crypto currency

[DanBond]

If anyone is still interested in cryptos in 2023, I would suggest you be careful. It's still a cool way to make money but they are too volatile nowadays and it's easy to lose a lot of money trying to invest in cryptos. If you're interested in getting started, I recommend doing your research on different cryptocurrencies and their respective technologies, as well as looking into reputable exchanges for buying and selling. You may also want to consider investing in a hardware wallet for added security. You can get more info about crypto from related articles. I'm sure that cryptocurrencies can provide significant returns for those who invest wisely.

[myrdale]

Here is an article on it:

https://www.cnbc.com/2022/05/12/cryptocurrency-luna-now-almost-worthless-after-ust-falls-below-peg.html

From what I gather, other "stable coins" are backed by bonds or cash. Think gold standard. The company that created Terra backs the coin with Bitcoin. They create and destroy Terra in a way to maintain the price at $1. When the price of Bitcoin dropped, so did the backing of the coin.

[QuarterMillionMan]

CNBC just a few minutes ago said Terra is halted.

[LivingAlmostLarge]

Is it really crashing BTC? I say that because less than 2 years ago wasn't it $4k? Most i know have profited royally having bought when it was cheap.

[james.hendrickson]

No idea how to buy it...but even if the price is low, it still makes sense to do some due diligence. It might, in fact, be worthless.

[QuarterMillionMan]

Terra USD down 98%, does anyone know how to buy this? I use Coinbase and it has a different Terra at .49 cents. Terra is a stable coin and tied to the US dollar at $1 but the bottom fell out of Terra. I see it as "on sale." I am okay buying a few hundred and taking a gamble on it.

[CryptoSandra]

Really? I didn't know about this.

I've found that there is a lot people don't realise about trading crypto. Everything thinks it's so volatile and dangerous and risky and you could lose everything overnight. Yes, that's all true - BUT there are loads of actions you can put in place to significantly reduce the risk. Investing in shares can be risky too - how do you know the company is going to survive and give you a return at the end of a certain period. Same as managed funds and I've sadly seen friends lose retirement money in 2 managed funds go wrong. I find the best thing to do is educate yourself as to what the options are, learn to trade, and make another income stream a very real possibility. It can be passive (if you get in and by coins cheaply and they grow a lot; or if you build up the network marketing option side of the training business) but generally it's more active if you are day-trading. I'm really happy to help anyone get more info in this area. I've seen lives change dramatically. People being able to work for themselves when jobs were lost during covid, people being able to retire their parents and pay off their mortgages, people being able to bring FIFO husbands home to local jobs, and just people happy to make a side income to buy some extra things they never thought they'd be able to afford. It's a huge growth industry and is probably worth a bit of due diligence to see if you think it is for you.

[MichelleMark]

I'm quite experienced in this subject. I have been investing in BTC for about 7-8 years, and I can firmly say that it is not a scam. On the contrary, it is a good way to earn extra money. But for that, you have to inform yourself. If you want to invest in crypto, I do not recommend you read what is written on various forums but watch videos of professional investors and read books about investing in crypto. It's a whole theory of how to make a profit. You can start by choosing a currency you would like to invest in and see the real value in dollars. I recommend you start a currency with a lower value because the bitcoin exchange is very large, and 1 BitCoin is worth 37630 USD.
And another important thing is to find a secure website that doesn't lie to you and runs out of money. So it's a whole theory. Start learning about it and read a lot before you start.

[CryptoSandra]

Cryptosandra,

This is an excellent point. Most of what I know about investing comes from the stock market. I would be very curious to know how you see the crypto markets as being similar to or different from the stock markets.

The price charts for stocks and crypto follow the same patterns. Price will have support and resistance zones, there are uptrends, downtrends, periods of consolidation. There will be patterns that can be traded - triangles, cup and handles, breakouts, ranges etc. In terms of Technical Analysis, just trading what's on the chart, crypto is very similar to stocks. However, Crypto is open 24 hours a day, 7 days a week. However when it comes to Fundamental Analysis, that's a different story. If I was holding crypto long term, I'd be very interested in the Fundamental Analysis. Some coins have a very technical background and they are working to solve specific problems. Others do not. I do not hold crypto long term - I just day trade, so I am only concerned with what the chart is doing, not in the fundamentals.

[james.hendrickson]

Hahaha! Thanks Very similar skills are used to trade crypto as are used in trading forex and stocks - well, when it comes to reading the charts. Nothing is ever guaranteed of course but different patterns can have higher probabilities of playing out. Once you see these patterns, you can't unsee them. Risk management is paramount though. It does take some time to learn, but educating yourself in a new skill like trading can pay off positively for years in the future and can create a life not bound by employers or physical locations.

Cryptosandra,

This is an excellent point. Most of what I know about investing comes from the stock market. I would be very curious to know how you see the crypto markets as being similar to or different from the stock markets.

[CryptoSandra]

That might very well be the most intelligent post I have ever read WRT crypto currency.

Hahaha! Thanks Very similar skills are used to trade crypto as are used in trading forex and stocks - well, when it comes to reading the charts. Nothing is ever guaranteed of course but different patterns can have higher probabilities of playing out. Once you see these patterns, you can't unsee them. Risk management is paramount though. It does take some time to learn, but educating yourself in a new skill like trading can pay off positively for years in the future and can create a life not bound by employers or physical locations.

[corn18]

It totally agree that blockchain is going to have a huge role in future technology.

There are also many measures you can implement when trading crypto to take the gamble out of it. I do not hold crypto long term (though many do) - I day trade, and there are many many opportunities that present every day. It is because of the volatility that there is opportunity to make money in this space. I don't fundamentally follow any coins - I use technical analysis for quick day trades.

That might very well be the most intelligent post I have ever read WRT crypto currency.

[CryptoSandra]

It totally agree that blockchain is going to have a huge role in future technology.

There are also many measures you can implement when trading crypto to take the gamble out of it. I do not hold crypto long term (though many do) - I day trade, and there are many many opportunities that present every day. It is because of the volatility that there is opportunity to make money in this space. I don't fundamentally follow any coins - I use technical analysis for quick day trades.

[corn18]

Trading crypto is akin to gambling, IMHO. I understand the underlying technology fairly well, but have no confidence that the trade value of crypto currency reflects real value. Anything that changes value 50% in a matter of days is not grounded in my reality. And I grow weary of all the people trying to tell me why bitcoin is great.

Now, if you want to talk blockchain, I am interested. I fully expect that when my kids are my age, they won't be talking much about banks and credit cards and the enormous overhead costs those entities extract from us every day. It will take a while to implement safely and the banking industry will drive the government to regulate it to death, but I think blockchain could change the financial world for the better. I hope so, anyway.

[CryptoSandra]

Hello and welcome.

How successful have you been trading crypto?
I don't know much about how it works.

Have you made substantial profits?

Yes, substantial profits have been made. And with that also comes losses. You can't expect to win all the time - and losing is part of trading ... also known as 'learning'! I knew nothing about cryptocurrency and trading 12 months ago. I'm viewing it as an apprenticeship ... this year is going to be even better than last year, and the next year better again. I learnt technical analysis as part of a very supportive community, asked a bazillion questions, and it all started to sink in. There are measures to use to ensure you don't lose a significant part of your account. You can go at your own pace. It's not a race. Everyone learns differently, but if you keep at it, it sinks in more and more.