Crypto Currency - Where to Invest

Hi folks
Better late than never, I'm looking invest $500 in bitcoin. Does anyone recommend a place to buy bitcoin and what the process is.
I heard people talking about dodge coin and rippl, are they recommended?

Comments

    • +2

      Hello, Pam

    • -1

      Better late than never

      That's not how investing works.

      Sometimes never is way better than late.

      I'm not buying any more crypto until the next big slump.

  • KMPH

  • +2

    If you are going to buy and hold, any of the following are good exchanges: Coinspot, Binance, BTC Markets. There are also referral offers on here, so you will get maybe $30 USD or so. Best one is Quantfury, which is $15-$250 bonus for depositing $100 USD of crypto and holding for 30 days. After you buy BTC, there are gas fees when you move it, which can be high.

    • +1 for quantfury. They just launched credit card deposits today too

  • +13

    I like Independent Reserve. Based in Sydney, good track record, super easy to set up an account. It also provides tax info for you to hand over to your accountant. The only downside is that they don't have as many coins available to trade. That being said, if you're looking to get your feet wet with some of the bigger cryptos like Bitcoin or Ethereum, Independent Reserve has you covered. I also find that Independent Reserve has cheaper buy prices compared to some of the other popular exchanges like CoinSpot and Coinbase.

    • +1

    • +1 for Independent Reserve

    • Hi I'm curious how is the fee being calculated in IR, it seems like it is 0.5% and only down to 0.1% if trade volume reaches 4m in 30 days, which is quite high.

  • +3

    No talk of ETH?

    • +20

      Give your cash to me and put your head in the toilet instead.

      • Either Blockchain or the fun of Bikechain!

  • Wouldn't touch XRP and DOGE is risky - there will be a day when it gets dumped on all the late buyers but probably still has some legs from here. BTC definitely your best bet of the 3 and PLEASE don't use any money that you can't afford to lose otherwise you'll make bad decisions. Crypto is a rollercoaster I've traded for 5 years and you need to be able to ride the highs and the lows. Good luck!

    • +2

      Xrp is looking up, watch it go soon.

      • +2

        300% gain for me on xrp over last few months

        • +1

          Lots of things go up - doesn't mean you should invest in them.

          • +1

            @TheGoodPart: Not sure if you have been following the SEC case though. If they win (which seems very likely) and they get relisted by large US exchanges, prices can only move up from here (re XRP).

  • -1

    ARRR should be OK, it mooned pretty hard recently and has pulled back a bit, am looking for it to go higher after a period of consolidation then hold for a couple of years. Other privacy coins are worth a look also, Monero, even wownero. This just my opinion and not financial advice. :)

    Watch for doge to spike higher on the weekend if Elongated Muskrat ramps it during his SNL hosting gig this weekend.

    Never invest what you can't afford to lose. :)

  • +5

    Hi, I jumped into crypto in early Feb. Didn’t know what I was doing and kept buying in and selling out for small gains. Best strategy is just buy a basket of the majors in market cap and hold on.
    Don’t do what I did.

    Had I just bought and held all the crap I bought (I did by doge) I’d be more than 3x my money by now in 3.5 months.
    Instead I’m only up 27%.

    • Also if you really wanna buy a coin and it’s near its all time high then the best way is to dollar cost average into it.

    • +13

      Don’t beat yourself up, 27% is still a good return and you’ve learnt a lot. Thanks for sharing

    • Can confirm, I bought 2.5BTC back in 2018 and I'd actually be infront if I just didn't do anything.

      Day trading can be fun though, start with round number and see how you go. If you're into that sort of thing.

    • I don't really understand. So you buy, it goes up, you sell. Make $.

      Since you sold, why would you buy again as it keeps going up?

      Or if you buy it goes down, how long do you hold?

