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RE: The downsides of Binance Exchange - It's not just sunshine and roses
To be honest, I never used a paper wallet! I know it's easy to set up and generate an address, but it's think it's going to be a bit of a hassle to move the funds if you ever decide to do so.
I think most crypto's offer a paper wallet option, but I'm not sure, never looked into it much honestly.
The added problem is: be sure to trust the paper wallet address generator!
The whole thing with the wallets is kind of the biggest hassle with crypto currently! Hopefully soon some new projects that are being worked on arrive soon. Some projects, you will only need 1 address which holds the whole bunch, and also lets you trade from inside the wallet. That's the one we're all waiting for!
wow, that would be amazing. Is there a coin associated with that project? If that's even a thing that makes sense lol
Ohh, there's a bunch of those projects actually!
OmiseGO is actually one of them, lol! :)
Others I can think of from the top of my head are Loopring and Ethos, but I know there's a lot of others.
I think it's even possible to just store it all on a Bitshares account too.. a BTS address can store BTC and ETH and allows for trading too.
These DEXes everybody are talking about are in most cases also 'wallets' which will let you trade, I believe. So, one passphrase.
so far my investing has been based solely on people I watch on YouTube and which coins they think have a bright future lol
edit: and i've put none of my own $ into it, it's all been from what I have generated at steemit over the past year.
Be very careful with that though, there are many people hyping coins because they have them. I really do mean it when I say you should really look at each project critically and see if it's really a great project.
I started out trading just following recommendations too, and at first it seems like it works but at some point you'll follow a terrible recommendation, and you'll hate the Youtuber for it! It is better to just, as they say, do due diligence and research to eliminate all doubt.
On the other hand.... every 'bad investment' that I did because a Youtuber told me to do it, ... if i had just held they would have been worth more in dollars than when I got rid of them! Al crypto goes up it seems.. just a matter of when and how fast
I definitely believe you. And I do plan to do my own research, but just haven't gotten around to it yet. But, most of them were coins that I saw multiple youtube people talking about and they are ridiculously cheap right now (ADA, DGB) so I see no reason not to just throw crap on the board and see what sticks after a year!
The one kind of big mistake I have made so far was the other night when the plummet was happening I decided to sell all my ETH (which is only half of one coin) at 550 because I was convinced it was going to keep plummeting, and of course it was right about then that it decides to go back up! lol So, now I'm holding onto this Tether waiting for it drop down again.
The fact that I haven't put any of my own $ into it is what is making it so fun for me, in my mind i see it all as pure profit and so I don't freak out when crap goes down or I make a bad trade. It's like I play poker, once I bought the chips I've already decided the money I spent on chips is spent and I"ll never see it again.
Get on Discord you slacker :)
ADA is one that is probably a good one to hold for a while. DGB is a 50/50 chance. Up until recently people had declared it back to being a shitcoin after a short popular moment earlier this year.
But it doesn't say anything. Stellar Lumens was a shitcoin (I got a bunch of them for free in airdrop - which I sold back then), but it is a top 20 crypto right now. I guess what it comes down to is: if the team is good and trustworthy and the idea is good, eventually it has to go up.
Trading on price swings is so dangerous. Like you said with ETH, you can end up selling at the bottom out of Fear (socalled FUD) or buy at the top due to FOMO. Then at some point it continues to rise and rise and you're on the wrong train. So this is why I now patiently wait my turn... I swear, every crypto seems to get their turn at some point or another to do atleast 3-5x and hopefully 10x, if you just wait long enough.
Even my Stratis which I had kind of given hope up for, is now booming to new highs. Even my shitty LBRY and Siacoin that I sold because I lost faith, are now back to higher highs. The lesson I learned is: If you're not in the profits, you just haven't been holding long enough.
If you listen to Youtubers, do listen to Boxmining, Datadash, CryptoLark and Cryptosomniac to get mostly objective info. Some of the other Youtubers (Suppoman, Trevon James,etc) are well known for pumping their own coins... which is always a temporary win until the Youtuber themselves cash out just as it's looking good.
