Which cryptocurrency is best for storing money? - page 13.

Qurelal

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Quote from: jseverson on October 30, 2018, 10:47:47 PM

Everyone pretty much covered everything, but honestly, if you're just holding and the only thing you want is not to lose money, you may as well hold your fiat instead. You don't lose, but you don't gain either. This is also infinitely better than holding stablecoins that are just a disaster waiting to happen. Traders only really "hold" stablecoins because they're easier to trade than fiat -- it's not fit for long-term storage.

I would have to agree that Bitcoin is the best. It's by far the safest cryptocurrency and the market generally follows its movements. This doesn't mean you can't lose money, of course, but that means every other alternative is likely to lose more. Holding it can lose you money, but it can earn you money as well. It's guaranteed to grow as the crypto market grows. It's also the most liquid crypto, being accepted everywhere crypto is accepted.

You'll have to weigh the options on your own and find out where your priorities lie. For what it's worth, majority of holders choose to hold Bitcoin as their primary coin.

I heard about one fact. It's not good to keep in one currency. I think in the case of Bitcoin I can be calm. Its price will fluctuate. But it can't disappear altogether, are you agree?

Goldenkim

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If you need a storage solution that means you are in need of stability, there may be a few introductures for you such as USDC, USDT, GUSD.

Adriano2010

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As other users say you can hold on USDC, USDT, GUSD. But anyway you can't trust 100% and be on safe side. There was some accusation against USDT not be legit and coins are generated without real holding. (1USDT-1USD). You can also hold on bitcoin, but the price may drop and if you need urgent money to cash out and you will lose money.

ice18

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Well I can only suggest a bitcoin which is the most stable coin for me for now Imagine last year up to this current date the price is still the same its $6300 this is the base of all crytocurrency thats why I also trust that bitcoin is the best cryptocurrency if you want to hold it for a long time.

jseverson

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Everyone pretty much covered everything, but honestly, if you're just holding and the only thing you want is not to lose money, you may as well hold your fiat instead. You don't lose, but you don't gain either. This is also infinitely better than holding stablecoins that are just a disaster waiting to happen. Traders only really "hold" stablecoins because they're easier to trade than fiat -- it's not fit for long-term storage.

I would have to agree that Bitcoin is the best. It's by far the safest cryptocurrency and the market generally follows its movements. This doesn't mean you can't lose money, of course, but that means every other alternative is likely to lose more. Holding it can lose you money, but it can earn you money as well. It's guaranteed to grow as the crypto market grows. It's also the most liquid crypto, being accepted everywhere crypto is accepted.

You'll have to weigh the options on your own and find out where your priorities lie. For what it's worth, majority of holders choose to hold Bitcoin as their primary coin.

Qurelal

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Quote from: pooya87 on October 29, 2018, 11:56:55 PM

Quote from: Qurelal on October 29, 2018, 06:48:22 PM

Quote from: pooya87 on October 28, 2018, 11:20:08 PM

Quote from: Qurelal on October 28, 2018, 07:04:21 PM

I trusted Bitcoin. I feel I lose a lot of money when storing Bitcoin.

well that is what happens when you enter a market without understanding how it works first. if you entered stocks, Forex,... markets without prior knowledge and with 0 experience then you would have had the same terrible experience in them too.

you haven't stopped making mistakes either, now you are making a new mistake! you have lost money because you made bad decisions and now you are asking people to give you a magical answer about some cryptocurrency which you can buy and no longer lose money... that will lead to another loss.

need to make payments. I can't get rid of cryptocurrency. I have to have it for my payments. I expect a loss in my situation. I don't know where these losses will be less.

well you can not use any cryptocurrency to make payments because people don't accept them. for instance if you want to purchase a VPN, the provider is not accepting all cryptocurrencies. they will be accepting bitcoin and monero and in some cases they may accept litecoin too. so in a way it is not up to you to choose which coin!
additionally how the whole market works is that if bitcoin falls, everything else falls too. so your options are limited in this case again.
the only alternative is stable coins such as Tether but the problem with these coins is that they are also high risk because despite their stability they can disappear at any moment and crash to zero.
on top of all that you will have the problem of exchanging coins back and forth. for instance if you want to make payment with bitcoin but exchange it to Tether so that you don't lose money if bitcoin went down, then you will be forced to pay 2 exchange fees and that will eat through the amount you were trying not to lose and your loss will be even bigger.

