By now, you must have heard of Bitcoin.
You know, the digital cryptocurrency that is kicking ass and has now become the single most valuable commodity in the world?
Bitcoin and cryptocurrency trading has changed my life and I have a confession to make; I’m not quite so broke any more.
Since I first put together my cryptocurrency portfolio eleven months ago, I have made over $300,000 from an investment of $9000.
Read on to find out how you can invest in cryptocurrency and exactly what coins make up my cryptocurrency portfolio…
Table of Contents
- Quick Information on Building a Crypto Portfolio
- Will building a cryptocurrency portfolio take ages?
- So, what exactly is cryptocurrency?
- Why should I care?
- Why are you telling us this?
- How can I get involved?
- Which coins are in your Cryptocurrency portfolio?
- What are your favourite coins for 2018?
- How can I buy more coins?
- Everybody says Crypto is a bubble?
- How can I properly protect my investment?
- Improving your cryptocurrency knowledge
- Tell me more about your favourite Cryptocurrencies for 2018…
- How do you recommend I trade?
- Do you have more information on trading Crypto?
- FAQ’s on investing in Ethereum
Quick Information on Building a Crypto Portfolio
- Easiest place to buy Bitcoin – Coinbase
- Best trading platform – Binance (Read full review here)
- Another great trading platform – Kucoin (Read full review here)
- Best way to protect your portfolio – Trezor Hard Wallet
- Safest coins to invest in – BTC, ETH, ICX, XMR, LTC
- Best app for tracking your portfolio – Blockfolio
In December 2016, I started trading cryptocurrency online.
The thing is, I didn’t know much about trading. I put in $9000 – $4000 of this was my life savings, $5000 was on credit cards.
I then promptly lost a fuck ton of money as I made stupid mistakes and panic-sold on dips. Pretty quickly, my stack was ground down to $5500.
I settled in and over a few weeks I taught myself how to trade cryptocurrency.
The market is on an unbelievably strong upswing and I want to stress that I am not a veteran, or even a particularly good, trader.
In fact, whilst I have made a huge amount of money over the last year, I would have made even more money if I had just sat on my initial investment of Bitcoin and done nothing.
For a lazy investor, building a Cryptocurrency portfolio is perfect – spread your investment across 5 – 20 coins, protect your investment properly (more on that in a moment), and then just sit back and wait a couple of years.
You will probably make 1000% or more on your investment (depending on when you get involved) if you follow the basic rules of trading cryptocurrency….
Don’t panic – Dips happen and they are healthy, nine times out of ten coins will dip and then bounce back. Whilst crashes do occur you can avoid them by choosing the right coins to invest in.
Hold, hold, hold! – Today, I finally sold $15,000 of a coin I had been trapped in for over a year. It spiked from 20 cents a coin to 45 cents a coin and bam! – I dumped that motherfucker at a healthy profit (I had been in since it was half a cent a coin). I knew this coin would eventually spike so I held, and I waited.
You don’t actually have to trade – I cannot stress this enough. Split your investment across ten good coins, throw those coins on a hard wallet and wait two years.
Don’t get crazy greedy – Be ready to take profits. Personally, I sell half of my stake in a coin every time the coin doubles in value, this way I am playing with profit. It’s greedy traders who end up broke traders.
Will building a cryptocurrency portfolio take ages?
I’ve had a lot of friends ask my about building a cryptocurrency portfolio and many of my friends think that I spend a lot of time trading crypto.
Whilst I did initially spend a lot of time researching and teaching myself how to trade, I now spend less than two hours a week actively trading.
When I was in Pakistan, leading my tour, I didn’t even check on my crypto portfolio for over a month.
For beginners, I truly do recommend that you just spread your bets and wait but if you want to try and actively increase your investment you can get into trading on an exchange.
I’m not a daytrader, I’m a swing trader – I try to catch big swings in the market, I buy low and sell high, sometimes holding a position for months before I can exit at a profit.
Right now, investing in cryptocurrency offers more potential reward than any other investment opportunity, to ignore Cryptocurrency for another year would be disastrous… I truly believe that this is the financial revolution. Get involved or miss out.
So, what exactly is cryptocurrency?
Surely you’ve heard of Bitcoin? Bitcoin was the first cryptocurrency and was used for anonymous transactions on the web.
