- January 19, 2018 update
With 2017 ending and 2018 starting, every man and their dog seems to be talking about crypto and bitcoin.
I’ve had a few conversations with a few different people and one thing is clear, everyone has heard of it but not a lot of them seem to know how to get started.
2012 for me was buying hardware and mining bitcoin and litecoin and generally holding onto it, and then something would come up and I would spend it. This week I found one of my old addresses and its had 1/4 of a million Australian dollars worth of bitcoin run though it. Shame I didnt still have any of it 🙂
Ok, so you have $100 and want to get started in crypto, and by 2019 you want to retire. My best advice would be to use the $100 to buy scratchy tickets as you would, at least, get something back for your investment.
The old quote that money makes money is true in the 2018 crypto market also. You need to be smart and do not invest any money that you can not afford to lose. $100 will also not get you very far. Making big profits in crypto trading requires big volumes. Firstly, lets throw another zero on the end of that $100 and you may get somewhere.
One of my mates put me on to NewYorkCoin (NYC) and while it was a relatively unknown coin thats been around since 2014, its price was almost zero. I started mining it with old redundant hardware and was making around 4000-5000 coins per day, then it spiked in hashrate and that 4000 became 250. NYC value jumped by 1000%
Crypto requires patience, the 500,000 NYC coin that I have, I set up to sell on an exchange at the value of 100,000 = 0.01 BTC even with the huge pump,they still havent sold. They cost me nothing to obtain, except for a few days of mining and setting up an account on an exchange that lists NYC.
The mate that put me on to NYC, I believe, has something around the 10 million coins. Money makes money, and if NYC goes to AUD$0.01 then he will make a HEAP of money. It makes my 500,000 look minute. You need volume.
Look up coins that are similar to penny stocks. Buy cheap, buy lots and sell when it jumps a little bit, then reinvest. One thing to remember is the trading fees. Make sure theyre covered AND you have a sizeable profit. Dont wait until its too late to sell, because you still need to find a buyer for your coins.
Any exchange you decide to buy and sell on will require ID verification. Just do it. If you plan on trading on any sort of level you will need to go through the process.
Exchanges are : Bitfinex, GDAX, Bitstamp, Gemini, Kraken, Poloniex, Bittrex, HitBTC.
My personal choices are Bitfinex, Kraken and Bittrex, some are easier to use than others, but I watch the prices on all of them and use peaks and troughs on all to jump in before crashes or bullish moves.
Look at the technology!
DragonChain is a blockchain company that is looking to host services on its network. Who needs a blockchain? A blockchain is generally a huge database, the Eth network is bogged right now by CryptoKitties.. a game where you buy cats and breed them. Seems pretty pointless to me, but people are breeding kittens and selling those kittens for ETH. This is slowing the transactions right down and bogging the ETH blockchain. DragonChain is linked to ETH and their blockchain technology. Once they get their first customer’s project off the ground, their stocks will go up. Buy DragonChain tokens, buy as many as you can afford to lose. If thats 1, great, if thats 100,000, great. DragonChain is looking to release LifeID on their network and LifeID looks great. Buy into both! For more info on each, watch the videos below. Find companies that are actually using the technology for useful outcomes.
You can always invest money into a two year investment term by mining it. Click my referral link here and send $100 to crypterra. After around a week, or two you will have enough to make a reinvestment. Keep reinvesting for 500 days and watch your small amount of hashrate jump. After 500 days, stop reinvesting and keep pulling your earnings out. Crypterra, and other cloud mining services are hard to check out. All searching that I have done on Crypterra seem to be legit, and the negative results have been that theyre slow to reply to help requests, but all-in-all they seem legit. I feel their rewards are a little high, but ive invested $500 into them and am quietly confident on my returns. I am mining BTC, LTC, ETH, and ZEC there and its looking the goods.