Bitcoin explosion and ALT coins thread

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jojoRed said:
Thats the thing, I can afford time in the market, and I see dips as opportunities to acquire. Thats always better than timing the market. In a decade the prices for ETH and BTC are gonna be seen as steals.
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Still new to this. What does timing the market mean?

Is it selling your assets when the value is high and buying again when it dips?
 
jojoRed said:
Thats the thing, I can afford time in the market, and I see dips as opportunities to acquire. Thats always better than timing the market. In a decade the prices for ETH and BTC are gonna be seen as steals.
Click to expand...

That could be the case. There's also the case they could be greatly devalued. I'd rather have my investment liquidated so it's realized now.

Again, I still have a ton in there but my investment is out.
 
Wreckless said:
Thanks
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One thing I forgot to mention the other day. Since I know you’re newer to this. I’m only a couple of months into it myself but I do recommend that if you’re planning on acquiring a lot of crypto, you store it on something other than the exchange you’re using to buy it. There are a lot of options. There are online wallets that you can use on your phone Or you can go all the way over to an actual external cold storage “wallet” which is like a flash drive. If you google this or look it up on YouTube there are a lot of suggested methods and how to’s.
 
Todd Gack said:
One thing I forgot to mention the other day. Since I know you’re newer to this. I’m only a couple of months into it myself but I do recommend that if you’re planning on acquiring a lot of crypto, you store it on something other than the exchange you’re using to buy it. There are a lot of options. There are online wallets that you can use on your phone Or you can go all the way over to an actual external cold storage “wallet” which is like a flash drive. If you google this or look it up on YouTube there are a lot of suggested methods and how to’s.
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I don't have actual money in the wallet because the money I deposited was immediately used to buy crypto, but your saying i should get a wallet for the crypto?
 
Wreckless said:
I don't have actual money in the wallet because the money I deposited was immediately used to buy crypto, but your saying i should get a wallet for the crypto?
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Yes, it's generally recommended to keep the crypto you own in a wallet rather than on the exchange you're using.
 
Wreckless said:
I don't have actual money in the wallet because the money I deposited was immediately used to buy crypto, but your saying i should get a wallet for the crypto?
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Ideally yes. Especially if you plan on acquiring thousands of dollars worth of it.

the problem with holding on an exchange is that they sometimes get hacked. I believe there was an exchange called Quadriga that was quite popular that ended up being hacked.

when you set up an online wallet for example. You’ll notice it’s anonymous and they won’t ask for any of your information. You can only access it on your device. When you set it up, the provider will issue you a random 24 word seed phrase. You write that down and keep a few copies of it safe. The purpose of the seed phrase is if you ever lose your device you can set the wallet up again on another device and “restore” your wallet from the seed phrase. This is an added security feature because no one else can restore your wallet fraudulently without that seed phrase.

The external versions are similar to the above but even more secure because the crypto is stored in an actual external device. You still record your 24 word phrase and keep it safe. Should your external wallet be damaged or lost you can purchase a new wallet and restore using that seed phrase.

Again. I’m new to this so if I’ve missed anything I hope one of the vets will correct me.
 
Todd Gack said:
Ideally yes. Especially if you plan on acquiring thousands of dollars worth of it.

the problem with holding on an exchange is that they sometimes get hacked. I believe there was an exchange called Quadriga that was quite popular that ended up being hacked.

when you set up an online wallet for example. You’ll notice it’s anonymous and they won’t ask for any of your information. You can only access it on your device. When you set it up, the provider will issue you a random 24 word seed phrase. You write that down and keep a few copies of it safe. The purpose of the seed phrase is if you ever lose your device you can set the wallet up again on another device and “restore” your wallet from the seed phrase. This is an added security feature because no one else can restore your wallet fraudulently without that seed phrase.

The external versions are similar to the above but even more secure because the crypto is stored in an actual external device. You still record your 24 word phrase and keep it safe. Should your external wallet be damaged or lost you can purchase a new wallet and restore using that seed phrase.

Again. I’m new to this so if I’ve missed anything I hope one of the vets will correct me.
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Thanks for the info! I'm going to check that out.

Sorry I can't give out likes because of yellows.
 
Wreckless said:
Thanks for the info! I'm going to check that out.

Sorry I can't give out likes because of yellows.
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It’s All good man. There’s a ton of info out there and it can be a bit overwhelming.
 
Wreckless said:
Still new to this. What does timing the market mean?

Is it selling your assets when the value is high and buying again when it dips?
Click to expand...
Its just a saying for stocks by some smart fella. I just applied to a more volatile market in cryptos.

Basically, there will be dips and peaks, but as time goes on, the money you'll make is way up regardless of if the prices are dipping/peaking. For example look at 2O15, buying then and just staying will mean that youve made way way more even if there were dips and peaks.
rj144 said:
That could be the case. There's also the case they could be greatly devalued. I'd rather have my investment liquidated so it's realized now.

Again, I still have a ton in there but my investment is out.
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Sure, but tbh I just dont trust the FIAT. These motherfuckers are printing money like its infinite, thats why prices are skyrocketing. Big money is hedging against inflation.

More money was printed last year than nearly all other years combined iirc. WTF....

The bubble is gonna burst.
 
jojoRed said:
Its just a saying for stocks by some smart fella. I just applied to a more volatile market in cryptos.

Basically, there will be dips and peaks, but as time goes on, the money you'll make is way up regardless of if the prices are dipping/peaking. For example look at 2O15, buying then and just staying will mean that youve made way way more even if there were dips and peaks.

Sure, but tbh I just dont trust the FIAT. These motherfuckers are printing money like its infinite, thats why prices are skyrocketing. Big money is hedging against inflation.

More money was printed last year than nearly all other years combined iirc. WTF....

The bubble is gonna burst.
Click to expand...

It's going towards a house.
 
Wreckless said:
Still new to this. What does timing the market mean?

Is it selling your assets when the value is high and buying again when it dips?
Click to expand...

Buy high sell low

Btw ordered one of those physical wallers today

59 euros
 
Supereem said:
So you have not made any real money?
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I sold some ethereum along the way for cash. I didn't touch my Bitcoins at the time . I did recently sell a bitcoin recently for a profit of 31k
 
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