Cryptocurrencies are best thought of as stocks or commodities – Bitcoin is gold.
After Bitcoin there are 10 – 20 other coins that are bluechip coins; these are coins with a large chunk of the crypto market, a dedicated following and a real application.
For example – Monero is a coin which focuses on absolute privacy. If you buy something or are paid for something online with Monero, it is impossible to trace the transaction. Monero is one of my favourite coins.
These 10-20 bluechip coins are the safest long-term investments as they are the least likely to tank.
Then there are hundreds of other coins, the shitcoins – which usually start off with a value of almost nothing; We’re talking values of a couple of hundred coins per US cent.
The shitcoins are exciting too as if they become legit, they can increase in value rapidly by 10,000% or more. You can make a killing on shitcoins, but you can also lose your money so you need to be careful – more on that in a bit.
Why should I care?
Right now, trading cryptocurrency offers a truly incredible potential return.
In July 2010, the price of a single Bitcoin was eight cents.
A year ago, when I bought my first Bitcoin, it cost $650.
Today, the price of a single Bitcoin is $16,000 dollars.
By the end of 2018, I predict that Bitcoin will be worth $100,000 a coin.
I believe that the window to enter cryptocurrency trading in rapidly closing – soon, most of the bluechip coins will be extremely expensive and unable to double in value as easily as they can right now.
Why are you telling us this?
I feel compelled to spread the word; cryptocurrency is an amazing chance to make a fuck ton of money with a relatively small investment. The problem is, the window is closing. Many coins have already doubled in value many many times, the more a coin doubles in value, the harder it gets for it to double again and you to make a tidy 100% on your portfolio…
Anyways, I digress.
I don’t want to make a business out of selling cryptocurrency tips – I’m simply too damn busy.
I did think long and hard about packaging all this info up and selling it as a course but honestly, I’m too busy and I don’t want to try and portray myself as an authority on this.
I know my shit, but I’m no expert – I only spend a couple of hours a week trading cryptocurrency.
There is an affiliate link in this article – this earns both you and me $10 each of Bitcoin when you buy more than $100 of Bitcoin to start off your portfolio. Feel free to use this link, or ignore it if you prefer to find another way to buy your coins.
I simply want to arm you with this information so that you do not miss out on the financial revolution. The chance to build a cyptocurrency portfolio that makes you good money is now, by the end of 2018 it will be too late to join the race and still make insane profits.
How can I get involved?
Firstly, it’s important to make sure you only invest money you can afford to lose – trading cryptocurrencies, or any other stock or commodity, carries a risk.
My advice is simple – purchase ten of the top coins and hold them for a year.
To get started, simply buy Bitcoin on Coinbase or elsewhere, send the Bitcoin to an exchange and then use the Bitcoin to buy the other coins you want to hold.
Something you need to understand is you don’t have to buy a whole coin, you can buy 0.000001 of a BTC if you want to.
Which coins you should invest in changes daily but here are some of the best coins in my opinion…
Bitcoin, Ethereum, Monero, Litecoin, Ripple, Dash, Civic, Iota, Siacoin, Golem, Neo, Maid, OMG, Steem, Potcoin, Zcash, Hempcoin.
If you want to dip your toes into trading cryptocurrency, then my top tip for cryptocurrency trading beginners is to simply split your investment across Bitcoin, Litecoin and Ethereum.
Ethereum is widely considered to be the biggest contender to Bitcoin and after Bitcoin, Ethereum has the largest chunk of the cryptocurrency market – it is, in my opinion, a relatively safe bet.
Ethereum recently broke the $1000 mark and I predict it will hit $5000 a coin by the end of 2019 (and probably way before that).
Since January 2017, the value of Eth has skyrocketed from $6 to $1000 – You can buy Ethereum here – if you use this link we will both get $10 of free Bitcoin.
Which coins are in your Cryptocurrency portfolio?
I have diversified into multiple different coins and my cryptocurrency portfolio is split into several tiers of investment. I have selected which coins to invest in with care and every coin is on this list for a reason. Some of these coins cost thousands of dollars a pop, others are mere cents.
I have built my cryptocurrency portfolio using a risk-reward formula that is acceptable to me. You’ll have to decide how much risk you want to take on and that should influence which coins you invest in.
I recommend keeping at least 50% of your portfolio in safe-ish coins like Bitcoin, Ethereum, Monero and, my new favourite, Icon.