    • I bought DOGE a couple of years ago at about $0.008. My $100 would now be worth $10k if I hadn't sold :(

      That's the benefit of hindsight though. You get to a position and think "this has spiked, I'll take what I've got" because you never know at the time what things will look like in 2 years days.

  • +3

    I use CoinSpot, they are user friendly, helpful and security conscious.
    I agree choose your coins and hold, you may decide to take your original investment out if the coin increases, as a safety option.
    I chose DOGE ETH and XRP but nobody really knows, it’s so volatile.
    DYOR and only put in what you are prepared to lose.

  • IMVWO - Its like the stock market - you need to constantly watch it… I watched ALICE the other week, go sailing past the moon, and Pluto in 1 day - the next morning it was worth next to nothing.
    DOGE has been reasonably steady for a week but dont blink, or it'll be worthless.

    edit: ALICE +21532.02% and rocketing…

    within few days - ALICE -31.39%

  • We and various family members all use https://digitalsurge.com.au who supply a wealth of info at a glance. Some have been buying Crypto for a year and have become rather wealthy.

    • I'll just add another vote for Digital Surge which is what I use. Nice UI, PayID. Can't comment on much else as all I do is HODL.

  • Swyftx is an Aussie exchange that's licensed so has to comply with a lot regs to operate making it more trustworthy if happy with a CEX and not a DEX.
    As for what coin the least risk is BTC and ETH but potentially less returns.
    Hard to find gem alt coins that will moon and with those you could lose it all with the number of $hitcoins out there.
    As others have said, DYOR

  • +2

    If this $500 are nothing to you, then put it in any crypto you like. I bought Dogecoin just bcos of the meme, bought at 7c each, look at it now.

    If you may need this $500 anytime soon, then put it in bank.

    • +1

      I also got in at 7c for the meme but my weak hands sold at 26c and put it into BTC when it hit 80k.

      At least I've been smart about ETH.

  • I was going to ask this same question today, about buying crypto.

    If I use one of the exchanges mentioned in this thread, do I still need a wallet, either a physical or digital wallet to hold the crypto in? Or is it safe enough in my exchange account?

    • +1

      While it's all relative to the person holding what they deem as 'a lot', generally speaking if it's only a few thousand worth, then it's probably not worth buying a cold wallet. If you owned a whole BTC, then I would not keep it on the exchange.

      There is a small chance the exchange could get hacked and you lose all your coins.

      There is also a transfer fee involved when transferring into a wallet which you need to take in consideration.

    • +1

      Buy a cold wallet, Nano-X would be my current choice. I have the Nano-S but it's a bit limited.

  • I’ve been using Coinbase mainly. Coinspot is good for more random coins, but I haven’t made any money from CS except the obligatory dogecoin punt.

    My CB account however, I’ve managed over 3000% return in 4 months.

  • The Dogecoin joke is turning serious as it soars towards $US90 billion

    https://www.smh.com.au/business/markets/the-dogecoin-joke-is...

    • It's still a joke, just becoming a more and more popular joke…

      • a joke that has the same market cap as the ANZ

  • +2

    Newcomers going all in to Doge. Reality will hit you very soon. It might well go to $1 though with Elon Musk hosting SNL. Any mention of Doge on the show will skyrocket it. Just don't be the last one holding it. Remember to take profits and remember your CGT.

    • I am expecting whales will dump Doge during SNL.

  • Crypto Currency - Where to Invest

    Russia

  • +18

    When posts like these pop up, you know the bear is coming.

  • +5

    CumRocket…

    • If they called their coin 'Jizz' I would have gone all in…

    • +1

      lol, made so much money off this already!!!

  • +2

    Only BTC.. this is not the first time the crypto mania has picked up.. it happens every 4 years and everything revolves around BTC.. most people have lost money by getting distracted with BCASH, ICO, DEFI, DOGE…

    99% of the people holding Dogecoin will be crying next year.. 101% guaranteed.. they wont be able to get out in time.

