Teen investing $1,000 .... What should I do ?

[jklaw]

Thankyou for all your help but it looks like im too late

Only if you think cryptos are dead.   people felt the same way about bitcoin when it hit $1,$5, $10, etc.   there is plenty of money to be found at current prices.   As a teenager, I would recommend a different path and invest more of my savings into it and include a hardware wallet as part of that investment.    Go with your gut and not just the advice of strangers (myself included).

[newfix]

Use an offline wallet (like Electrum), that is better than an online or exchange wallet which can steal your money at any moment
I think that you could invest the money in Ethereum, that have big potential, and the price is growing up
But it's just my advice

[athanz88]

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 ! 

1. Invest on bitcoin
2. Exodus is good, but it is still a good thing to make a paper wallet.
3. You are still a teenager and maybe you dont know how hard to achieve that amount. 1k usd is a big amount, dont make light of it. If you can afford to make 1k usd investment, it is best to have a hardware wallet. You said that you want to hold it for 5-10 years, if the bitcoin price going up, your 1k usd might be turn into 10k or 100k (maybe), think again.

[dumplingsandsushi]

You've already gotten a lot of advice but here is some more on storing your crypto.

Remember, you aren't actually storing your crypto.  Your crypto is always on an address that is on the blockchain.
It can only be moved by using the seed that can access that address/addresses.

The only way your crypto is insecure is if someone gets your seed.
So if you are using exodus, it is secure so long as your computer doesn't get any virus, hacked, or phishing scheme where they can go into your computer and get your info.
This goes along with any wallet on your computer, whether it be a gui, an app, or myethewallet or stuff like that.

You can also store your crypto on a moblie app.
In the same way as your pc, your crypto is secure as long as your phone is secure.
Some people like using mobile apps to store their crypto because it utilizes touch id.

The last is paper wallet/hardware wallet.
They are essentially the same thing where your seeds are secured using something physical, which can be more difficult for people to get their hands on, and even if they did, it's highly unlikely they will even know what it is or what to do with it.
The risk of paper wallet/hardware is just what you said, it can be lost or damaged.

If you have a picture perfect photographic memory where you can remember every single character in your seed and addresses I guess that would be the best way to store them lol.

[Harlot]

I wouldn't recommend you doing that as entering in the crypto market as your first investment would be a bad move for you. Why not try the stock market at first in order to learn the basics of investment. Because basing it from my personal experience investing in the stock market is way different from buying cryptocurrency, you will even get shock on how different they are. Also from what I believe in what you are doing in the cryptocurrency market is not called investing but trading so I wouldn't recommend you keeping your Bitcon 5-10 years from now.

[ZZ8ZZ]

I agree with @kingcolex, hardware wallet is always the way to go and 101 % more safer than software/web-based wallets.
I don't want you to follow my mistakes so I'd suggest you to invest your money only in good and trusted coins like BTC, ETH and LTC for example (my first "investment" was pure blind gambling in a particular ICO that ended up dying out). Good luck !

[24core]

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 ! 

You cant go wrong with Bitcoin, Litecoin and ETH.  For an investment of $1000 you will do good. Just make sure to save your private keys or use a hardware wallet.  Forget about the coins for a long while and one day you can look back and see how much your investment has grown.

[moonordoom]

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.

Finally a high ranking member giving good advice instead of sitting of their high horse.

+1 to this advice.

[Hui8]

Okay few notes before you may wanna proceed with the investment.

Choose your wallet depending on where you are investing your money, I mean the nature of coin. It is straight thing that if you are investing into altcoin then the most widely and securely used wallet is my ether wallet. They will provide you all the safety measures such as private keys, keystone file, phrases etc. These things will make it really easy to access it later in the time with safety.

For bitcoin storage I will refer you to electrum wallet. The best one and very simple to use. I prefer it again for only one thing, that’s the private key access to the wallet. So you choose your way now.

[qwertyup23]

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 ! 

The question is, what kind of investment do you want to make with your bitcoins? Do you want to hold and store it for its value to mature more or are you considering on investing it into cryptocurrency websites such as usi-tech.info, etc.?

