Which cryptocurrency is best for storing money?

[Qurelal]

I have a cryptocurrency. I kept my money in different currencies. I use coins for payment and I'm not a trader. The situation on the cryptomarket has long been incomprehensible. I'm afraid I'm doing something wrong and I want to ask for advice.
Tell me, please, which cryptocurrency is the best for storing money? What is the best coin to choose? What do you think about this?

[figmentofmyass]

I have a cryptocurrency. I kept my money in different currencies. I use coins for payment and I'm not a trader. The situation on the cryptomarket has long been incomprehensible. I'm afraid I'm doing something wrong and I want to ask for advice.
Tell me, please, which cryptocurrency is the best for storing money? What is the best coin to choose? What do you think about this?

if you're looking to store money, you want stability.

if you consider stablecoins to be cryptocurrencies---and this subject is debated---they would be the most stable. they're pegged to the USD, so their market value usually stays very close to $1. some examples are USDC, USDT, GUSD.

but stablecoins are inherently dangerous because they have centralized counterparty risk. if the U.S. government decided to shut down gemini, the value of GUSD (the gemini dollar) would plummet. same thing for USDT if tether got shut down by regulators.

that's why i'd recommend bitcoin. bitcoin is the most stable decentralized cryptocurrency. it holds value much more reliably than altcoins and tokens, and because it's decentralized, your coins are safe from the risks of third party trust (as long as you hold your BTC in your own wallet).

[Qurelal]

I trusted Bitcoin. I feel I lose a lot of money when storing Bitcoin. I don't know and do not want to follow the river course jumps. I want to learn something new. I believe It's possible.

[Andrew Gergeo]

It is also my opinion. Cryptocurrency is always my best choice for storing money because I trust cryptocurrency and its value. I think cryptocurrency will never die. On the other hand, cryptocurrency is really famous now, we can easy use my stored money at anywhere.

[ralle14]

Depends on what you prefer because everything has pros and cons you can't have the best of everything it's not possible there will always be trade offs.
For me the best is Bitcoin due to the price changes over the past couple of years it keeps on increasing year after year this might be the last year we'll see Bitcoin at $6,000.

If you want to use a different coin and stability is your top priority you could follow figment's advice but it's risky because these coins are tied to the exchanges. It's like buying a gift card and hoarding it for a long time in the future once the store shuts down it becomes worthless.

The top altcoins right now imo can't even be considered as the best for storing money because of how volatile they are if compared to Bitcoin

[mk4]

Probably decentralized stablecoins like DAI. But you probably won't be able to pay with that though, so I would suggest bitcoin. Why? It's simply the most adopted payment cryptocurrency right now, and in price drops, bitcoin is the least affected. If altcoins drop by 10%, chances are that bitcoin only drops by around 5%. What about other altcoins you say? Definitely not. Unless you want your funds to be fluctuating in bigger waves.

[Gloverwrt]

I trusted Bitcoin. I feel I lose a lot of money when storing Bitcoin. I don't know and do not want to follow the river course jumps. I want to learn something new. I believe It's possible.

Bitcoin is not and never should be treated as a store of value. If you wish to store funds you can always go with your nations traditional fist currency.
Bitcoin is an investment option and is prone to volatility and fluctuations.
It is also a payment option, although not widely used as yet.
Stable currencies claim to provide stability to cryptocurrency enthusiast while offering the stability of fiat, but by collaterization it has alreadg lost the quality of decentralization and public audits are not readily made available.

And remember, it's not a loss until you sell!

[pooya87]

I trusted Bitcoin. I feel I lose a lot of money when storing Bitcoin.

well that is what happens when you enter a market without understanding how it works first. if you entered stocks, Forex,... markets without prior knowledge and with 0 experience then you would have had the same terrible experience in them too.

you haven't stopped making mistakes either, now you are making a new mistake! you have lost money because you made bad decisions and now you are asking people to give you a magical answer about some cryptocurrency which you can buy and no longer lose money... that will lead to another loss.

