Topic: How would you spend 10000 cad on cryptocurrency today? - page 2. (Read 360 times)

Only 30% in Bitcoin even if it proved to be the safest option when it comes to cryptocurrencies? For me personally as much as 70% of the money in altcoins is still a little too much. It’s more gambling than investing.


The OP emphasized the following “I am more of a hodler a set and forget for the long term type of guy.”, so your advice just doesn’t fit into his philosophy. An inexperienced crypto trader will in most cases lose his money when it comes to daily trading.

You can use Electrum^[1] wallet instead of using Celsius wallet. As @Jawhead999 said, putting your bitcoin into a non-custodial wallet is definitely a good practice especially if you are holding your bitcoin for long-term especially that this will also allow you to have a full control over your funds.

[1] https://electrum.org/#download
[2] [GUIDE] How to Safely Download and Verify Electrum [Guide] --> Don't trust, verify.

Buy Bitcoin with 30% of the money, Buy Ethereum with 20%, and the rest of them use to buy for altcoins. I suggest you buy some trending coins right now. among them Matic, FTM, EOS are looking very good. Also, you can buy some TRON, SOLANA, Cardano. For the short-term investment, those coins are also good, but for a long time, they are best. Hope mentioned coins will be a pump with Bitcoin price. If the bitcoin price increase more, Those can give you a good return within a few days.

You don't take advice from random individual from the internet when it comes to your financial decisions and especially when it involves cryptocurrency because mostly what you'll be getting is shilling of different project that they have invested in.

No body here is a financial advisor and such question should only be directed to your financial advisor as they can be in the best position to advise you financially, just for some additional advantage, your financial advisor should be equiped with cryptocurency investment so he'll be in the best position to give you a perfect advise.

Just for discussion purpose and not as a financial advise, I'll go all in Bitcoin as others have suggested band also as that's the only guaranteed/secured investment among all the coins in the space, others might be the best choice for more gain but can they recover if the market was to get a hit. Altcoins are correlated to Bitcoin meaning they rely on its success to increase in price therefore if Bitcoin was to be having a bear season, there's no way your investing in the altcoins will be progressive.

Yes it is better to send little amounts always because this is the risk with crypto wallets, once your currency is lost it is lost forever and you can’t do anything. There’s no reversal.

i recommend you to read this article on bitcoinmagazine to understand what might happen with the bitcoin you transfer to celsius:
https://bitcoinmagazine.com/culture/earn-interest-on-bitcoin-short-sellers

Most newbies will definitely choose altcoins over BTC because they feel BTC is way too over priced for them but that's not true, BTC remains the best and this coin deserves the bigger percentage of your money if not everything, when BTC was 20,000$ in 2017 many believed the price was too over priced as well, for long term I will put 90% of my money into BTC and use the remaining 10% to play around on ETH, Polkadot, Vechain and Cardano

Open your shakepay wallet and type the wallet address from the other wallet that you want your bitcoin to send. Let's say you're going to send bitcoin from shakepay to electrum then copy the address from electrum and paste it on shakepay. Since you are nervous when sending crypto to other wallet then I suggest you use trusted wallet like electrum for example and you have to type the wallet address and check it many times if it is correct.

This is how I do it, I have 70% of my portfolio in bitcoin, the remaining 30% on altcoins. My favorite altcoins are ethereum, binance coin and doge. But if you know you want to invest all on bitcoin and need just an advice if it is a good thing to do, I can tell you that there is nothing better than that, if you invest in Bitcoin you will make profit but make sure you do not sell at the inappropriate time when the market is not good, if you can check from the past history, you will see that bitcoin is a very good coin to invest in.

Celsius is not safe since it's centralized and you want to use it for earn interest, which is risky with their current reputation (even with high reputation there's no guarantee your coins will be 100% safe, read non custodial wallet [1]). To be honest I never use Shakepay but based on this announcement [2] they already support to send Bitcoin to native segwit address.

I think the best option you should send little amount to Celsius first to check whether your coins arrived or not, and then you can send whatever amount you want.

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[1] https://bitcointalksearch.org/topic/custodial-vs-non-custodial-wallets-not-your-keys-not-your-coin-explained-5173370
[2] https://blog.shakepay.com/cashouts-to-native-segwit-addresses/

So..:
1. Consider any dollar you invest as "lost" and don't be surprised if the market goes into a long-term bearish run or if you make any rookie mistake and lose part of it (or all of it).
2. Any shitcoin is going to drop harsher than Bitcoin drops, will have at least 2x more volatility and, while sometimes it seems like there's always a better-performing coin than Bitcoin, think what are the chances you will pick the overperformer, what are the chances you will not miss the ATH and just think about it: if it's this easy, why aren't all of us here millionaires?
3. If you're new, just go for Bitcoin before you study about the rest. Stay away from ICOs, IEOs, ISOs, IBOs, IZOs and whatever O-s and keep learning. You might at some point in the far future be able to use shitcoins to multiply your BTC. Wouldn't be a bad idea at all.

