Cryptocurrency for a beginner.
Cryptocurrency for a beginner.
Hey all, couple questions for you regarding potentially getting into cryptocurrency…
I for one have very little understanding of it aside from reading a few things on its basic principles. I have heard that with the new Presidential administration coming in it could possibly be good for the crypto world. But who knows. Anyway I am considering making a small investment but I’m not really sure how to go about it.
- What platform/app would you recommend starting with that’s easy to use/understand? And of course safe.
- Is now a decent time to buy in? What would be some decent currencies to start with. Bitcoin or ethereum or others?
- Any general advice would be much appreciated.
I tell people to start small. everyone investing in crypto should have exposure to BTC. BTC is the gold standard of crypto. It’s value is that it is perceived as money, and that’s not going to change for a while.
That being said, I would avoid all other crypto where its perceived value is to replace fiat. BTC is king there, so to find value in other cryptocurrencies, it needs to come from utility and solving real world problems. There are a lot of great projects out there, and I have a template I use to find them:
- I only invest in projects with a max coin cap. Why? Because the others are inflationary and no better than fiat. With a coin cap, you get an idea of max market cap, which is incredibly important in valuing anything.
- I invest in things I can understand. Stay away from projects with big words that claim they’re the next big thing. If they can’t directly explain it to you, they’re grifters trying to dump bags.
- Avoid memes like the plague. You’re just playing musical chairs with the other degenerates. There’s no long term sustainable value in meme coins unless it becomes a society standard, and for that to happen it needs to be perceived as money (BTC) or provide utility/value to solve real world problems.