[Lakai01]

Honestly, if you have to ask that question stay away from this market to store your money as far as you can . Try to look at traditional markets like gold if you really want a place where you can store your money for 15+ years.

[Juggy777]

I have a cryptocurrency. I kept my money in different currencies. I use coins for payment and I'm not a trader. The situation on the cryptomarket has long been incomprehensible. I'm afraid I'm doing something wrong and I want to ask for advice.
Tell me, please, which cryptocurrency is the best for storing money? What is the best coin to choose? What do you think about this?

Hey by it's very nature crypto currency is not stable at all, these are high risk high return coins which means the higher risk you can take, higher are the chances of your return. I would suggest only bitcoins to get more returns, but bitcoins are not safe at all, their price can swing either way you need to do your research before you choose to buy them, even the fiat currencies are not stable hence I would suggest you invest in bitcoins only.

[Jet Cash]

This is quite a difficult question to answer. Anything pegged to a fiat currency has devaluation built into it as a result of inflation, and has no underlying asset value. I believe that a payment system with an intrinsic value is the best option to safeguard your savings. Gold and Silver are the traditional options.  We have now entered a new "digital" world, and this has introduced some new virtual assets - domain names are one example. I believe that Bitcoin is another example. I've had a lot of arguments with people about this, as very few seem to be able to get their heads round the fact that solving cryptographic problems can create an asset.

[Alluro]

I know everyone going to invest for profit. The cryptocurrency invests has risks always. If you need to invest, this is the time for you. Because the whole market has fallen and most top cryptocurrencies in the bottom at that moment. The https://coinmarketcap.com is really helping to choose a coin to invest. All top coins are in the bottom right now. My personal opinion is don't put your all money to one coin, you can invest your money with several coins. Before you invest, do your own research that coin about future updates etc. I think you're going to invest long-term that's why.

[figmentofmyass]

Probably decentralized stablecoins like DAI.

really? the premise seems pretty insane to me. you can back a "stablecoin" with tokenized crypto, but the "debt discount" incentive sounds extremely precarious because (among other reasons) there is very little profit incentive for participants to bootstrap meaningful market liquidity. at some point, a lot of people may end up stuck with tokens they can't "cash out" without losses. the DAI peg is essentially based on faith that other people will continue to have faith in the peg. i don't expect that to last.

it does create incentive to pump the price of ETH because creating DAI removes ETH market liquidity. but based on the above, i expect the effect to be negligible.

[gentlemand]

If preserving your present value and remaining in crypto is paramount then I'd turn everything to Bitcoin, deposit it on an exchange with insurance and a banking charter which pretty much leaves you Gemini, Itbit and possibly Coinbase and sell them for real dollars, not any stablecoin, and keep the dollars parked.

If you need to get back into crypto then you can do it in a few seconds. And make sure your account is super secured with 2FA etc.

Since real dollars are available I see no need for a stablecoin. If I was to go for one I'd only consider the new crop of legit ones, but even then I wouldn't bet the farm on it.

[figmentofmyass]

If preserving your present value and remaining in crypto is paramount then I'd turn everything to Bitcoin, deposit it on an exchange with insurance and a banking charter which pretty much leaves you Gemini, Itbit and possibly Coinbase and sell them for real dollars, not any stablecoin, and keep the dollars parked.

If you need to get back into crypto then you can do it in a few seconds. And make sure your account is super secured with 2FA etc.

for me, it depends on whether i'm looking to hold fiat long term or short term. if i expect to wait months before buying back in (as was the case in early 2018), i wouldn't bother holding USD on an exchange. that money sits in my bank account. much safer than any exchange account. you never know how long it might take to recover your money worst case scenario, even if it's insured.

