I am interested in investing in cryptocurrencies. I have only invested in stocks. Can you advise me which cryptocurrencies are suitable for investment? Can you share your personal experience? Any tips?
Read this thread and look at some of the links I have provided to information sources I respect on this matter
You have asked:
Can you advise me which cryptocurrencies are suitable for investment? That largely depends on what your investment objectives are and how you think crypto currencies may fit into those objectives, if at all.
It seems that most people invest in some if not all of the top ten by market capitalisation, but I am unsure whether they have an objective in doing so, or if they follow the pack.
I think whatever you do it is wise to try to understand the reason for the existence of any particular crypto currency and what it is trying to achieve in the timeframe you are interested in. Whether or not you understand it, try to read the white paper because most are just a few pages, and almost all set out their reason to exist.
At the very minimum it is worth reading the Bitcoin whitepaper if you don’t do anything else. It is only 8 pages long plus references, and if you cut out the math, it is only about 5 pages.
Thank you, Mondeoman!
I will definetely read the white paper. I believe that it will useful indeed.
Thanks for all your comments, too, provoking!
I think Bitcoin, Ethereum, Solana and Binance coin is best for investment.
They write market analysis about various cryptocurrencies here. Check it out.
Where to start with investing? Great question. What’s your risk appetite, and do you actually believe in the idea of cryptocurrencies? If you’re not sure, check out some of the following.
Couple of places to start on Youtube. Chat’s about the definition of money, and how crypto will change everything. Food for thought.
Great picks. There are another 10K to choose from.
I think you should pick a narrative (Gaming, NFTs, DeFi, infrastructure, layer 1s, layer 2s, smart contracts, etc), learn it, and then start picking! Move on to the next narrative.
There’s so much to learn.
Are you from the US?
Thanks a lot, BillyBobPimpton! It is a very good start.
Yes, I am. I have been living over the last years in Bulgaria, though.
The markets are definitely down, so from a long term perspective, if you have conviction in the longer viability of a project or coin, you can get some great discounts. However, there’s still room for further price drops. So be careful!
Great for dollar cost averaging if you’re already a holder and have cash to burn.
Bitcoin, Ethereum, Dogecoin are all good mainstream currencies, if you have enough experience and the right time
Or invest in some graphics cards, which are also a good choice for cryptocurrency mining