make profit (even a big one) on any coin you wish but only if you have the necessary knowledge of this market, trading and the right time to buy and sell. But that knowledge won't come without the actual experience. If you here to gamble, better leave now if you don't want to lose everything. This market doesn't spare amateurs and unprepared people.
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As for me, both of these top cryptocurrencies is a good investment choice. But which one of them to choose depends on your trading or investment balance. If you have money to buy 1 or more Bitcoins, then you should definitely invest in it. Because its volatility will ensure you bigger profits. But if you have less money 500$-3000$, I think you should better start with Ethereum until you reach Bitcoin price.
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I would suggest you to look at STEEM. Very solid coin with high volatility. Its four months maximum is almost 4$ price and minimum - 1-1,10$. But even if it drops to this number it recovers very fast. STEEM's average price is 1,60-2,30$. Therefore, taking into account current market situation I would suggest you buying STEEM for 1,30-1,40$ and sell it when the price reaches 1,60$-2,40$. I think it is a good coin to invest in. Buying it for 1,10$ would be the best deal for sure.
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I never believe 100% in everything that was said in the Whitepaper. Especially about the dates, roadmap, exchanges listings and other big promises of the managing teams of the projects. Almost all the projects where I was taking part in, breached their promises and holding poor management and marketing campaigns. A lot of projects are simply too amateur in crypto-world and know nothing about it. They just want to make quick fortunes out of nothing, not investing a single dime. It is actually very hard to choose the right ICO today to invest because everything looks and sounds fantastic on the paper. And everything looks terrified when you see the moves and decisions of the team when they finished their ICOs and left their investors empty-handed. I even know lots of projects which ICO price dropped by 100% and never grow up again.
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Must say that some countries are very close to it and even already implement national cryptocurrency and the others are too far from it and won't see it happening for a very long time (speaking about decades). At the moment the first country to create its own national cryptocurrency is Venezuela. And I heard yesterday that they have the intention to bind it to Venezuela's national currency - Bolivar. So, sounds very serious. I have no doubt that they will do it soon. Because the president of this country is extremely enthusiastic about the idea of national cryptocurrency because he considers it might help its country's economy growth.
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I would suggest you looking at STEEM. Very solid coin with high volatility. Its four months maximum is almost 4$ price and minimum - 1-1,10$. But even if it drops to this number it recovers very fast. STEEM's average price is 1,60-2,30$. Therefore, taking into account current market situation I would suggest you buying STEEM for 1,30-1,40$ and sell it when the price reaches 1,60$-2,40$. I think it is a good coin to invest in. Buying it for 1,10$ would be the best deal for sure.
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I prefer to mix those two. The only holding can make you miss a lot of profit as the market moves up and down, and up and down all the time. Just holding you will see the price growing but you would think it can grow even more and would choose to wait longer. But after that starts continuous correction and you lose that profit and even can get in losses. When the market is healthy and has potential to growth I prefer day trading but during the correction, I prefer to quit to fiat and wait for a cheap price to enter. I am holding if there are solid reasons to consider further growth or if I entered the market but the dump has come and I was late to sell. Then I hold until the price recovers.
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