February 15th, 2020
A Few Tips On Cryptocurrency For Beginners
Quick crypto tips (not official financial advice; just my opinions):
1. Buy some Bitcoin. Hold it. It’ll still have value 10 years from now.
2. Buy some Ethereum, Polkadot, Cardano, and Chainlink. They’re also good holds, although they’re like the internet companies of the mid-late ’90s. Within the next 5-10 years, some are going to rise considerably, some are going to fade. But all are solid enough and have enough use case to be considered good bets.
3. Look at a few other coins with good use cases, tech teams, and potential for growth because they fulfill a need. Some of these include VeChain, Enjin, Decentraland, Algorand, Polygon and Ocean Protocol. I like all of these projects for different reasons. They’re higher risk than the ones I mention in the top 2, but there’s a logic to them and they have good teams behind them, so their probability of success is pretty good.
4. Tread very carefully with pump and dumps like Dogecoin and other coins which don’t have a real use case. You can make money with them, but they’re not long-term holds and you can lose a lot of money on them too because they’re volatile and they don’t really have any practical application, so they don’t have any real room to grow. Doge has an unlimited supply and about 30 percent of all the Doge is owned by Elon Musk, and about 60-70 percent of all Doge is owned by about 100 wallets, which could mean 100 people or less. That’s not good because if they decide to dump, and you’re holding Doge, you’re boned. So, be very careful with things like Doge.
5. Avoid shitcoins and hypecoins like the plague. Safemoon, shit like that. Can you make some big gains? Yup, IF you’re lucky and time it right. But they’re like playing at a casino — you can also lose a lot, up to 100 percent of your investment. When the markets crash, exchanges tend to crash as well and so you can’t always get in to sell your shitcoins as they’re sailing into the toilet, which means you get stuck with them. And there’s always a new shitcoin, so after a few pump and dumps, it’s on to the next one and if you’re left holding a bag of a former hypecoin, you’re screwed. Safemoon will have no value a year from now, let alone 10 years from now.
Just a few words of opinion!
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