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Author Topic: Teen investing $1,000 .... What should I do ?  (Read 790 times)
bjbear123
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December 03, 2017, 12:48:59 PM
 #1

Hello, I have 2 questions:

I have about $1k I want to invest in crypto... being a teen I want to invest this for the long term 5/10 years, what cryptos should I invest in ?

I have looked into Exodus and with the recovery phase, is it a safe way to store crypto ? I know about paper wallets, but they are not a convenient way to access funds and also can be effected by the environment, water, stolen etc... This is why I would like to use exodus, it seems like a good method.

I don't want to use a hardware wallet, If exodus is considered 'safe' I do not feel a hardware wallet is necessary for $1k amount, also its not as convenient.

Thanks !  Smiley

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December 03, 2017, 12:56:50 PM
 #2

Christ, I hope this is your own money.  That's a pretty reckless decision.
I have looked into Exodus and with the recovery phase, is it a safe way to store crypto ?
As far as I know, it's a safe way to store crypto.  I haven't seen any reports of serious problems yet.  But there are a couple of potential problems:

1.  If someone has access to your computer, unless you protect it properly, they may be able to steal your funds.  This includes malware as well.

2.  Exodus is not open source, so it's not as easy to check it over for malicious actions by the developers.  In the context of a cryptocurrency wallet, this can be quite important.

Basically, it's fine, but it might be good to try the reference client for whatever coins you're interested in.

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December 03, 2017, 01:02:17 PM
 #3

With that amount of money, although it could be considered a safe service, I'd still recommend a hardware wallet in order to be more responsible over your own coins, but that's just my opinion.
As for good coins to invest in other than Bitcoin, personally I'm looking at Monero, Ripple, and Litecoin.

And as a word of advice, try not to give into FUD and always think about a decision before taking somebody else's advice.

Good luck!

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December 03, 2017, 01:04:06 PM
 #4

Why is it reckless? Super smart if you ask me.
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December 03, 2017, 01:38:55 PM
 #5

Hello, I have 2 questions:

I have about $1k I want to invest in crypto... being a teen I want to invest this for the long term 5/10 years, what cryptos should I invest in ?

I have looked into Exodus and with the recovery phase, is it a safe way to store crypto ? I know about paper wallets, but they are not a convenient way to access funds and also can be effected by the environment, water, stolen etc... This is why I would like to use exodus, it seems like a good method.

I don't want to use a hardware wallet, If exodus is considered 'safe' I do not feel a hardware wallet is necessary for $1k amount, also its not as convenient.

Thanks !  Smiley

If you have your private key, it's safe to store your coins there, I don't use exodus.

For the ones you need to invest, you can make a portfolio, but make at least 60% of it as bitcoin and 20% of it as ethereum. The rest is up to you, there are many different ones out there.

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December 03, 2017, 01:44:41 PM
 #6

Im looking at putting roughly 10% of savings into crypto... is that bad Huh
I assumed that it would be more of your savings than that, since most teenagers don't have access to $10,000 of their own money.  But 10% is fine and it could be an interesting experience for you, I suppose.
I don't like the idea of storing the coins in 'Coinbase' or 'blockchain.info' because I know they control the private keys and they could be hacked.
Blockchain.info doesn't have access to your private keys.  But your concern about web wallets is understandable.
But is there ANY risk that the back end developers can access / take my Coins ?
It's unlikely, but there is some risk.
Im thinking 50% bitcoin, 25% lite coin, 25% ether ??
Knock yourself out.  If you want more advice about that, head to the altcoin boards.

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December 03, 2017, 01:46:43 PM
 #7

Hello, I have 2 questions:

I have about $1k I want to invest in crypto... being a teen I want to invest this for the long term 5/10 years, what cryptos should I invest in ?

I have looked into Exodus and with the recovery phase, is it a safe way to store crypto ? I know about paper wallets, but they are not a convenient way to access funds and also can be effected by the environment, water, stolen etc... This is why I would like to use exodus, it seems like a good method.

I don't want to use a hardware wallet, If exodus is considered 'safe' I do not feel a hardware wallet is necessary for $1k amount, also its not as convenient.

Thanks !  Smiley

If I had an additional $1000 to invest, I think I would diversify by buying several cryptocurrencies. I would stick with some of the major ones like Bitcoin, Etherium, Litecoin, Dash, Iota and Neo.

I would come up with some percentage for each one for my portfolio and then build from there. You should do research on the top coins to see which ones you think have the most potential as a long term investment.