I think I'd better pay a commission for the exchange. Bitcoin race jumps are too big. I already felt it in my wallet. Thanks for the advice.

pooya87

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Quote from: Qurelal on October 29, 2018, 06:48:22 PM

Quote from: pooya87 on October 28, 2018, 11:20:08 PM

Quote from: Qurelal on October 28, 2018, 07:04:21 PM

I trusted Bitcoin. I feel I lose a lot of money when storing Bitcoin.

well that is what happens when you enter a market without understanding how it works first. if you entered stocks, Forex,... markets without prior knowledge and with 0 experience then you would have had the same terrible experience in them too.

you haven't stopped making mistakes either, now you are making a new mistake! you have lost money because you made bad decisions and now you are asking people to give you a magical answer about some cryptocurrency which you can buy and no longer lose money... that will lead to another loss.

need to make payments. I can't get rid of cryptocurrency. I have to have it for my payments. I expect a loss in my situation. I don't know where these losses will be less.

well you can not use any cryptocurrency to make payments because people don't accept them. for instance if you want to purchase a VPN, the provider is not accepting all cryptocurrencies. they will be accepting bitcoin and monero and in some cases they may accept litecoin too. so in a way it is not up to you to choose which coin!
additionally how the whole market works is that if bitcoin falls, everything else falls too. so your options are limited in this case again.
the only alternative is stable coins such as Tether but the problem with these coins is that they are also high risk because despite their stability they can disappear at any moment and crash to zero.
on top of all that you will have the problem of exchanging coins back and forth. for instance if you want to make payment with bitcoin but exchange it to Tether so that you don't lose money if bitcoin went down, then you will be forced to pay 2 exchange fees and that will eat through the amount you were trying not to lose and your loss will be even bigger.

Qurelal

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Quote from: gentlemand on October 29, 2018, 05:35:56 PM

If preserving your present value and remaining in crypto is paramount then I'd turn everything to Bitcoin, deposit it on an exchange with insurance and a banking charter which pretty much leaves you Gemini, Itbit and possibly Coinbase and sell them for real dollars, not any stablecoin, and keep the dollars parked.

If you need to get back into crypto then you can do it in a few seconds. And make sure your account is super secured with 2FA etc.

Since real dollars are available I see no need for a stablecoin. If I was to go for one I'd only consider the new crop of legit ones, but even then I wouldn't bet the farm on it.

Are you talking about instant exchange in cryptocurrencies? Have you tried to use these services? What time did you spend on transferring dollars to cryptocurrency?

Qurelal

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Quote from: pooya87 on October 28, 2018, 11:20:08 PM

Quote from: Qurelal on October 28, 2018, 07:04:21 PM

I trusted Bitcoin. I feel I lose a lot of money when storing Bitcoin.

well that is what happens when you enter a market without understanding how it works first. if you entered stocks, Forex,... markets without prior knowledge and with 0 experience then you would have had the same terrible experience in them too.

you haven't stopped making mistakes either, now you are making a new mistake! you have lost money because you made bad decisions and now you are asking people to give you a magical answer about some cryptocurrency which you can buy and no longer lose money... that will lead to another loss.

need to make payments. I can't get rid of cryptocurrency. I have to have it for my payments. I expect a loss in my situation. I don't know where these losses will be less.

Qurelal

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Activity: 182

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Quote from: Gloverwrt on October 28, 2018, 10:48:50 PM

Quote from: Qurelal on October 28, 2018, 07:04:21 PM

I trusted Bitcoin. I feel I lose a lot of money when storing Bitcoin. I don't know and do not want to follow the river course jumps. I want to learn something new. I believe It's possible.

Bitcoin is not and never should be treated as a store of value. If you wish to store funds you can always go with your nations traditional fist currency.
Bitcoin is an investment option and is prone to volatility and fluctuations.
It is also a payment option, although not widely used as yet.
Stable currencies claim to provide stability to cryptocurrency enthusiast while offering the stability of fiat, but by collaterization it has alreadg lost the quality of decentralization and public audits are not readily made available.

And remember, it's not a loss until you sell!

So which coin would you recommend for storage? If I have to choose something other than bitcoin, what can it be?

Qurelal

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Quote from: Andrew Gergeo on October 28, 2018, 08:16:14 PM

It is also my opinion. Cryptocurrency is always my best choice for storing money because I trust cryptocurrency and its value. I think cryptocurrency will never die. On the other hand, cryptocurrency is really famous now, we can easy use my stored money at anywhere.

What coin to choose for storage?

figmentofmyass

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Quote from: gentlemand on October 29, 2018, 05:35:56 PM

If preserving your present value and remaining in crypto is paramount then I'd turn everything to Bitcoin, deposit it on an exchange with insurance and a banking charter which pretty much leaves you Gemini, Itbit and possibly Coinbase and sell them for real dollars, not any stablecoin, and keep the dollars parked.

