|
December 21, 2017, 02:37:47 PM |
|
Wow, are you serious?
Sorry to burst your bubble, but you should be more worried about learning about crypto tech and market economics before worrying yourself with cold storage.
putting that large amount of money into the top 40 seems like an absolutely terrible thing to do. Also, I am assuming you did it recently? Here are some things that can really come back to bite you:
#1) The market is incredibly inflated right now, it is actually the worst time to buy coins for long term holding. Especially the top 40 coins are being ridiculously pumped in prices now.
#2) Coinmarketcap is an incredibly misleading tool to determine a coin's value. The prices you see are just the going price of the coin in btc, then converted to be displayed in usd based on btc's going rate. That is way something like, say einsteinium pops up in the top 40 because a pump and dump group drove the btc price of it up, then in one week it will dissapear into the top 200 or 300 coins.
#3) Even with a five figure investment, spreading it accross 40 coins will not give you substantial gains in the long run. I highly doubt that will even lower your risks. In order for a crypto investment to actually make money, it has to outperform btc or eth's price (to a certain extent ltc also) increases because those two are the ones you can convert to fiat. There is no way that all 40 of those will outperfom btc, especially in the long term. That is why most investors want to keep 50 to 70% of their investments in btc.
The good news is that the market is still pumping now (especially for lower priced coins) so you can move them around without too much of a loss or maybe even a little profit.
I would recommend putting 50% in btc, 20% in eth, and the rest in projects that you have really researched about and you believe have a good future (we are talking more than just the next couple months).
|