Some basic advice for a newbie please...?

onyavin

jr. member

Activity: 45

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Quote from: Newtocrypto79dc on April 11, 2020, 06:47:17 PM

Thanks for all the advice! I have installed the Coinbase app and it was verified through drivers licence etc. I also linked a bank account to it and paypal also an an extra option.

I see a lot of volatility and am now thinking of what i should split my meagre to some 2-3k in, or if i should just put it in one thing. I liked that i coukd buy some, see what it currently worth and withdraw at any time, all while setting limits to sell. Any thoughts on how 2-3k could be invested? Am i better waiting and keeping an eye on the market to buy in at a lower value? What happens if i buy at 9k and bitcoin goes down to 5k - do i owe money then or is my investment just down to $0 then?

Sorry for the newbie questions! Any help appreciated!

Thanks, stay healthy!

THIS IS NOT FINANCIAL ADVICE. PLEASE DONT INVEST ANYTHING YOU CANT AFFORD TO LOSE. PLEASE DONT INVEST IN ANYTHING YOU DONT UNDERSTAND.

No one knows what will happen with the price of Bitcoin or any other cryptocurrency. If someone tells you otherwise it means they are scammers. Having said that if you ask me I personally think Bitcoin will always go up in the long term similar to realestate. When I got into crypto I used to check prices all day long but unless you are a trader or learning to become a proffesional trader you should just buy and hodl. There are people buying, waiting for a while selling some of it for profit while keeping the rest to lower risks.

Regarding altcoins I advise you to be very cautious as most of them are scams or bullshit projects.

sunsilk

hero member

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Quote from: Newtocrypto79dc on April 11, 2020, 06:47:17 PM

Thanks for all the advice! I have installed the Coinbase app and it was verified through drivers licence etc. I also linked a bank account to it and paypal also an an extra option.

I see a lot of volatility and am now thinking of what i should split my meagre to some 2-3k in, or if i should just put it in one thing. I liked that i coukd buy some, see what it currently worth and withdraw at any time, all while setting limits to sell. Any thoughts on how 2-3k could be invested? Am i better waiting and keeping an eye on the market to buy in at a lower value? What happens if i buy at 9k and bitcoin goes down to 5k - do i owe money then or is my investment just down to $0 then?

Sorry for the newbie questions! Any help appreciated!

Thanks, stay healthy!

No need to worry about the pricing for bitcoin as of the moment. The price of bitcoin is $6700 and that's pretty low to what you have asked which was $9000. If the price goes down after buying 1 bitcoin, the valuation decreases but your 1 bitcoin remains 1 bitcoin.

You don't have to do anything if the price decreases if you hold bitcoin. You wait until it goes up and see the valuation of your holding grows, don't panic if you see the price goes down because it will not do anything good to you.

Lhaine

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Coinbene.com - Experience Fast Crypto Trading

Quote from: Newtocrypto79dc on April 11, 2020, 06:47:17 PM

Thanks for all the advice! I have installed the Coinbase app and it was verified through drivers licence etc. I also linked a bank account to it and paypal also an an extra option.

I see a lot of volatility and am now thinking of what i should split my meagre to some 2-3k in, or if i should just put it in one thing. I liked that i coukd buy some, see what it currently worth and withdraw at any time, all while setting limits to sell. Any thoughts on how 2-3k could be invested? Am i better waiting and keeping an eye on the market to buy in at a lower value? What happens if i buy at 9k and bitcoin goes down to 5k - do i owe money then or is my investment just down to $0 then?

Sorry for the newbie questions! Any help appreciated!

Thanks, stay healthy!

You will just lost in fiat convertion.
If you invested your 3k$ in 9k$ price then it went down to 5k$ you will lost 45% of your investement and that how tradings works.

You just need to learn about timing when to buy the currency you want to trade to earn from it. Its too risky for you to invest your money without knowing how this market works, you need to learn all things before deciding to invest because there are risk to lose your money in just one mistake decision.

Ridwan Fauzi

full member

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You should go to beginner and help to find more information as a newbie to invest, just click this link https://bitcointalk.org/index.php?board=39.0

As for a suggestion to your money, I think you have to make your own research. There is no good to depend on someone's else suggestion. Check coinmarketcap https://coinmarketcap.com/ as an example to find the coin, see the all time low and all time high for the coin.

Newtocrypto79dc

newbie

Activity: 4

Merit: 0

Thanks for all the advice! I have installed the Coinbase app and it was verified through drivers licence etc. I also linked a bank account to it and paypal also an an extra option.