If you need to get back into crypto then you can do it in a few seconds. And make sure your account is super secured with 2FA etc.

for me, it depends on whether i'm looking to hold fiat long term or short term. if i expect to wait months before buying back in (as was the case in early 2018), i wouldn't bother holding USD on an exchange. that money sits in my bank account. much safer than any exchange account. you never know how long it might take to recover your money worst case scenario, even if it's insured.

Quote from: gentlemand on October 29, 2018, 05:35:56 PM

Since real dollars are available I see no need for a stablecoin. If I was to go for one I'd only consider the new crop of legit ones, but even then I wouldn't bet the farm on it.

stablecoins have value to me if you can trade them without KYC. that's the biggest problem when interfacing with fiat.

gentlemand

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Welt Am Draht

If preserving your present value and remaining in crypto is paramount then I'd turn everything to Bitcoin, deposit it on an exchange with insurance and a banking charter which pretty much leaves you Gemini, Itbit and possibly Coinbase and sell them for real dollars, not any stablecoin, and keep the dollars parked.

If you need to get back into crypto then you can do it in a few seconds. And make sure your account is super secured with 2FA etc.

Since real dollars are available I see no need for a stablecoin. If I was to go for one I'd only consider the new crop of legit ones, but even then I wouldn't bet the farm on it.

lanevskih

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Quote from: Qurelal on October 28, 2018, 04:42:38 PM

I have a cryptocurrency. I kept my money in different currencies. I use coins for payment and I'm not a trader. The situation on the cryptomarket has long been incomprehensible. I'm afraid I'm doing something wrong and I want to ask for advice.
Tell me, please, which cryptocurrency is the best for storing money? What is the best coin to choose? What do you think about this?

я тoжe пытaюcь в этoм paзoбpaтьcя, нo кaк-тo cтaбиьнocти вce нeт. мoжeт, нaйдeтcя здecь ктo-тo бoлee пpoдвинyтый?

moon86

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Ethereum(in my opinion)
I believe ETH for future.I am young (32 years old) and if I'm wrong I can make it back.I want to be long-term holder of ETH if I can.

figmentofmyass

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Quote from: mk4 on October 28, 2018, 09:19:03 PM

Probably decentralized stablecoins like DAI.

really? the premise seems pretty insane to me. you can back a "stablecoin" with tokenized crypto, but the "debt discount" incentive sounds extremely precarious because (among other reasons) there is very little profit incentive for participants to bootstrap meaningful market liquidity. at some point, a lot of people may end up stuck with tokens they can't "cash out" without losses. the DAI peg is essentially based on faith that other people will continue to have faith in the peg. i don't expect that to last.

it does create incentive to pump the price of ETH because creating DAI removes ETH market liquidity. but based on the above, i expect the effect to be negligible.

Alluro

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I know everyone going to invest for profit. The cryptocurrency invests has risks always. If you need to invest, this is the time for you. Because the whole market has fallen and most top cryptocurrencies in the bottom at that moment. The https://coinmarketcap.com is really helping to choose a coin to invest. All top coins are in the bottom right now. My personal opinion is don't put your all money to one coin, you can invest your money with several coins. Before you invest, do your own research that coin about future updates etc. I think you're going to invest long-term that's why.

Jet Cash

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https://JetCash.com

This is quite a difficult question to answer. Anything pegged to a fiat currency has devaluation built into it as a result of inflation, and has no underlying asset value. I believe that a payment system with an intrinsic value is the best option to safeguard your savings. Gold and Silver are the traditional options. We have now entered a new "digital" world, and this has introduced some new virtual assets - domain names are one example. I believe that Bitcoin is another example. I've had a lot of arguments with people about this, as very few seem to be able to get their heads round the fact that solving cryptographic problems can create an asset.

Juggy777

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Quote from: Qurelal on October 28, 2018, 04:42:38 PM

I have a cryptocurrency. I kept my money in different currencies. I use coins for payment and I'm not a trader. The situation on the cryptomarket has long been incomprehensible. I'm afraid I'm doing something wrong and I want to ask for advice.
Tell me, please, which cryptocurrency is the best for storing money? What is the best coin to choose? What do you think about this?

Hey by it's very nature crypto currency is not stable at all, these are high risk high return coins which means the higher risk you can take, higher are the chances of your return. I would suggest only bitcoins to get more returns, but bitcoins are not safe at all, their price can swing either way you need to do your research before you choose to buy them, even the fiat currencies are not stable hence I would suggest you invest in bitcoins only.

Lakai01

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Wheel of Whales 🐳

Honestly, if you have to ask that question stay away from this market to store your money as far as you can Wink

. Try to look at traditional markets like gold if you really want a place where you can store your money for 15+ years.

Topic: Which cryptocurrency is best for storing money? - page 13. (Read 2102 times)