I have this friend who is starting to research the world of crypto and has decided she has $5000 to invest.
"What should I do with it?" she asks.
"Well, that depends on a number of factors", I reply.
Let's take a look at some of the considerations when deciding to invest.
Tolerance for risk - How well can you handle seeing your investment go up in flames? Crypto markets are very volatile and risky, and even getting a nice return doesn't guarantee it gets back to you if you don't take precautions to protect your electronic currency (Witness what happened to those who used Jaxx for a crypto wallet).
Day, Swing or Long Term Hold- Are you looking to trade daily, making a return by taking small percentages out of the market, or a trade over a few days for larger margins, or maybe just a buy and hold strategy?
Technical or Fundamental trader - Do you pour over the charts looking for patterns and indicators to guide your decisions or are you an avid reader of the latest reports, Reddit and rumor mill?
What are your goals? "I want to double my money in 90 days" would require a far different strategy than "I want to be able to draw a monthly income in 5 years".
So here is the beauty of the Steem Community. There are so many knowledgeable people here, I would like to get your opinions of strategies that you believe would be successful under the following 2 scenarios:
A. Getting the value to $10,000 by the end of the year or
B. Having a system that would allow you to withdraw $1000 per month indefinitely within 5 years.
I'll share with you my ideas in a later post, but as I am just a mere minnow, I would love to hear from the whales out there in the crypto ocean!
Stay safe and keep Steemin!
You should have a look at my channel. I am and will be covering several coins. Checkout: https://steemit.com/cryptocurrency/@wolfofcrypto/iconomi-the-sleeping-giant
Thanks, am now following!
Thanks, I followed back.
Titcoin.....jk probably golem bitcoin and cosmos when its out
Thanks, I'll have to research Cosmos, not familiar with that one as it is so new.
Ya i missed the ico but from what ive read it seems pretty sick not gonna lie
I'd split it evenly between bitcoin and steem.
I think ethereum's big gains are going to end the scaling brinksmanship going on. When that's resolved, I anticipate a big leap for bitcoin, and a slight drop in most alts.
Steem's network effect is currently small, but growing at a phenomenal rate. Any day now, a big celebrity like Joe Rogan or Vince Vaughn could drop in and kick start the price of steem into double figures.
Yes I have to say I have been very happy with the progression of Steem!
I would add storjx to golem ether bitcoin and steem
I recommend Peercoin. It's been here almost 5 years and you can watch the price for that long time. It's been going up a lot in the last year. It is also an easy wallet to download and sync really fast.
Also, don't put all your investment into one thing. Pick a few of them.
Good advice, diversity is important for sure.
I am happy to have come across your post. I currently just started playing around in cryptocurrency also. I'm starting fairly small but I like ETH,XRP,LTC and of course STEEM. I plan on looking into Golum in the near future.
Cheers, and looking forward to more content !
Thanks, I'll be following you also!
ETH, XRP, ZEC, LTC will be my pick
Hey Makecents. I've invested a few thousand recently as well in some altcoins. I just recently joined Steem, but one of the things I'm going to do be doing in my posts is talking about my crypto investments and the research I'm doing into other cryptocurrencies if you'd like to follow! In the meantime, the altcoins I invested in recently were - Stratis, Ubiq, Waves, GNT, and of course Ethereum. Good luck to your friend!
Thanks for the advice, and I am now following! I will be posting as well, so it will be good to share ideas and compare notes as to what is working and what is not.
meep
GOLEM, Bitcoin, Ethereum, STEEM.
I would stay as diverse as possible, that amount of money can cover a lot of ground.
thanks for the advice