Any Cryptocurrency HODLers out there? Please share your insight.
Hello WSO Readers,
I'm sure many of you already seen many posts on WSO regarding Bitcoin and cryptos. With Bitcoin reaching $10,000 do you think the hype is JUST getting started? I've mentioned in few crypto-related posts about it being in a pre-bubble stage if it's considered as one. Many skeptics and doubters said Bitcoin will ultimately crash, but I see it reach even higher value before it really does happen.
Any HODLers wanna share their views on Bitcoin / Altcoins? I personally hold Litecoin / Etheruem / will buy some Ripple.
What exchanges do you use?
Apparently people have been buying crypto on their credit cards, - should I up the Discover card to $100,000?
Coinbase. The app was trending on App Store yesterday. I wouldn't buy on credit because they charge ridiculous transaction fees up to 3-5%. It's better to wire the money to Coinbase and transfer the wired money to GDAX (same company using a trading platform). You can buy Bitcoin/Ethereuem/Litecoin with market price or buy/sell limit.
I've used Bitfinex & Bitstamp, they offer similar options to GDAX. It really depends on which altcoin you want to buy.
Some altcoins can't be bought directly with USD so you need to trade with BTC.
Most importantly, you might wanna secure your coins in a cold storage wallet or Coinbase Vault option. (Only if you wanna HODL).
I think it's just getting started, or at least we have a long time until this bubble everyone keeps talking about bursts. I HODL and day trade cryptos quite a bit, or more like "week trade." I use GDAX to deposit money, and then buy BTC and transfer it to the different exchanges to buy coins, like Bittrex or Binance. Pro tip: If you buy LTC and transfer it, you actually save some money in fees.
I'm no longer invested in Bitcoin, because it has inferior technology and serious scaling issues, and it's only a matter of time until its first-mover advantage wears off and a better coin takes its place.
I mostly hold both MOD and WTC. To give a rough summary of what these are all about.. MOD is tackling the pharmaceutical industry, and provides a solution to expensive logistics services. It's going to save the pharmaceutical industry about 60% per year in supply-chain logistics, through their sensors -- their tech works, they have over 41 partnerships, and a few pharmaceutical companies that have pledged to use their technology, as they're partnering with the leading last mile logistics solution in Switzerland.
WTC is revolutionizing RFID technology, and has the support of the Chinese government. They showed a demo video that shows a person pick up an item, walk out of the store, and the price of the item is automatically deducted from their coin balance. Really cool stuff, and they have the business connections to pull it off. Recently, I got a master node, which gives you a % return on your total coins per year for holding at least 5000 WTC.
I would definitely suggest looking into these two. I noticed that a lot of coins are moving from being currencies, to actually using block chain technology to tackle real world problems and directly providing value, which I think is a great step in the right direction.
Fundamentally I look at the market extremely skeptically, but that hasn't stopped me building a diversified portfolio and actively trading it as opposed to just buying and holding. It's one of the more interesting asset classes (if you can call it that) to follow. I think a hell of a lot of it is sentiment based and not much else.
Regardless of what I think, at the end of the day it has and continues to be a way to make money.
On the flip side, I'm a big believer in blockchain technology (rather than cryptocurrencies), and I think the tech has applications in the commodities industry (mainly because we're so tech backwards right now in a lot of cases). I'd love to see it clean up the middle/back office functions within commodities.
P.S DRW are hiring a cryptocurrency trader.... crazy.
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