Since real dollars are available I see no need for a stablecoin. If I was to go for one I'd only consider the new crop of legit ones, but even then I wouldn't bet the farm on it.

stablecoins have value to me if you can trade them without KYC. that's the biggest problem when interfacing with fiat.

[Qurelal]

It is also my opinion. Cryptocurrency is always my best choice for storing money because I trust cryptocurrency and its value. I think cryptocurrency will never die. On the other hand, cryptocurrency is really famous now, we can easy use my stored money at anywhere.

What coin to choose for storage?

[Qurelal]

I trusted Bitcoin. I feel I lose a lot of money when storing Bitcoin. I don't know and do not want to follow the river course jumps. I want to learn something new. I believe It's possible.

Bitcoin is not and never should be treated as a store of value. If you wish to store funds you can always go with your nations traditional fist currency.
Bitcoin is an investment option and is prone to volatility and fluctuations.
It is also a payment option, although not widely used as yet.
Stable currencies claim to provide stability to cryptocurrency enthusiast while offering the stability of fiat, but by collaterization it has alreadg lost the quality of decentralization and public audits are not readily made available.

And remember, it's not a loss until you sell!

So which coin would you recommend for storage? If I have to choose something other than bitcoin, what can it be?

[Qurelal]

I trusted Bitcoin. I feel I lose a lot of money when storing Bitcoin.

well that is what happens when you enter a market without understanding how it works first. if you entered stocks, Forex,... markets without prior knowledge and with 0 experience then you would have had the same terrible experience in them too.

you haven't stopped making mistakes either, now you are making a new mistake! you have lost money because you made bad decisions and now you are asking people to give you a magical answer about some cryptocurrency which you can buy and no longer lose money... that will lead to another loss.

 need to make payments. I can't get rid of cryptocurrency. I have to have it for my payments. I expect a loss in my situation. I don't know where these losses will be less.

[Qurelal]

If preserving your present value and remaining in crypto is paramount then I'd turn everything to Bitcoin, deposit it on an exchange with insurance and a banking charter which pretty much leaves you Gemini, Itbit and possibly Coinbase and sell them for real dollars, not any stablecoin, and keep the dollars parked.

If you need to get back into crypto then you can do it in a few seconds. And make sure your account is super secured with 2FA etc.

Since real dollars are available I see no need for a stablecoin. If I was to go for one I'd only consider the new crop of legit ones, but even then I wouldn't bet the farm on it.

Are you talking about instant exchange in cryptocurrencies? Have you tried to use these services? What time did you spend on transferring dollars to cryptocurrency?

[pooya87]

I trusted Bitcoin. I feel I lose a lot of money when storing Bitcoin.

well that is what happens when you enter a market without understanding how it works first. if you entered stocks, Forex,... markets without prior knowledge and with 0 experience then you would have had the same terrible experience in them too.

you haven't stopped making mistakes either, now you are making a new mistake! you have lost money because you made bad decisions and now you are asking people to give you a magical answer about some cryptocurrency which you can buy and no longer lose money... that will lead to another loss.

 need to make payments. I can't get rid of cryptocurrency. I have to have it for my payments. I expect a loss in my situation. I don't know where these losses will be less.

well you can not use any cryptocurrency to make payments because people don't accept them. for instance if you want to purchase a VPN, the provider is not accepting all cryptocurrencies. they will be accepting bitcoin and monero and in some cases they may accept litecoin too. so in a way it is not up to you to choose which coin!
additionally how the whole market works is that if bitcoin falls, everything else falls too. so your options are limited in this case again.
the only alternative is stable coins such as Tether but the problem with these coins is that they are also high risk because despite their stability they can disappear at any moment and crash to zero.
on top of all that you will have the problem of exchanging coins back and forth. for instance if you want to make payment with bitcoin but exchange it to Tether so that you don't lose money if bitcoin went down, then you will be forced to pay 2 exchange fees and that will eat through the amount you were trying not to lose and your loss will be even bigger.