Personally, I have a high tolerance to risk and have invested in some coins which other traders find baffling – I was widely criticised amongst my crypto buddies for investing heavily in Ripple and Siacoin (although both paid off big time).
When building your own cryptocurrency portfolio you should not simply copy mine, always do your own research and decide which coins you can excited about.
Crucially, entry point is very important and I entered many of these coins months ago when they were cheaper, there may be better buys out there right now but as of the time of writing – early January – I am confident in my portfolio and expect my holdings to triple in the next few months.
Without further ado, here are the coins I am currently invested in…
These are ordered in descending order, the lions share of my portfolio is in Bitcoin and my smallest position is in Dopecoin.
What are your favourite coins for 2018?
I intend on covering this in much greater depth in the near future but I wanted to give you guys a few tips here and now… Coins which I personally have invested in and which I feel could x 10 in 2018 are: Verge, Tron, Icon, Hempcoin, Sub, Cardano, Lisk, OmiseGo, DistrictOx and Siacoin.
How can I buy more coins?
Buying more coins to expand your cryptocurrency portfolio is a smart idea – the more you diversify, the better your chance of hitting a coin that goes to the moon. I do however recommend keeping at least 60% of your portfolio in relatively safe coins like Bitcoin, Ethereum, Litecoin and Monero.
Most cryptocurrencies can only be bought on trading exchanges and not on Coinbase and some cryptocurrencies are only available on one or two exchanges. Because of this, I personally am active on multiple exchanges.
The majority of cryptocurrencies can only be bought with Ethereum or Bitcoin so you have to buy one of those before you can purchase the smaller coins.
To properly expand your portfolio, you will need to join a trading platform – is the largest and most trusted trading platform out there and it lists a wide selection of decent coins.
You will need to first buy your Bitcoin (use this link for an extra $10 of BTC), you will then send your BTC to a cryptocurrency trading exchange. My favourite trading platform is Binance, but due to overwhelming demand, their doors are not always open.
Note: It is EXTREMELY likely that these exchanges will also temporarily stop taking new members so my advice is; open an account, even if you don’t plan on using it you will then have the option. Check out this list of cryptocurrency exchanges for more info and options.
I’m keeping a close eye on the situation and will be updating this post when Binance and other major exchanges reopen their doors. In the meantime, check out my ultimate guide to trading Crypto on Binance to get your head round how to send Bitcoin from Coinbase to an exchange.
Once you have your BTC in place on Binance or another cryptocurrency exchange, you can then expand your portfolio and buy other coins.
Note: There are many cryptocurrency exchanges out there however the big boys – Bitfinex, Bittrex and Poloniex – are no longer accepting new users due to extraordinary demand. Binance is the best trading exchange that still takes on new users.
Everybody says Crypto is a bubble?
Is there a risk to investing in cryptocurrency? Hell yes there is. It could be a bubble… or, it could be the future of money.
Frankly though, I don’t see this train stopping any time soon and everybody should throw at least a couple of hundred bucks at crypto to hedge their bets. You may lose your money and if that freaks you out, maybe this isn’t for you. Here’s the thing though, only with risk can one hope to profit – this applies to all aspects of your life.
If this is the future of money and you miss out, you’re screwed.
How can I properly protect my investment?
I am very glad you asked!
Cryptocurrency thefts have occurred numerous times and some folks have lost millions.
There are two ways to securely protect your money…
Firstly, if you are keeping money on Bitfinex or Coinbase, you MUST turn on 2FA. This adds an extra layer of security and makes it harder for hackers to get at your coins.
If you’re really paranoid, like me, and want to protect your cryptocurrency portfolio properly then I strongly recommend getting a hard wallet.
I recently invested in a Trezor – this is, simply put, the most secure way to protect your coins.
Improving your cryptocurrency knowledge
21CRYPTOS Magazine is the leading monthly Cryptocurrency publication, and Broke Backpacker readers (that’s you!) get 15% off 12 month subscriptions. I read 21CRYPTOS myself and find 95% of what they do to be seriously on-point – these guys are ahead of the curve and I am a big fan.
