Hello, I have 2 questions:
I have about $1k I want to invest in crypto... being a teen I want to invest this for the long term 5/10 years, what cryptos should I invest in ?
I have looked into Exodus and with the recovery phase, is it a safe way to store crypto ? I know about paper wallets, but they are not a convenient way to access funds and also can be effected by the environment, water, stolen etc... This is why I would like to use exodus, it seems like a good method.
I don't want to use a hardware wallet, If exodus is considered 'safe' I do not feel a hardware wallet is necessary for $1k amount, also its not as convenient.
Thanks !
Where do you think the value of BTC is in 10-15 years. I have a pension that kicks in 21yrs from now, but would love to retire early and live off BTC for a few years.
Honestly, I'm a bit of a newb to this stuff, and no expert by any means, I'm just calling for some basic considerations for crypto investments.
That said, I have been doing a fair amount of reading and thought over the past few months, and tbh I don't think Bitcoin is going to be worth all that much 15 years from now. It excels at nothing. Right now it's running on little more than brand name, and it's only a matter of time before it's crushed by already existing more nimble, more capable coins. My advice, if you're looking to invest for the long term rather than to spend much time trading, is to diversify and to try to spend some time researching coins and comparing their relative usefulness. Besides that plenty of other coins are much more capable, they've also got a lot more room to grow. Personally, my biggest hopes are for IOTA, but I'd never put everything on one coin.
As far as total global crypto cap 10-15 years from now, who can really say, there are so many variables (I think the legal backlash is a particularly strong threat, as are security catastrophes, such as inevitable quantum attacks on coins that lack quantum-resistance), but in my mind $3-25 trillion seems like a much more reasonable conjecture, and there's a good chance that whatever coin comes out on top makes up at least 20-40% of that.
This is a great response.
I don't think Bitcoin is going to be worth all that much 15 years from now. It excels at nothing. Right now it's running on little more than brand name, and it's only a matter of time before it's crushed by already existing more nimble, more capable coins.
While I don't want to, I'm leaning towards agreeing with you. However, I think BTC will hold it's value for at least the next few years. As new coins are being developed, they are usually matched with either BTC or ETH for exchange. Buyers have to convert fiat to either BTC or ETH, and then use that in purchasing their new coins/tokens. I believe this tie gives BTC an almost 'gold standard' equivocation, and will help support the price going forward.