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Author Topic: Teen investing $1,000 .... What should I do ?  (Read 795 times)
bjbear123
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December 04, 2017, 07:12:35 PM
 #41

Out of curiosity, how do you store Monero ? It is not compatible on the Ledger Nano S

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December 04, 2017, 07:32:56 PM
 #42

I don't have much knowledge with exodus but the way I see it the online wallets are all good way to keep our bitcoins it's just a matter of properly safekeeping of our pass phrase so that no obe can steal or hacked your account, with regards to investment it is a good thing that as early as now you were able to think about your future and putting some money for long term investment in bitcoin is really a good idea and I think by doing so you can become financiallg stable in the future.

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December 04, 2017, 07:48:25 PM
 #43

if hold the saffest crypto is bitcoin because it is the first. u will get 1/10  income every rising price

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December 04, 2017, 08:09:57 PM
 #44

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

Where do you think the value of BTC is in 10-15 years. I have a pension that kicks in 21yrs from now, but would love to retire early and live off BTC for a few years.
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December 04, 2017, 08:11:42 PM
 #45

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

Where do you think the value of BTC is in 10-15 years. I have a pension that kicks in 21yrs from now, but would love to retire early and live off BTC for a few years.

Honestly, I'm a bit of a newb to this stuff, and no expert by any means, I'm just calling for some basic considerations for crypto investments.
That said, I have been doing a fair amount of reading and thought over the past few months, and tbh I don't think Bitcoin is going to be worth all that much 15 years from now. It excels at nothing. Right now it's running on little more than brand name, and it's only a matter of time before it's crushed by already existing more nimble, more capable coins. My advice, if you're looking to invest for the long term rather than to spend much time trading, is to diversify and to try to spend some time researching coins and comparing their relative usefulness. Besides that plenty of other coins are much more capable, they've also got a lot more room to grow. Personally, my biggest hopes are for IOTA, but I'd never put everything on one coin.
As far as total global crypto cap 10-15 years from now, who can really say, there are so many variables (I think the legal backlash is a particularly strong threat, as are security catastrophes, such as inevitable quantum attacks on coins that lack quantum-resistance), but in my mind $3-25 trillion seems like a much more reasonable conjecture, and there's a good chance that whatever coin comes out on top makes up at least 20-40% of that.
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December 04, 2017, 08:12:17 PM
 #46

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

Where do you think the value of BTC is in 10-15 years. I have a pension that kicks in 21yrs from now, but would love to retire early and live off BTC for a few years.

Honestly, I'm a bit of a newb to this stuff, and no expert by any means, I'm just calling for some basic considerations for crypto investments.
That said, I have been doing a fair amount of reading and thought over the past few months, and tbh I don't think Bitcoin is going to be worth all that much 15 years from now. It excels at nothing. Right now it's running on little more than brand name, and it's only a matter of time before it's crushed by already existing more nimble, more capable coins. My advice, if you're looking to invest for the long term rather than to spend much time trading, is to diversify and to try to spend some time researching coins and comparing their relative usefulness. Besides that plenty of other coins are much more capable, they've also got a lot more room to grow. Personally, my biggest hopes are for IOTA, but I'd never put everything on one coin.
As far as total global crypto cap 10-15 years from now, who can really say, there are so many variables (I think the legal backlash is a particularly strong threat, as are security catastrophes, such as inevitable quantum attacks on coins that lack quantum-resistance), but in my mind $3-25 trillion seems like a much more reasonable conjecture, and there's a good chance that whatever coin comes out on top makes up at least 20-40% of that.

This is a great response.
I don't think Bitcoin is going to be worth all that much 15 years from now. It excels at nothing. Right now it's running on little more than brand name, and it's only a matter of time before it's crushed by already existing more nimble, more capable coins.
While I don't want to, I'm leaning towards agreeing with you. However, I think BTC will hold it's value for at least the next few years. As new coins are being developed, they are usually matched with either BTC or ETH for exchange. Buyers have to convert fiat to either BTC or ETH, and then use that in purchasing their new coins/tokens. I believe this tie gives BTC an almost 'gold standard' equivocation, and will help support the price going forward.
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December 04, 2017, 08:13:25 PM
 #47

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

Where do you think the value of BTC is in 10-15 years. I have a pension that kicks in 21yrs from now, but would love to retire early and live off BTC for a few years.

For sure. I think it's probably got another strong few years left in it, and it probably makes sense to put money in BTC for short-midterm gains.
In fact, I've played a bit risky recently and have dumped most of my altcoins over the past week to put ~75% of my funds into BTC to take advantage of the fork pump. I'm excited to buy back into alts at bargain prices with my gains! I will probably dump the BTC 4-10 days before the fork and move every cent out of there, because I'm smart enough to know I'm too dumb to anticipate how the post-fork chaos will play out--a catastrophe seems all too possible. I'll probably keep ~10% in Bitcoin Cash in case of a flippening.
After the fork settles down, when a victor seems to emerge, I'll probably put a 10-20% in the dominant Bitcoin chain, as I do think 2018 is likely to be a really good year for it. It's gotta die eventually, though, and when it does I think it's going to die pretty hard.
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December 04, 2017, 08:14:31 PM
 #48

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

Where do you think the value of BTC is in 10-15 years. I have a pension that kicks in 21yrs from now, but would love to retire early and live off BTC for a few years.