Get authoritative information you can trust with over 100 pages of coin analysis, event calendars, lessons, interviews & special features from the industry’s top traders & writers. Visit 21cryptos.com and use discount code BACKPACKER21 at checkout to score the discount 🙂
Cryptocurrency mastermind groups
Ultimately, if you want to make money with crypto you have a couple of options. The easiest thing to do is to build a diversified portfolio of carefully selected coins and then to simply wait a couple of years. However, this is not the most effective way to make mad money. If you want to truly crush it at crypto, you need access to truly knowledgable people.
I am not your guru. I’m a crypto enthusiast, not a professional trader, and I make plenty of mistakes. There are a huge amount of ‘gurus’ and ‘experts’ out there but the truth is that many of them haven’t got a fucking clue what they are talking about. Opinions in cryptocurrency are like assholes, everybody’s got one. It’s extremely easy to predict the market and hell, everybody seems like an expert, when cryptocurrency is experiencing a bull run.
It’s very very easy to make mad money when the market is on an upswing, less so when cryptocurrency enters a bear market. Talented traders, and those with information, can make money on the way up and on the way down.
One thing I’ve noticed is that the media, especially Twitter, can have huge effects of the market. If you decide that cryptocurrency is your new thing, if this is where you want to spend your time, then I strongly recommend that you educate yourself and improve your understanding of who to follow, who to trust, when to buy and when to hold.
There are many groups on Facebook where you can find likeminded folks who will happily talk crypto all day but the problem is that 99% of these groups are filled with people who have only a very basic understanding of cryptocurrency and the knowledge available here is not particularly strong. I have recently left almost every single group on Facebook as, in my opinion, they are largely filled with FUD.
Which mastermind group should I join?
If you are serious about cryptocurrency trading, I strongly recommend finding a mastermind group that suits your skill level and budget so that you can improve your knowledge, expose yourself to less risk, and gain access to news and tips before they hit the mainstream market – this is where the real money is to be made.
More Cryptocurrency resources
Another good resource to improve your cryptocurrency knowledge is Tradunity – A subscription based learning platform run by Dmitiry Lavrov, a well known crypto trader, where you can learn how to protect capital and trade strategically. Tradunity has plenty of info, from a beginner all the way to quite an advanced level, on trading signals, strategies as well as an ICO pre-investment pool in which you can enter ICOs nice and early to have the biggest chance of a win… if it takes off!
If you’re a Kiwi, check out this really helpful resource on how to buy Bitcoin in New Zealand
Tell me more about your favourite Cryptocurrencies for 2018…
Alright, you asked for it, here’s a VERY BASIC breakdown of some of my top picks for 2018, these are just my opinions, this is not financial advice. Always do your own research. I am not responsible if you lose your house.
Almost every crypto-list today starts off with the king – Bitcoin! Satoshi Nakamoto created Bitcoin a long time ago, and it was the first cryptocurrency to step blinking into the bright light of the world! Bitcoin has surpassed all expecatations and continues to grow in value and popularity – despite recent setbacks and a lot of FUD from trolls and haters (read: traditional banks) online. Will Bitcoin continue to increase in value in 2018? Recent trends say: Yes! In my opinion, any cryptocurrency portfolio should hold some Bitcoin.
Bitcoin (BTC) has been engaged in a predictable up and down pattern where it absolutely crashes at the beginning of any year and then sky-rockets as the year nears its end. Bitcoin held steady at around $19,000 in December 2017, and then sure enough – crashed big time to around $6,000 at the beginning of 2018. At the time of writing, March 8th 2018, the price of Bitcoin is relatively stable between $10,000 and $12,000. In my opinion, the price will run again soon.
- Bitcoin is capped at 21 million coins. There will never be more Bitcoin than this.
- Widely accepted, easily sold, bought, and traded for alt coins.
- Already established as an accepted payment method in millions of places.
- Best thought of as a store of value, like gold.
Ethereum is an open-source development platform, which is why it’s exciting for many, and also the reason why it’s probably going to remain at the head of the pack for a very, very long time. It’s the world’s second-biggest cryptocurrency and is used by developers around the world to develop and publish decentralized applications (dapps).
Ethereum’s technology is already being used by super-popular projects around the world, showing great success, and offering a glimpse of a stable crypto future. I love Ether and hold a significant percentage of my portfolio in Ether.