    Bitcoin will give you a modest double to triple digit percentage return in this market.. once it starts falling Alts fall over 90%..

    just ready about ICOs what happened.

    Use any of these to buy BTC

    Bitaroo, Btcmarkets, Binance, Independent Reserve, Swyftx

    I like Bitaroo due to low fee.. but it doesnt matter whcih one u chose .. good luck…

    • History of crypto is very short to say it happens every four years. Nobody knows what future holds for us.

      • +1

        there is a reason why it happens every 4 years.. read about Bitcoin Halvening..

        • That explains why BTC raises in value, it does not explain why people are crazy about other cryptocurrencies.

          • +3

            @Mistredo: every other currency is pegged to btc.. most markets are alt/BTC pairs.. so when BTC goes up in dollar value.. other appear to go up as well..
            this brings new investors or speculators..

            BTC market is very liquid so it doesnt move easily on high volume.. but the alts go crazy during these times.. bringing newbies.. and great for whales to manipulate… 2020 -21 is through DEFI .. 2017 was thru ICOs and other scams like bitconnect..2013 was few alts pretending to be faster cheaper than BTC..

            Doge is being pumped by tiktokers and fresh out of Gamestop and reddit saga.. but they dont understand how many whales hold huge bags of them.. it will end like Gamestop did.. the newbies will get burnt.. 10,000 Doge is mined every minute.. eventually the liquidity will dry out new money will stop coming.. and thats when it will go back below 1 cent.. until next bull run after 4 years… Elon is not helping much either creating this hype..

            Personal responsibility is what is required.. once wrecked these people go on current affair and on MSM and cry which gives a negative name to this market… end of rant..

            • +2

              @amos83: You are absolutely correct, but you are explaining the past and present events. You cannot claim based on two events, we have mania every four years, and we will have another one in four years. BTC is slowly losing dominance. Look at ETH. It is no longer pegged with BTC, so we cannot predict what will happen in the future.

              The biggest mistake people make is they expect the future will be same as the history.

              • -4

                @Mistredo: ETH is totally pegged otherwise it wouldnt be BTCs halving cycles..im not recommending anything.. i hold eth too since it went below $100.. but i dont think it will outlast btc.. its just a tech startup which has a lot of competition… i will happily replace it with next flavor of the season.. what btc does cannot be replaced.. just my thoughts.. ymmv…

                • +3

                  @amos83: It might be pegged in the past, but in the last 30 days, BTC dropped by 0.16%, ETH grew by 70.81%.

                  • @Mistredo: you are looking at a very small timeframe.. when Bitcoin is having a bull run it feels everything is outperforming it until it ends..

                    • @amos83: Mate, you keep using history. You have no idea what will happen this time. Currently, it is not pegged, will it peg again once the bull run finishes? Maybe…

  • +1

    Hey, it's me. You should be smart and invest in Theta token.

  • +4

    Buy whatever Elon is shilling at the time

  • people talk about bitcoin and altcoin but they don't understand (including me)
    the coins need new people to increase its value, so don't use it, use your money for something else like buying weed and enjoy life

  • This site explains the step-by-step process for buying bitcoin:

    Bitcoin Basics

    The process is similar for most other cryptocurrencies. I'd also suggest checking out Independent Reserve as a decent Australian-based exchange.

  • Exchange AUD to reputable stable coins on Binance and then send to Celsius wallet to earn 10% p.a. if you want to be conservative

  • +1

    Dogecoin to the moon!

  • -1

    You can also check HOGE.

    It's like DOGE but with decreasing supply. Also, 1% of every transaction gets redistributed to holders. This means you get passive income just by holding your coins. The project is fairly new but the team (legit business and scientific people) really delivers. HOGE is 100 times smaller than DOGE in terms of market cap. A couple of hundreds in it right now can become massive in few years.

    And as a general reminder: pay your CGT if you swap any coin! ATO is looking at you.