As for when to buy and when to sell: Sell when others are greedy, buy when they are fearful. When are they fearful? Just look at your own emotions. If you're feeling like there is no hope for recovery ever and the coin has hit pretty much the level of being a shitcoin..... this may be THE best time to buy!! It's usually the bottom. Everybody is going through the exact same emotions, so the more 'Oh no all is lost!!!' you are feeling, the more of that the others are feeling too. At some point you're going to start recognizing the panic and realizing this is FUD striking. But if the fundamentals never change, the price will pick up again.
Similarly, if you're feeling like "holy shit we just do 3x and I think we're going WAY WAY higher" and you're fearful of selling because you may miss out on more: This is usually the time when, looking back, you should've sold. If there's 5% doubt nagging in your mind, realize that this could mean 5% of the market is in doubt and a little doubt is enough to kill the growth or crash the price.
And yes, starting with crypto with free crypto is 1000000% the best way to go about it. It takes emotions out of the equation and you can trade and invest without fear. If you make 10K but drop to 5K all is fine because it's all profit anyway. I am so much up from my initial investment, I have very little emotions when my stack loses 50% from the all time high it was at. Because I am still way up in the profits in dollars.
I considered pulling out my initial investment so I would be playing with free money too. But then I think about why? I don't really need it, and I actually would like to invest more fiat in it! So I may as well keep that little bit in there too.
Yes, yes, Discord, I know! I will first get on Steemit chat though! Discord has weird issues that I need to look into first.. I havent'used it very much so I need to figure out how to fix it.
Damn this got long. I hate it when I get enthusiastic about stuff, I get long winded! Lol
The funny thing when I sold my ETH, it wasn't that I was selling out of fear it was that I thought i could make a profit - sell it off, it drops more, and then I buy back in at lower amount. But, I choose a poor time! however, last night my buy limit hit and so I have my ETH back - I lost a little on it, but I chalk it up to a learning experience, pretty much everything I do right now is "learning" and i'm just trying to avoid any huge mistake. Right now my huge mistake is probably keeping all my money on the bittrex exchange lol (it's only $2500 total, all of which came from initially selling 150 SBD at 12x)
Two of the youtubers I have been watching are CryptoBobby (who is also on steemit, though I didn't know it at the time I found him on YT) and Louis Thomas; I will def check out the ones you mention.
Thanks for all the info you have been giving me!
what issues have you had with Discord? I don't usually use steemit chat, it's clunky and I hate the interface.
I don't watch those Youtubers myself so I can't comment on their objectivity. I think I saw a video of CryptoBobby once and it seemed decent.
And yeah the SBD price is sooooo awesome... 150SBD being worth $2500, totally awesome. One day you'll look back on how this all got started and it will blow your mind! My estimate is that with such an investment it could very well end up paying for a really nice brand new car for sure some day, or something of equal value. As long as crypto keeps going up. If it goes down, just hodl longer (possibly 2-3 years) but it will be back up.
If you want to avoid holding the bags because of a 'wrong' trade.. try finding a trading pair which has two crypto's which you both love. Split your money between the two of them. Then if one goes up compared to the other, sell 10% from the one to the other. Then if it goes back down, channel that money back again. If it goes up more, sell another 10%. Since you're switching between two crypto's , you're essentially winning no matter which one goes up? In theory.. have not tried this out but it sounds like a good idea to me!
Another tip I have: If you want to sell or trade, consider doing it with 50% instead of 100%. That way if it goes down, you'll have locked in some profits, but if it goes up you're still in the race too. I sometimes have a moment of fear, or think I see an opportunity, but I fear making the wrong choice. So in those cases I try to remember to not choose one or the other, but instead do it both.
I think I fixed my Discord problem, it had to do with my account. What's the discord channel again? I tried finding it in my replies/comments but I'm posting too much so it's hidden and I can't find it anymore!