I see a lot of volatility and am now thinking of what i should split my meagre to some 2-3k in, or if i should just put it in one thing. I liked that i coukd buy some, see what it currently worth and withdraw at any time, all while setting limits to sell. Any thoughts on how 2-3k could be invested? Am i better waiting and keeping an eye on the market to buy in at a lower value? What happens if i buy at 9k and bitcoin goes down to 5k - do i owe money then or is my investment just down to $0 then?

Sorry for the newbie questions! Any help appreciated!

Thanks, stay healthy!

michellee

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🐺Spinarium.com🐺 - iGaming casino

I recommend to use binance apps since binance launch their apps for mobile phone, and you can download the apps from the link that @Lhaine suggest. Using $2-3k is more than enough to start trading, but the important thing is you need to search for how to use the apps, and how to place the order buy and sell. With using binance, I think you can skip the verification process, so you don't have to send the document to them.

TheUltraElite

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So anyway, I applied as a merit source :)

Quote from: Newtocrypto79dc on April 07, 2020, 12:50:41 AM

Im looking for the best app to use to buy/sell on, is it as simple as transfering $ to an app (any advice on which one would be great - im in canada)

Binance and Coinbase are available for now. Look out for newly developed apps too but be careful about depositing there without knowing whom you are sending money to. Scams are common here and there is nobody to seek legal help from it you get scammed. However these two are trusted enough. Now it is not as easy as sending dollar to a digital payment method. I dont know how much you are aware of cryptocurrencies but you need to get yourself verified with a KYC/AML if you want full control over sending and withdrawing money to banks and so. Moreover you might face problems with banks if they are not compliant with crypto. So check with local residents of your country before signing up.

Quote

buying the type of coin i want to invest in then ideally selling when it gets to a level i am hoping it does?

That is a different topic altogether. Bitcoin and altcoin market are very unpredictable. You have learn how to read indicators and then its a roller coaster ride. Simple answer, read the charts, buy low, sell high, hold till you reach a target and dont panic because anxiety is what runs this market.

Quote

Im looking kfor access to the broadest range of coins, lower fees and high security if that helps any in recommendations?

All these are ideal conditions and there is no such app which is ideal. You have to try them out and see which one suits you along with what I wrote above.

seleme

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Duelbits.com

It is ok if you can't find up to date information nowadays. Hope you already have created your own wallet before deciding to buy the BTC or altcoins. Made a small research and find these exchanges/services for buying the BTC with $CAD:

Coinsquare
Binance
Bitbuy
Coinbase
Coinmama
Localbitcoins
Kraken
Bitstamp

coupable

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Usually, people use known reputable exchanges to buy the crypto they want to invest in, then withdraw it to personal wallet. Or look for peer-to-peer deals in forums and local groups.
With both options, you have to get sure that you can store the coin you will buy. Many coins have their own blockchains so you have to wisely interact with different networks if you think to invest in many cryptos.

The two exchanges mentioned above are considered as safe options if you can verify your real identity to them. I would prefer looking for peer to peer deals here in the forum and pay for an escrow service for security .

sunsilk

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Two exchanges mentioned are the top in this time.

Quote from: Newtocrypto79dc on April 07, 2020, 12:50:41 AM

buying the type of coin i want to invest in then ideally selling when it gets to a level i am hoping it does?

You can do this in most exchanges because you can manually setup the price you want to sell or buy for that specific coin.

Lhaine

full member

Activity: 742

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Coinbene.com - Experience Fast Crypto Trading

You should also mention what kind of coins you are interested to buy.

I will suggest you popular exchange that have an application.

Website link : https://www.coinbase.com

Download link Coinbase app

website : https://www.binance.com

Download app Binance app

Newtocrypto79dc

newbie

Activity: 4

Merit: 0

Sorry if this has been covered before, but im new to all this and want to get some advice from those more experienced than me. Im looking for the best app to use to buy/sell on, is it as simple as transfering $ to an app (any advice on which one would be great - im in canada) buying the type of coin i want to invest in then ideally selling when it gets to a level i am hoping it does? Im not talking about strategies etc obviously, just initial set up. I have a relatively small amount, 2-3k, and will start slow but would appreciate any advice/recommendations from the community. Im looking kfor access to the broadest range of coins, lower fees and high security if that helps any in recommendations?
Thanks all - stay safe!

Topic: Some basic advice for a newbie please...? (Read 198 times)