- Dapps made with Ethereum almost never crash and can’t be shut-down
- Proven corruption-free because it’s impossible to censor
- Smart contracts can be used for fundraising easily – Ether is popular with ICOs
- No limit in Megabytes
Ripple is an open-source digital payment network, and it’s already being used by some of the world’s largest banks – such as the bank of Tokyo and Santandar. XRP has shown significant potential recently and has been turning a lot of heads. Ripple aims to become the go-to tool for banks on a global scale, while still giving an exciting investment opportunity to crypto advocates and solo investors. Ripple has many haters and I’ve been burned by it myself in the past – I sold 30,000 XRP at 20 cents… painful. Still, I did buy them at 3 cents a pop, so it could have been worse. I hold 10,000 XRP today and will hold until 2022.
- Extremely fast network, payments take less than 10 seconds
- Recently signed up with American Express for money exchange between England and the United States
- The financial system values stability over volatility (stable long-term investment)
While Ethereum focuses on dapps and Ripple on ultra-fast finances, Monero focuses on – privacy! This technology actually uses cryptography to protect all incoming and outgoing addresses, as well as the transmitted amounts. Monero is an all-in-one solution for all privacy enthusiasts, and as such, it holds tremendous potential for great success in the crypto world. Monero is my favourite coin.
- Privacy at its best – no one can see your balance, anywhere
- Irreversible cryptographic technology is the security chief for Monero transactions
- Its coins cannot be traced in any way, shape or form, due to its encryption
Created by Charlie Lee, a former Google engineer, Litecoin is an open-source payment network that operates on a global scale. It is not controlled by any centralized power, and it uses the “scrypt” as proof-of-work. It is similar to Bitcoin but has the advantage of offering a faster rate of generation and therefore faster transactions. This is one of the main reasons why its enthusiasts continue to invest or hold onto the coin even after finding out that its founder sold his stack.
- Visible founder, Charlie Lee, fully invested in promoting Litecoin
- Implemented the SegWit technology before BTC, offering greater capacity and faster transactions and lower transaction fees
- Shows potential to become ‘the next Bitcoin’ in terms of rising in value exponentially
The Verge (XVG) technology revolves around providing an incredibly safe, private, and fast digital payment transactions – on an everyday basis. It offers all individuals and businesses a fast, efficient, and a decentralized option to make and receive direct payments in an average 5-second window per transaction. It runs on open-source technology, it is not a private company, and it isn’t funded by pre-mined coins. This is one of the reasons why people are so excited about it, all of its development, marketing, and other endeavors are completely done by the community – for the community.
- Only coin to go up 800% in the shortest timespan (one hell of a crash after this though)
- 2017 was a year of success for XVG
- Uses Elliptic Curve cryptography to generate ultra-fast invisible transactions
The moment you look at the amount of support Tron has been receiving lately, you immediately realize it’s not just yet another blockchain-based platform. Tron’s technology aims to deploy world’s largest FREE content entertainment system. The platform allows anyone to store and own data, and to freely publish their content. Its app “Peiwo” already gathers 10 million enthusiasts and is on the road to become the world’s first TRON-compatible entertainment app. This technology revolves around the following ideology: All contributions on the network should be of equal quantitative value, the Internet should be decentralized, and data creators should have the absolute ownership of the data. It’s important to realise though that Tron has been pushed like hell by an ambitious marketing department… I have not yet decided if this is a cryptocurrency which will survive but, for a one year hold, it seems a safe bet.
Many see TRON as an end of the online entertainment system as it is today – forced by giant corporations and companies such as Google, Apple, Youtube, Spotify, and others. Content creators might get another option and not have to go through these “middle men” anymore.
- Founder, Justin Sun, is capable of and fully invested in developing and promoting the technology – the opinion of some crypto experts today
- Its technology has been gaining an abundance of partnerships recently, hence expected to be a top 10 coin in 2018
- TRX and the TRON protocol shows potential the change the entertainment (and its business) world altogether, which is why its incredibly exciting
The ICON technology (ICX) is incredibly exciting because it aims to harbor the single largest decentralized global network. It aims to provide its users a certain degree of connectivity between countries and cultures around the world that’s currently just not possible or non-existent. This network gives way to businesses and individuals to communicate, transfer, deposit, and in many different ways cooperate with each other in a never seen before way. ICON shows extraordinary potential for the future, but it’s already boasting a large community made of reputable security institutions, banks, hospitals, insurances, universities and institutions in many other sectors. Crucially, ICON is NOT yet tradable in South Korea – when that changes I expect this coin to moon.