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December 03, 2017, 01:49:28 PM
 #8

Why is it reckless? Super smart if you ask me.

It depends. It's reckless if the $1000 is like the majority of OP's savings. Also, it's also quite reckless for OP to invest $1000 but not invest a percentage of it for a hardware wallet. He/she's taking unnecessary risks. I'd personally buy one just for peace of mind.

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December 03, 2017, 01:51:24 PM
 #9

50% Bitcoin, 25% Litecoin 25% other sounds like a reasonable plan. I would suggest that if you are looking at 5 - 10 years, find a way to store your private keys If it was me, I would have a few paper copies - digital can be hacked easier, and sit back and forget about it.

Imagine if you put $1,000 investment n crypto this way 5 years ago and decided to spend it today.

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December 03, 2017, 01:51:33 PM
 #10

Hello, I have 2 questions:

I have about $1k I want to invest in crypto... being a teen I want to invest this for the long term 5/10 years, what cryptos should I invest in ?

I have looked into Exodus and with the recovery phase, is it a safe way to store crypto ? I know about paper wallets, but they are not a convenient way to access funds and also can be effected by the environment, water, stolen etc... This is why I would like to use exodus, it seems like a good method.

I don't want to use a hardware wallet, If exodus is considered 'safe' I do not feel a hardware wallet is necessary for $1k amount, also its not as convenient.

Thanks !  Smiley

bright idea being a teen you have a plan to your future choosen investing int bitcoin are very wise decision at your age, i support with your decision but you need to place your bitcoin in a very safe wallet,
i suggest with you store your investment in electrum this i know one of safety wallet, but if are sure in exodus to store your crypto make sure you have an secured privateley and do not share to the another people for the security of your coins.

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December 03, 2017, 01:53:08 PM
 #11

if it is really 10% of your total savings then go for it and enjoy. it is a good idea to invest most of it in bitcoin and then spread the rest among only a handful altcoins. i wouldn't hold altcoins for long term but some people do, and if you think it is a good idea you can do it also.
but i suggest a limited number because it is easier to control them and make decisions in case all of them dropped. if you have 20 and all drop you can't do anything but sit and cry Cheesy

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December 03, 2017, 01:57:50 PM
 #12

If you want to invest in cryptocurrency there are a lot of choices for you to choose cause there are more than 1300 cryptocurrency on the market. But if IMO if you want to invest in long term about 5 - 10 year I think you should choose BTC or ETH only, with 1000$ it's not enough to buy 1 BTC so I think the better option for you is ETH. From the early of this year ETH price has increased more than 4000% so it has very good potential in the future as Bitcoin or maybe better than Bitcoin.

Beside you the wallet, Exodus is a good one but it's not totally secure, if anyone can be able to hack your wallet seed or private key, it'll be terrible cause they can steal all your cryptocurrency. Coldstorage wallet is still the best, the most secure wallet although it's affected by a lot of factors outside but I think you still should choose it.

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December 03, 2017, 02:03:35 PM
 #13

Hello, I have 2 questions:

I have about $1k I want to invest in crypto... being a teen I want to invest this for the long term 5/10 years, what cryptos should I invest in ?

I have looked into Exodus and with the recovery phase, is it a safe way to store crypto ? I know about paper wallets, but they are not a convenient way to access funds and also can be effected by the environment, water, stolen etc... This is why I would like to use exodus, it seems like a good method.

I don't want to use a hardware wallet, If exodus is considered 'safe' I do not feel a hardware wallet is necessary for $1k amount, also its not as convenient.

Thanks !  Smiley

You say that you have in plan long-term investment so when you buy coins they will stay on some wallet for years.In that case do not use any online or desktop wallet because they are most vulnerable to hacking.Best way to secure your coins is to invest around 100$ in hardware wallet,write your seed and make few copies-save them in safe places.Hardware wallet is quite convenient for everyday use and for long-term storage.

Regarding coins you should invest,number one is BTC,maybe some % should go to ETH-but all others are actually gambling with luck.They may worth something or nothing in 5-10 years.

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December 03, 2017, 02:09:03 PM
 #14

Hello, I have 2 questions:

I have about $1k I want to invest in crypto... being a teen I want to invest this for the long term 5/10 years, what cryptos should I invest in ?

I have looked into Exodus and with the recovery phase, is it a safe way to store crypto ? I know about paper wallets, but they are not a convenient way to access funds and also can be effected by the environment, water, stolen etc... This is why I would like to use exodus, it seems like a good method.