It depends. Is 10k all the money you have and more importantly can you afford to lose it? If the answer is no, then decide how much of it you can take risk on and then invest that much.

Since you seem to be new to this market and specifically because of what you said in this quote, you should only go with bitcoin since altcoins have manipulated market that only pumps and dumps and they don't have long term potential so they are only good for short term trading for those who want to take very high risks. But bitcoin has a much lower risk and it is the only thing that is actually useful and has a solid future.

Theres plenty of choice out there. But stick to top coins such as bitcion, eth or any major ones that still have low marketcap based on their citculations. Not a good time to entry on some cause already pumped heavily. Chances of losing if you just buy without thinking if the one youll put is miserable or slow progress project. 10k usd is big so better to be safe and put it on a good coin, mostly suggest bitcoin as this one leads all crypto and might be the best contender. However if your aiming for a good multiplier then risk it to altcoin, but remember the potential loss if this falla down.

Here is a little update, so i went ahead and put 10000 down on bitcoin through Shakepay here in Canada. I decided to go the safest route and i am fine with it. Now that i have my bitcoin in my Shakepay wallet i want to transfer it to my celsius wallet. i always get nervous sending crypto to different wallets and i always want to make sure. Does anyone know about sending bitcoin from Shakepay? I know Celsius wallet is segwit. will i have no problem sending from Shakepay to segwit Celsius wallet? I think it would be fine but like i said i always like to be sure thanks.

Unfortunately, the simple rule says that the right time to invest is when all the markets are red and no one wants to invest, but what is currently happening is that some altcoins have reached their ATHs and it is dangerous to invest in them.

Therefore, it is illogical to invest in these alts and it is better to invest in Bitcoin and Ethereum, but do not expect a good return.
I advise you to invest 1000 cad, so you will not be afraid of losing it, and when the price drops, invest another 1000 cad, and when prices collapse by 70%, you can invest with 8000 cad.
At the moment invest small amounts and invest more when the price drops and sell when you get highs of 20%.

The part which i have highlighted in bold for you makes you suitable for the best decentralised and most secured cryptocurrency Bitcoin which is going to give you enough returns in the future that you won't need any other alterntes.All other altcoins in the market at this time are growing in hype and manipulation only and 3-4 years later you would see your 10000 CAD investment dumping in the market and you would be panicking to sell off.

I am not giving you any investment advice based on any irrelevant information and you could check it yourself from the past candles and comparison.Just google bitcoin past 4-5 years return and you would come to know how much the hodlers have gained from just holding onto the investment nothing else(but it takes lot of sentiment involved).I would not prefer any shitcoin who might be giving 300-400% growth quickly to make it look get rich scheme but would not rise after that.

At this time you would get 0.201BTC at $49,749 and would come into 1% of the future revolutionary those who have secured their future and you can't imagine how much you would be if you just hold with your investment in coming 3-4 years.Inflation is killing all other investments but bitcoin is deflationary so think wisely.Rest the choice is yours as this is decentralised place and you can choose your option.

Although many are telling that altcoin season is ongoing or about to start, my long time experience taught me that bitcoin, on really long run, is usually more profitable for holding.
So my advice is 100% bitcoin.

However, please make your own decision and invest (or not) when and where you think it's best for you, don't just follow advises from people over the internet.

As always, do your research and make the decision yourself. Ain't a good idea to invest if you're not willing to put in the work. But if you really don't want to put in the work or if you don't have the time to do so, then probably just go with bitcoin.

If you ask such a question on the Bitcoin forum, then you probably know what answer you will get

Let's leave joking aside, because it is still a significant amount of money that I guess you honestly earned and saved, and there is really no point in exposing it to risk without being 100% aware of everything important when it comes to cryptocurrencies. One question you surely have to ask yourself, first of all, is “can you afford to lose those 10 000 CAD”?, that is, is it money that at some point can be very important in your life?

If you still think you can invest in cryptocurrencies, the first thing is to be familiar with the basics - and that is to know what a public coin address is and what a private key is - and that you should always have a backup of your private key/seed words on safe place. Since you are interested in a long-term investment, you should consider buying a hardware wallet, and getting to know how the device works, or maybe make a cold storage (which is a bit more demanding).

I will not advise you at all about altcoins, because long-term investment in such cryptocurrencies (with a few exceptions) is something that many have lost a lot of money on in the past. But if you want to gamble and not just bet on Bitcoin, maybe you can invest a certain percentage of money (10-20%) in some projects that have existed for years, unlike most that are just pump&dump schemes.

100% in Bitcoin. The other thing would be to play roulette. If you like the thrill of playing roulette, I would invest 90% Bitcoin and 10% shitcoins.

The other thing that would be nice to know is, are you going to invest for the long term? Or are you looking to invest now to sell in the future (trading)? I say this because if you go long maybe it is worth adding even if it is 100 cad a month.