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

Whenever there is a trending coin, People like to talk that"This coin is Ethereum killer". Now people talking about Solana(sol) that is a pure Ethereum killer. But I Dont believe Solona can do it. There is a lot of smart contracts/blockchain available nowadays but no one can able to bet on Etheruem. Sill most of the coins made by using Ethereum smart contracts and it's a good sign. Ethereum smart contracts are very popular and people also like them. The problem is about the high fees, But I hope this problem will be solved. Maybe Ethereum developers need more time for this to do.

You can get the help you seek for from this forum, that is a promise.
But in addition to that, personal research and grounded or basis
knowledge about cryptocurrency will be of immense benefit and
help to you.

Every other coins tend to make claims to be the next ETH killer, like BNB

It seems there is no right answer to this, a strictly personal preference. This is how I do it, 80% goes towards ETH with the potential to sell and buy more, 18% goes toward a long term 'don't touch' BTC investment, and the rest gets divided between some smaller ALTs (like something regarding gaming) just to see what happens and not expecting anything of it.

80% in bitcoin and 20% in Polkadot is still very tolerable but if 100% in Polkadot of course it's suicide imo 

The issue is that you can't diversify by getting shitcoins, as explained by CryptopreneurBrainboss one message above yours:


Sometimes I'm wondering if people even read other replies and think about those before reiterating a bad advice for the nth time.

You can diversify, sure: get some gold, some Bitcoin, some stocks. Get stuff that is independent from each other, otherwise it doesn't work.

In other words you are a shitcoin bag-holder who is telling others to buy the same useless garbage hoping its price goes up as others "make the bet". The reality is that bag-holding shitcoins has never been profitable ever, even the most popular shitcoins like ETH. They always lose value over the long haul. If you want to make any profit from a shitcoin you first have to learn how to trade into a pump and dump and accept the huge risk that comes with getting involved in market manipulation.

I am very sure to invest 80% of Bitcoin, and another 20% to invest in DOT. The pattern of DOT may be larger than Ethereum. I support DOT very much, and I have been buying dot.

I would suggest to diversify your investments by investing into BTC and to some altcoins BUT majority of your investment should be allocated to BTCs.

For example, I would invest 70-80% of those CADs to BTC while the remaining would be allocated to some altcoins in the market. The reason behind this decision is due to the potential of the price of BTC skyrocketing in the future especially after the fork 3-4 years from now. In addition, ETH and XRP have shown to have some big potential on their price which is highly recommended also for long term investment.

Dogecoin, not minding the return of investment it has given to speculators that held unto the coin is one of the worst investment advice currently as dogecoin tends to go through a pump and dump circle. It has already pump and what should follow is a dump.

Same goes for all of the altcoins been listed in this thread. If you observe carefully, they all lose value in satoshi over time which means it should had be best to just buy Bitcoin and hold. Buying different altcoins isn't diversifying, instead just mere gambling as diversifying is to be as done with assets that aren't correlated but that can't be said about altcoins.

They all tend to move in the same direction and this is mostly influence by Bitcoin, which is why it's recommended to invest in Bitcoin instead of wasting your capital and time chasing after Alts that most likely won't be around in the next 5-20 years timeframe.

This is the correct answer.

Instead, all of these are basically: investing a part of your money and throwing the rest into a casino - which I don't think is what OP is looking for, even though some people seem to have fun throwing money down the toilet hoping that more will come out of it. The hopium is a powerful drug!

etc. etc.

If you're all in and good putting that in bitcoin, there's no need to think of it. What you only have to think is about if you're fine to put that all of it while you're having no savings afterward.

A thousand to gamble, I think that he's good to put that in bitcoin first before he gambles but sometimes, there really are those ideas that might be lucky and liked by the owner himself.

My opinion, go for a 50-50 investment. 50% for bitcoin and 50% for altcoins. if you are to invest in altcoin. go for smart contract coins like solana, ethereum, avalanche, fantom. i think the days of Defi are gone so stay away from defi. you can try your luck on NFTs but to be honest, you might hit a jackpot or loose out. you can also try old projects that have advanced in their development. stay away from new and developing projects.

LOL, interesting choice! I would gamble only after my investment is on good profit, but that's me.
(Although right now my expenses don't allow me invest as much as I'd like, so gambling is for now out of question.)

Alt coins run only when BTC runs in green and vice versa, my 4 years experience in crypto say so. Till date, alt coins failed to stand on there own feet rather they are on BTC shoulders.
Out of 10,000 USD (or CAD), I will invest 70% in BTC, 20% in alt coins while 10% goes to crypto gambling (I know I will lose though).
DYOR, before you invest in any coin. Nobody will share your profit or lose.

1000 canadian dollar is over 324,000 naira, a good amount for a long term crypto-currency investment in my thinking, as it may for now I would for ever be a bitcoin-er but if that amount was just in my bank, which gives me no profits and I already have invested in Bitcoin, I will portion the investment like this
+50 percent will go on ethereum
+ 25 percent will go on cardano
 The rest will be splited among coins like BNB, Doge coin I think this are my alt-coins to invest in if am to start.

Exactly that's it. High risk, high reward. Investment in altcoin is not gambling at all. If you know how to manage risk then you are safe in altcoin investment. You mentioned some top-rank altcoin, and those coins showing good results nowadays. For the long time investment, those coins are good there is no doubt.

I also want to add Cardano, UNI, SXP to this list. I am buying those coins right now at this Dep price.
Will hold for minimum 2x

Just like SOL. That thing shot up like crazy within a few days...

The higher the risk the higher the profit they say, since OP is willing to take the risk why not let him? Altcoins have higher returns than bitcoin and also not all altcoins are gambling, you can't be filling your bag with BnB, solana, avalanche, polkadot and be feeling like you are gambling away your money, altcoins are of different levels and OP just need to choose the good ones

Yes, I also know Bitcoin is the safest investment in the crypto industry. But OP showing his interest in the Altcoins also. Currently, Bitcoin's price is $50,000, So if Op buys bitcoin now and it hit $1,00,000 the profit will be 100%. But in Altcoins it's possible to gain 500% or more. SO why did my suggestion for the altcoin and I mentioned most of the trending coins? Investment in some shitcoin is gambling but in a good project, it's not gambling. If you know what you are doing then it's good. My most of the bag is now full with Altcoins, I am already in good profit also. When Bitcoin will hit $100k, Some coins will give you 2x-5x or more. So why still believe in altcoins and holding...

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.

So that's my question, i currently have 10000 extra dollars sitting in my bank account that i am going to invest in cryptocurrency. I would like to gather opinions on how you guys would invest this type of money today in the crypto market. I probably will just invest it all in bitcoin but i am still open to other choices in alt coins as well. I know a bit about cryptocurrency  since i got involved with it in 2017 but i don't follow everything about it everyday. I am more of a hodler a set and forget for the long term type of guy. so what do you guys think? i am curious thanks