I don't want to use a hardware wallet, If exodus is considered 'safe' I do not feel a hardware wallet is necessary for $1k amount, also its not as convenient.

Thanks !  Smiley
I personally think there is any problem in saving your bitcoin with Exodus but is that since you have of investing for a long time period why don't you invest some percentage of your capital into some other altcoins and some new projects during their Initial coins offering because that will bring more return on your investment.

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December 03, 2017, 02:09:11 PM
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50% Bitcoin, 25% Litecoin 25% other sounds like a reasonable plan. I would suggest that if you are looking at 5 - 10 years, find a way to store your private keys If it was me, I would have a few paper copies - digital can be hacked easier, and sit back and forget about it.

Imagine if you put $1,000 investment n crypto this way 5 years ago and decided to spend it today.

I like the idea of using paper copies because we can save it into deposit box and put take deposit box into the bank, don't open it before 5-10 years. I think it will more save to do this or you can use hardware wallet but with many altcoin options. investing $1,000 today is really good and you can choose the coins from the list in the exchanges so you can directly save into your wallet.


 
 
 
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December 03, 2017, 02:19:04 PM
 #16

Hello, I have 2 questions:

I have about $1k I want to invest in crypto... being a teen I want to invest this for the long term 5/10 years, what cryptos should I invest in ?

I have looked into Exodus and with the recovery phase, is it a safe way to store crypto ? I know about paper wallets, but they are not a convenient way to access funds and also can be effected by the environment, water, stolen etc... This is why I would like to use exodus, it seems like a good method.

I don't want to use a hardware wallet, If exodus is considered 'safe' I do not feel a hardware wallet is necessary for $1k amount, also its not as convenient.

Thanks !  Smiley
When I was your age I invested some money to buy Bitcoin. I think it is the only genuine crypto-currency potential to increase in value for next coming years. If you want to spread your money over more currencies then I would chose Litecoin, it's identical to Bitcoin but has 4 times more supply, 4 times faster block times and it's not over populated so the transaction fees aren't that high. 85% Bitcoin and %15 Litecoin or less is a good choice. The safest way to store your coins is a paper wallet. After buying your coins using an exchange you can easily withdraw your coins to a paper wallet. Then when you feel you want to use your coins, you just import the private key to a desktop wallet. I don't think a computer is much saver to water or getting stolen. Make sure you make an extra copy and hide them on different places.

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Cold-Heart
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December 03, 2017, 02:22:07 PM
 #17

Why is it reckless? Super smart if you ask me.
well.. if you think of it, a thousand dollars could be good for investing but isn't it weird because bitcoins could drop off or not but this may be a big risky to do for a teenager.. and i suggest to focus more on studies and for future jobs. although we have different methods and strategies to make our lives better than before.

C
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MakeMoneyBtc
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December 03, 2017, 02:26:11 PM
 #18

I recommend to not keep your money into an online wallet for a long time because online wallets are the most vulnerable to hackers and also the easiest to hack. Everyday,hundreds of wallets are hacked and on a long term your wallet could be one of those.
Invest some money (50-100$) and buy an hardware wallet where you save you seed and all the informations about wallet, and also make a few copies in case the first is lost.Hardware wallet is easier to use and a lot harder to hack, maybe even impossible if you are careful.
Regarding what coins to buy, I say bitcoin in a big proportion(80-90%) and ethereum(10%). It think both of them are going to survive overtime and the price will increase. It is your choice to choose what you spend your money on.
minersday
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December 03, 2017, 02:38:41 PM
 #19

It is a good moment to start, but you are a little bit late to the party. $1k is not a big amount since it is less than 0.08 bitcoins.

I have about $1k I want to invest in crypto... being a teen I want to invest this for the long term 5/10 years

WORST thing that you could say, you already made your first mistake. a LEDGER/TREZOR are the best ways to keep your bitcoins safe, exodus is shit.

I don't want to use a hardware wallet, If exodus is considered 'safe' I do not feel a hardware wallet is necessary for $1k amount, also its not as convenient.

Better to make a good research before investing, you are just a teen, probably you do not even know how cryptos works because you are just blinded for the money.

If you do not want to lose your money, do not start trading, otherwise those $1000 would be $100.

kingcolex
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December 03, 2017, 02:42:24 PM
 #20

Here follow this:
1.Buy a hardware wallet, Trezor, keepkey or ledger.
2. Decide how active you want to be in your investment,
Set and forget or trade and watch charts?
3. Figure how risky you want to go, diversify your crypto.
4. Buy and hold until you see a good trade or time to sell.

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