    • How would the ATO know what you trade if you signed up to an international exchange and then trade the Monero"s of the world ? Surely they would only see AUD out and AUD coming back in? The only reason I haven't started in Crypto is I don't see it being possible to track all crypto transactions (as they require). How you document Airdrops, compounding pools, deflating currencies etc is beyond me. Id hope AUD in vs AUD out (minus gas fees etc) will do it. Can you also factor in depreciation etc into your cost base?

      • Yeah, isn't it the point that it's decentralised! With all the wallet trades etc, couldn't track shit.

        • +1

          I can see them tracking say a Bitcoin transaction via Swyftx no problem. I'm just looking forward to declaring 1 bunny to 20 cummies on my tax return.

      • If you sign up on big exchanges (binance, coinbase,…) you have to KYC and send money on the exchange. So the ATO knows that you are dealing with crypto on overseas platforms (I received a notification from ATO last year even though I didn't sign up on an AU exchange). I believe they don't know what you buy and sell on the platform (let alone pancake and uniswap), but if you report 0 as crypto capital gain on your tax return that will trigger a red flag.

        The only reason I haven't started in Crypto is I don't see it being possible to track all crypto transactions (as they require). How you document Airdrops, compounding pools, deflating currencies etc is beyond me.

        Yeah same. I keep records of all my significant transactions and estimate my CGT the best I can. Even if they audit me, I can argue I made an effort and didn't try to cheat the ATO.

        • I guess it would be in Binance etcs best interest not to get banned in Australia, so will co operate the best they can with the ATO. Assuming you have a CG event is presumptuous though. Do you also included everything around crypto (laptop / phone /tablet depreciation/ electricity) in your cost base? I'll do my best to do it right, but don't want to pay tax I dont need to.

          • @tunzafun001: You do not include those things in cost base.

            You can only include how much you pay (price of the coin) and transaction fee for it, e.g. gas fee.

            This is no different to shares.

            Unless you are reporting as a trading company then you could potentially claim these as deduction.

  • And here I am wondering when to sell. Thought I’d lost everything when it crashed in 2018. Held and never expected the crypto market to get so big this year. If only there’s that crystal ball!

    • And here I am wondering when to sell

      Never, because you don't have a crystal ball. It is a bit like the property market. It just keeps on going up because everyone is pumping it with all they've got because they are just scared of inflation.

      If you look at everything on the super market shelves it isn't going up in price or shrinking at 10% plus. Only things that are going up at 10%+: property, some shares / indexes and crypto currency. Therefore if you purely focus on assets then inflation is through the roof.

      Perishable food not really, but if you look at people struggling to get onto the property market then paying their mortgage I'm surprised they can afford to eat at all.

      • I’m just worried it will crash again hard and fast like it did in 2018, just not sure when. It was a stressful time. Didn’t even dollar cost average by buying at the lows as tried to block it out of my mind. Although it does appear to be a lot more institutional interest this time compared to 2017/18.

        • Crashes is when you should buy in.

          Look at COVID19. Housing and stock market got bailed out. The only reason we got JobKeeper and JobSeeker is to bail out the banks (so we can pay our mortgages), the mortgage holiday is also to bail out the banks so they don't have to repossess.

          I thought with COVId19 potentially like Spanish flu we were done for. But guess not.

          • @netjock: Never waste a good crisis… So I didn't ..and then lost the lot as my bank shares went to zero in 2008 : (

            Do your research, but be prepared to lose the lot (in a space of an hr).

  • +3

    I'm all in on BTC/ETH and the FTX and Solana ecosystem coins/tokens. I'm a big fan of the FTX CEO (sam bakerman fried aka SBF) and ape into any project he touches lol, so far it's paid off. Not a fan of the Binance smart chain, but did buy heaps of BNB a long time ago to get reduced fees on binance.

    My current portfolio mainly has solana ecosystem & some defi/web3/misc. tokens: $FTT, $SOL, $COPE, $SRM, $RAY, $MAPS, $OXY, $FIDA, $FTM, $GRT.