For sure. I think it's probably got another strong few years left in it, and it probably makes sense to put money in BTC for short-midterm gains.
In fact, I've played a bit risky recently and have dumped most of my altcoins over the past week to put ~75% of my funds into BTC to take advantage of the fork pump. I'm excited to buy back into alts at bargain prices with my gains! I will probably dump the BTC 4-10 days before the fork and move every cent out of there, because I'm smart enough to know I'm too dumb to anticipate how the post-fork chaos will play out--a catastrophe seems all too possible. I'll probably keep ~10% in Bitcoin Cash in case of a flippening.
After the fork settles down, when a victor seems to emerge, I'll probably put a 10-20% in the dominant Bitcoin chain, as I do think 2018 is likely to be a really good year for it. It's gotta die eventually, though, and when it does I think it's going to die pretty hard.

I should say, I do think getting to a million with the amount of money in current USD that OP is talking about is a stretch but fully possible, I just don't think there's a close to realistic chance of doing so by dropping it all on BTC, specifically, and not touching it for 15 years. If diversified into smart investments that include coins other than BTC, and if traded at least every once in a while when long-term winds appear to be changing significantly, then, yeah, I think you have a definite shot at it with just $1-10k. That's basically what I'm hoping for.
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December 04, 2017, 08:14:55 PM
 #49

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

1 BTC = 100 million satoshis. So you own 25 million satoshis already and are therefore a multimillionaire. Congratulations!
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December 04, 2017, 08:15:24 PM
 #50

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

1 BTC = 100 million satoshis. So you own 25 million satoshis already and are therefore a multimillionaire. Congratulations!

I also own many million millionths of a penny.
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December 04, 2017, 08:17:29 PM
 #51

Invest in learning markets structures, marlet cycles, technical analysis, etc before moving to buy several altcoins. You will find it less risker than going in blind and trusting your gut.

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December 04, 2017, 08:18:53 PM
 #52

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

It's best to invest bitcoin if you are looking for a long term investment. Just make sure to secure your funds because once your bitcoin is stolen, there's no way to get it back. Just find a wallet that you think is safe and secured. There's a lot of wallet there, use the one that you think that is secured and convenient.

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December 04, 2017, 08:46:30 PM
 #53

Quote
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 am really impressed how a young man want to invest his money in cryptocurrency while maybe most of his friends spend their money on video games Smiley
With such mentality and wisdom you will be a successful and prosperous man.
Since you are going to hold for 5/10 years, my suggestion is to invest your money in Bitcoin it is the safest investment right now.

Quote
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

The best thing to do is to use a hardware wallet like Ledger Nano since it accepts altcoins and will keep your private key safe even if you will invest only 1K$.

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December 04, 2017, 08:55:09 PM
 #54

Quote
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 am really impressed how a young man want to invest his money in cryptocurrency while maybe most of his friends spend their money on video games Smiley
With such mentality and wisdom you will be a successful and prosperous man.
Since you are going to hold for 5/10 years, my suggestion is to invest your money in Bitcoin it is the safest investment right now.

Quote
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

The best thing to do is to use a hardware wallet like Ledger Nano since it accepts altcoins and will keep your private key safe even if you will invest only 1K$.


Thank you for the kind words man! I just purchased a Ledger Nano, thanks to all your help.


Now Im just wondering what to invest in, I would like to have Bitcoin, Litecoin and from my research I think Ether will be big in the future, Monaro also seems like a good coin ?

BTC: 1Q3B9pr84adJJxBNmo3w3FaEWgcCjCSPTv | ETH: 0x1A053Df90E06f59fc7Aeb12F7a7Ea1f47FA53748 | LTC: LYUQYCy7S68Yry2qv3XRC7xx62GbHZEWhH
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December 04, 2017, 08:57:16 PM
 #55

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

With 1k and looking to the future I would probably just go for 2 coins and they would be bitcoin and ethereum, I would split my funds 70/30 between them and then leave it be! I can't comment on exodus as I don't know much about it, sorry!

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December 04, 2017, 09:05:56 PM
 #56

For me as a newbie myself and a teen who discovered cryptocurrency at the late stage. I openly and without regret invested the same amount as you but stored in a hardware wallet of my choice. This is the best option as I have the available device given by a friend who encourage me into crypto. Don’t doubt in trying if you only choose bitcoin than any other coin as the starting.

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December 04, 2017, 09:25:19 PM
 #57

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 ?
Firstly being a teen gives you an opportnity to enjoy your profits in the futre when the money will bw needed the most so your timing to invest is just about right.
Secondly, Bitcoin is still considered the biggest money mover in the crypto world and I think 60% can go into bitcoin, then the rest invest in an altcoin like lend,aion,eth,BitClave,indahash....

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 it comes to the security of your wallet the most important thing you need is the private key and if 2fa can be enabled even better and as for Exodus not heard anything bad about them but certainly a good multi-cryptocurrency wallet, wouldn't mind trying them out.

queenhallmark
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December 09, 2017, 09:50:37 AM
 #58

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.

It depends. It's neglectful if the $1000 resembles the dominant part of OP's funds. Additionally, it's likewise very heedless for OP to contribute $1000 however not contribute a level of it for an equipment wallet. He/she's going out on a limb. I'd by and by get one only for significant serenity.

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Saifher
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December 09, 2017, 09:56:36 AM
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I would definitely recommend getting a hardware wallet, especially if you plan on holding your coins for many years. It can be a real life saver down the road in case anything happens to your online wallet (or exchange you're keeping your coins on). As for which coin to buy, i'd just buy bitcoin straight up and hold it. You'll see some nice gains in 5-10 years.

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December 09, 2017, 10:02:42 AM
 #60

I think exodus is fine for $1k of crypto for now, but the real question is what will it be worth after 5-10 years.? What if it is worth $1 million at that point.?
I would suggest to buy a hardware wallet but it has some limitation regarding the coins it hold. So think twice and let us also know what you will do.

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