ICON is already showing signs of fast and stable advancement in the world:
- In Q3, 2017, ICON successfully created its open source loop chain, partnered with a major bank
- In Q4, 2017, it successfully completed its ICO and listed its token, the ICX, and its U-coin pilot opened up in three universities
- Successfully launched its MAIN NET and its decentralized exchange, and also released its Android, iOS and web wallets, all in Q4 of 2017
- Has a laid-out plan for its future, with clear goals, including a fully released 2018 roadmap.
People are getting excited about Hempcoin (THC) because it’s slowly but surely starting to re-surface again and receive some of the media’s attention that it deserves. Even though a couple of competitors recently showed up (PotCoin and CannabisCoin) – Hempcoin is actually the oldest technologies and coins – not just in the industry – but in the crypto world altogether. Hempcoin was founded back in 2014 and its sole purpose is to act as a digital currency for the Agriculture/Farming industry and naturally – the Hemp/Marijuana field.
- Now actively listen on Bittrex, one of the largest cryptocurrency exchange platforms
- Now used in Agricultural trade, a trillion dollar industry and even a 2-3% share of it would mean a 500%+ increase in value for its coin
- Recently started getting more media attention, it is likely for investors to start buying in more and more
- Released a brand new whitepaper in February 2018
Sub or Substratum is another open-source network with a huge focus on decentralizing the web and on “making the internet a free and fair place for the entire world.” This platform allows content creators to freely host their websites or applications on Substratum host, without any censorship blocks. Network users can then “run” Sub nodes and help the content get forwarded to end web users, who can access all Sub content in regular web browsers without any blocks or limits in shape of censorship.
Substratum believes that very soon, people will want to take the internet out of corporations’ hands and tracking habits and use the internet freely without the feeling of being either served, targeted, watched, or monitored in any way. When this does start happening, it seems it’d be good to own a few Subs…
- Successfully launched Website v1 and whitepaper in 2017
- Successfully ran Website v2 on schedule and raised over $12MM in ICO token sale
- Got listen on leading exchanges such as Binance
- Ran two private alpha tests with the first being 100% successful globally, launched Website v3 on schedule
Cardano (ADA) is a fully open-source, decentralized, public blockchain and cryptocurrency. Cardano is very similar to Ethereum, and the team wants to build on that. Cardano aims to operate a global smart-contract platform which will deliver much more advanced features compared to its competitors. Loads of existing investors are excited because Cardano is the first blockchain founded on scientific philosophy, and also the very first provably secure proof of stake algorithm.
- Cardano can be updated WITHOUT hard forks
- Plans to offer negligible fees (even for smart-contracts) in comparison to Bitcoin and Etherium, hence offer a far better (and faster) service
- Plans to make wallets and smart contracts incredibly user-friendly, unlike Etherium’s platform
- Its developers claim to own world’s first proof-of-stake mining algorithm that’s mathematically 100% secure.
- Successfully signed up with Microsoft for partnership in 2016
- The system already proved itself with Crypti, on a community level, now being recognized by experts globally
- Lisk features a decentralized app directory (dapp) – just like Google Play or iTunes, with an incredibly friendly UI and UX
OmiseGO (OMG) is a public financial technology that’s based on Ethereum. The concept of OMG is to enable peer-to-peer value exchange and payment service in real time across not only decentralized currencies but fiat money as well. OmiseGO allows anyone on its network to process financial transactions (payrolls, B2B, remittances, payments, etc.) in a much more inexpensive and decentralized manner.
- Launched just last summer (2017) – this token has already been seen skyrocketing, showing huge potential and interest all over the world
- More than doubled its value in January this year, seeing a 112% boost
- Gives mainstream users an easy and inexpensive way to transition from fiat money to decentralized currencies
- Provides for use their White-label Wallet SDK system, which allows diversification in terms of payment solutions, and makes things much more exciting for investors
Disctric0x is a network of decentralized communities and marketplaces, and where each ‘district’ is a decentralized entity on the district0x Network. In other words, District0x allows anyone to create a network of communities (or organizations) with a focus on governance, cooperation and decision making being decentralized. District0x is an open-source software project, and as such, it does not seek to gain profit, but rather focuses all of its attention towards building software that enables development and governance of marketplaces that are powered by the community.