If you want to hold your coins for the moment in for extra security, I would choose on providing myself with a hardware wallet so that no one can ever hack it. Second, you should be ready when it comes to investing your money and you must consider it as money that you are willing to lose. Third, you must be updated with any relevant news to bitcoin since you might want to consider the right time to invest it. Lastly when you followed all of the necessary steps, just pray and hope that you yield the profit that you are hoping for.

You know what, my mom always tells me that I should always look forward into investing my money at my current age (college student) since regardless of my investment gaining or losing profit, the damage of losing my money is tolerable compared to people who have obligations to consider.

[bjbear123]

Thankyou for your message, I agree that it is important to invest when young as if we loose then it is not 'a big deal' compared to when you have responsibilities.

What coins do you personally hold for the long term ? Im thinking going 40% on BTC, 25% Ether, 25% LTC and 10% on mixed others ?

[coolcoinz]

Thankyou for your message, I agree that it is important to invest when young as if we loose then it is not 'a big deal' compared to when you have responsibilities.

What coins do you personally hold for the long term ? Im thinking going 40% on BTC, 25% Ether, 25% LTC and 10% on mixed others ?

I don't see any future in Ether. I'm holding BTC, LTC, and some BCC in case it got pumped again. I'm currently looking for an interesting altcoin to put my money into. ADA is looking promising. It's difficult to pick an altcoin that isn't a pump and dump shitcoin. All dev teams are feeding us with promises, like Ripple team did and then nothing...

[Siren]

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 ! 

Stick with bitcoin only If I were you. Don't bother to buy altcoins as they are more volatile than bitcoin and the returns is not that good either. The only other altcoins that is better for long term investment is Ethereum. The rest is shitcoins.
Exodus is a good wallet and it is safe. And as long as you have the recovery phase or the seed and keep it somewhere safe, you don't need to worry. Goodluck on your investment journey.

[JL421]

it would be risky to invest now the price is really volatile some are saying it might crash what i would
suggest is go invest in an altcoin which according to you can be a good future bitcoin price might fall but
you should still hold it and dont panic

[TimtheYoutuber]

If you have questions about wallets, you should check out my youtube video : https://www.youtube.com/watch?v=c_e9zKlqngA

[xBitHodler]

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 ! 

I would recommend you to invest the whole $1k in Bitcoin. Its value is very likely to increase in the upcoming years. If you don't want only Bitcoin then consider investing about 30% in Ethereum. It is very popular due to support for tokens, there are a lot of them on the Ethereum. If you don't want to spend any extra money on hardware wallet then I would recommend you to install Electrum and secure your wallet with a long password. After you do it, you can copy it anywhere or even upload to the cloud (it is encrypted so even if someone hacked your account it wouldn't be possible to spend your bitcoins). If you have any more questions feel free to PM me!

[dumplingsandsushi]

Thankyou for your message, I agree that it is important to invest when young as if we loose then it is not 'a big deal' compared to when you have responsibilities.

What coins do you personally hold for the long term ? Im thinking going 40% on BTC, 25% Ether, 25% LTC and 10% on mixed others ?

That is your basic diversified portfolio, but that 10% on mixed others part seems to have no purpose at all.

if you are putting in 1k, then 10% will be just $100 in another coin or other coins?
100 in just one coin will never get you huge returns let alone spreading it to two or three.

Even if you put it in a coin with insane growth, you will only see a couple hundred dollars profit because you have put so little into it.
Instead, I would put that 10% into btc.

Or, if you really want to learn and do something risky, you can try day trading with it.
Since it's only $100, you won't lose much, but you can also use that to actively make buy/sell orders on exchanges to gradually increase your btc.
you would basically buy $100 worht of btc, send it to an exchange and leave it there.
Watch the markets, buy a coin when it is low, then set the sell order for higher.
Once it's sold use the btc you earned to repurchase with another coin.
Rinse and repeat with whatever coin you see that has short term gains.

[bjbear123]

Other than BTC, ETH and LTC... Would you consider Monero, Dash, IOTA as good investments also ?

[Faroxx]

I think it is a safe method of storage. I'm about the same situation as you, I'm 18 and I invested in Ethereum, monero bitcoin and litecoin. I think it's a great coin for long term investment.

[bjbear123]

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