$20K to invest in coins - Where to start? - page 3.

Charles-Tim

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Quote from: up136191857 on March 22, 2021, 06:48:56 PM

If you would have $20k to invest in crypto, what would you do?

So far you want to invest, it will be good to use cold wallet which are safer than hot wallets.
You will need to stay connected and read crypto news always, knowing when whales are buying
You will need to look for the coin to invest, it can be three, two or one or more, but do not let it be too many, but I will prefer to only choose like three at maximum and bitcoin will make up to 50%
Wait for the price to reach like $50000 or still decrease below such price
You will need to know how institutions are buying, any big buy, you can invest at that point.

For now, nobody knows if truely bitcoin price will still increase, it is constant that it will increase over long period of time but it could take longer than thought, and we do not know if the price will still dump below $50000, this is just a hard time period to invest. And, do not use the money you can not afford to lose, because the market is volatile.

yazher

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That's a lot of money and a lot of income if used the right way but before that, you need to learn more about some way on how to choose the right coins to invest your money with and don't be shy asking some questions here if you are not sure about something you have read about certain coins. The fatal mistake is when you go on your own to choose a certain coin without even asking some questions because those coins have their own way to promote themselves to make it look like they have a promising project and guess what? they don't have anything but only those sweet words they've posted on their social media pages. Remember that's a lot of money and needs some consideration to take some time on where you gonna put that money. Since you are asking as well, my answer would be ETH or BTC when the price will go down these coming days.

mk4

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Quote from: up136191857 on March 22, 2021, 06:48:56 PM

If you would have $20k to invest in crypto, what would you do?

I'd spend a good amount of time researching assets first before actually buying anything. No offense, but if you're asking such a question, then chances are, you probably haven't done the work yet. Because if you did, you'd be asking specific questions instead of asking this broad "what to invest" question.

libert19

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Quote from: macson on March 22, 2021, 11:57:09 PM

Quote from: libert19 on March 22, 2021, 10:58:47 PM

I would wait for a dip.

you must specify at what price you will buy "the dip". we don't have super powers that can buy "the dip" right. one thing that often happens is when the dip ends, Bitcoin will not come back to that price and continue to rise.

No one knows for sure, I would do dca at every fair price. And that fair price is not above 50k for me.

macson

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Quote from: libert19 on March 22, 2021, 10:58:47 PM

I would wait for a dip.

you must specify at what price you will buy "the dip". we don't have super powers that can buy "the dip" right. one thing that often happens is when the dip ends, Bitcoin will not come back to that price and continue to rise.

Mr.right85

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Investing in crypto at the moment seems like the best thing to do for a lot of persons with the capital to come into the market. By all means do, its the best of ideas but, it would be better still should you have a sound knowledge of bitcoin or cryptos in general. You can't just go about risking money just because you've got it without knowing what are the stakes and key players of the market your investing in. $20k is a lot of money and it would go a long way as an investment capital but not to invest than have regrets later.

pooya87

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1. Forget about and stay away from altcoins
2. Learn what bitcoin is, what it is meant to do, a little about how it works and a lot about how you (or they) could use it like for buying stuff.
3. Learn about what different wallet types are, which ones are safe and which are not (eg. custodial wallets and web wallets in general even if they aren't custodial are NOT safe). Then decide which wallet types to use. For example a cold storage + desktop wallet.
4. Create that wallet.
5. Decide if $20k is what you can afford to lose and reduce if it is not.
6. Buy bitcoin and move it to that wallet.

cryptoaddictchie

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Quote from: up136191857 on March 22, 2021, 06:48:56 PM

If you would have $20k to invest in crypto, what would you do?

Possibly invest it on a good coin or cryptocurrency as long as the person or someone understand the risk of it. Bitcoin and even ethereum are major coins but even they arw big projects chances of losing its price is possible. If your friend is a risk taker, I suggest he would join new projects with little conservative approach or should I say projects with potential. I am looking into these Casper Labs project that conducting token sale.

vintages

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If he is too evolved with the hype, it will be quite difficult for him to pay attention to you or for you to convince him. So the best thing you can do for him is to send your friend a link to this forum. Some sections in this forum will teach him all he needs to know about cryptocurrency.

Aside from other altcoins, Bitcoin has lesser risk. However, he shouldn't put all the 20k into Bitcoin, in my own opinion, instead, 80 percent of it is okay.

Since he is too excited about purchasing cryptocurrency, he shouldn't dive into trading, but HODL the Bitcoin for some certain period. As for the remaining 20 percent of the 20k, he can spread it to other coins or projects after excellent research.

libert19

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I would wait for a dip.

Darker45

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Sometimes, newbies are too excited that they are disregarding a lot of risks. I understand because I used to be in their shoes. It may be good that somebody is eager to get into Bitcoin, but there are actually basics to get familiar with before actually committing all in into it or they might end up learning the lessons the hard way.

Just remind your friend that Bitcoin is no get-rich scheme; the price could fall hard anytime and although it will surely recover, the recovery may take years. Secondly, and this is a must, your friend should buy it from a trusted seller and then keep it in a trusted open-source non-custodial wallet. Also, please remind him/her to keep all information pertaining to his/her wallet such as seed phrase, password, PIN, private keys, and so on private. He/she alone should have access to it. Finally, of course, tell him/her to buy only Bitcoin. He/she could experiment on altcoins later on when he's got enough knowledge.

Bitcoin_Arena

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Bitcoin is the genesis of anyone who want to start investing in crypto. It is a much safe option because it's the oldest, and it's not going anywhere.

IMO, it's way too risky to buy Bitcoin right now. Maybe your friend should wait a little when there is a major correction and then buy the dip. Newbies usually make a mistake of a buying crypto due to FOMO only for the price to drop for months or years, and then they end up selling at a loss

sheenshane

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Let him understand first what is a cryptocurrency and his willingness to take a risk despite the volatile nature of these digital currencies. And next, suggest only BITCOIN nothing else and stick to this because that's AFAIK safer than other projects in the crypto space.

For now, the market was drastically deep down, which means Bitcoin had a correction the price and any time soon it will pump up again and that's the time we will take profit and it might be good if he will take the opportunity to invest his all money but at least the capital that you want to invest in the amount that you can afford.

Explained very well also regarding properly storing of Bitcoin.

up136191857

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Hello there,

My friend is going all in with crypto world but he hasn't any clue about crypto world but with all the hype going right now it's not impossible to convince him that if you don't have enough experience and don't do enough research you cannot go into crypto world because the risk is just too high.

I am relatively new to the crypto world and I don't have the right expertise to suggest him where to start, I told him that people are focusing their investments on specific projects but didn't suggest him a specific one.

I made a thread here weeks ago and I was surprised with all the help I got so I figured out that this forum will be the ideal place for this question.

If you would have $20k to invest in crypto, what would you do?

I appreciate your time.

Thanks

Topic: $20K to invest in coins - Where to start? - page 3. (Read 514 times)