- Boost co-founder recently joined the distrct0x advisory board, plans to help the platform on the mission to decentralize world’s marketplaces
- district0x has recently been accepted into Boost VC’s Tribe 10, which is exciting because Boost consists of more than 100 blockchain founders, co-investors, and tons of talented individuals
Sia is the very first decentralized storage platform that’s based on and secured by the blockchain technology. Through the blockchain tech, Sia can provide much reliable data storage options that do not have a single point of failure, can offer more storage space – at much lower costs than traditional cloud storage providers. Besides the obvious, investors are readily jumping on the Sia-train for one more reason: Privacy. Unlike cloud-storage provides, Sia’s tech gives you all the keys to your own (encrypted) data, and mandates that no third party will control nor access your files.
- The excitement is more than valid; the difference is huge – storing 1TB of files on Sia costs ~$2 per month, comparted to a whopping $23 on Amazon’s S3
- Redundancy at its best – Sia segments your files across nodes throughout the globe, hence eliminating any single point of failure and also ensures uptime that easily rivals cloud storage providers
Please note that I have a RUDIMENTARY understanding of some elements of cryptocurrency… I’m a blogger, not a financial expert. Always do your own research and draw your own conclusions.
How do you recommend I trade?
It’s important to realise that you need to do your own research and come up with your own strategy for cryptocurrency trading. If you are short on time and want to play it safe; the easiest cause of action is to simply diversify into several different coins and then wait a year or more. However, if you want to maximise profits you should learn how to swing trade cryptocurrency.
I strongly recommend swing trading over day trading – day trading is stressful, time consuming and only really profitable if you have a lot of money to play with. Swing trading involves trying to capture large movements in the market – for example, you might decide that you want to net a profit of 30% on Ethereum…
You might buy in to your Ethereum position at $1000, you set your sell position $1300. Your sell order could take days, weeks, months, years or till the end of time to be filled. Once it has been filled, you then take that profit and you roll it over in to a new buy over at, say, $1100. Choosing good targets for your buy and sell orders is crucial if you want to be a successful swing trader but overall swing trading cryptocurrency is pretty easy – set your orders and then just wait.
The market is so volatile that big movements up and down are pretty common and you can capitalise on this through swing trading. I recommend choosing a group of coins to be in and then sticking to swing trading in those coins rather than jumping constantly between different cryptocurrencies – it does help to have an understanding of what different coins do and how much volatility can be expected and you will gain that understanding with time. Good luck!
Do you have more information on trading Crypto?
A while back, I put together a google doc for close friends and family who wanted to get involved with Crypto. Everybody has now at least doubled their money and some people have made a killing. I am now making this Google doc publicly available – it’s here, it’s free, it’s probably out of date.
FAQ’s on investing in Ethereum
Since I’ve received a ton of questions about investing specifically in Ethereum, here are some answers…
How high could Ethereum go?
ETH is extremely likely to hit $1000. Here’s hoping for $5000.
Is now the best time to buy?
Nope, that was over a year ago.
Can I still double my money?
Yes, that is possible but not guaranteed.
Is there a risk?
Of course. In my opinion though, there is an 80% chance you will make money on Ethereum if you buy it soon and can sit on it for 12 months.
Are you available to answer all of my questions?
How do I buy Ethereum?
Most cryptocurrencies must be purchased with Bitcoin but Ethereum is paired against the dollar as well and you can buy Ethereum here using USD – If you use this link we will both get $10 of free Bitcoin.
I’m having a problem with coinbase?
This is free advice, I’m not tech support. Coinbase is legit and trustworthy, open a support ticket if you have a problem.
Are you going to release more info on Cryptocurrency in the future?
Probably not – most of the info I have is in this doc.
Happy trading amigos, good luck, stay calm, stack that cash!
Disclaimer: I am not a professional (or even a veteran) trader. I am an intermediate trader with a passion for cryptocurrency. I am disclosing my own ventures in crypto because cryptocurrency trading does make up a chunk of my online income and I want to be 100% transparent with you when it comes to making money online. Investing in cryptocurrencies carries a risk – you may lose some or all of your investment. Always do your own research and draw your own conclusions. Again – this article is aimed purely at advising; draw your own conclusions on whether cryptocurrency trading is right for you.
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