    Also have a small bag of $ETC, $DOT, $LINK, $BCH, $ADA, $BNB, $SUSHI, $EOS, $ATOM, $XLM, $YFI, $1INCH, $UNI.

    I use a mix of Binance and FTX. I prefer FTX.com. All together im up ~50x mainly due to $BTC, $ETH, $FTT & $SOL which are my biggest bags. Been hodling btc and eth for a very long time, FTT, SOL and the other defi/web3/misc tokens since 2019/20.

    Mod: Removed referral code.

  • -1

    If you're looking for a potential multi-bag coin purchase, albiet risky, look into Froge Coin.
    Open a wallet on metamask and transfer for ETH. Little bit tricky to purchase but gets listed on pancake swap on 14th of May so potential for a big volume/price move and easier purchasing.

    Coin also donates to the cool earth foundation which is a nice touch.

    https://froge.finance/

    https://coinmarketcap.com/currencies/froge-finance/

    https://www.reddit.com/r/FrogeFinance/comments/n562xe/hey_th...

    • This is funny.

      Unless they can certify the electricity is going to run off 100% renewables then the smaller percentage to charity isn't going to cut it.

      It also doesn't mention the 1% burn which will reduce volume of coins and push up prices who will pay.

      • It very clearly mentions it gets burned on transaction; thats the point, to pump the price and reward longer term holders. Unlike doge where it gets printed indefinietly until it inflates any value out of it.

  • Most cryptos are just hype commodities. Have fun watching it go up and down but it’s just gambling.

    Just like froge above me. Case and point of a hype coin (worthless )

    • Someone I saw said DOGE isn't pumped up by Elon Musk and a lot of people they know spending 20hrs a day promoting it.

      Lots of people just trying to whip up sentiment. I was reading coin market cap of some of the origins of the coins and 90% of them is just hoping someone will use it for DApps or DeFi.

  • Guys can I please ask a question. I dont know much about bitcoin transaction fees. This was my first experience with sending payment in bitcoin.

    Sender from overseas was suppose to send me bitcoin (A$2000 value) but he also asked for "insurance fee" which was $270. When I paid this fee and sent it to him in bitcoin he claimed the payment was not send quick enough ( I sent it after 40 min) so he demanded another "insurance fee".

    Not sure if I was scammed or "insurance fee" is common type of fee when transferring bitcoin.

    Thanks for any information.

    • +5

      You got scammed.

    • Yes, you were scammed. This is Advance-fee scam, next time do quick search before you send money.

    • People like you are getting scammed left and right every day. Too many people don't understand how cryptos work.

      • Yes I know, I was stupid, my mistake.

    • check if you have fraud protection and try to do a chargeback with the bank or cc provider. If you sent it, may be hard though. After that, only use big exchanges like Binance, Coinspot etc.

    • Isn't this the Nigerian scam where you get an email saying the person is offspring of some African central bank governor who has syphoned off $5m worth of gold and need your help to pay for bribes to get it out.

      If there was $5m of real gold you just need to promise a cut to those guarding it. Otherwise you better ask how far down the email list you were (because if there was 10 people before you then how did they let such a good deal get past them).

  • I've been on Binance for about a month, was confusing at first, pretty straightforward after a couple of weeks. I haven't been trading much bought 10k mainly BTC ETH and a few speculative but quite well known ccryptos Up 2.5k so far noticed quite a bit of Volatility Haven't sold anything and can leave for years if required. If I lose it then not the end of the world, the investment was the holiday I couldn't go on this year.

    • A lot of people are buying property with their holiday money for this year. I am wondering how many years before they can take another holiday.

  • Buy the blue chips in BTC and ETH. Don't speculate and don't put in more money than you can afford to lose. Crypto is not a get rich quick scheme. Be patient and it will reward you. It is definitely risky not to own any.

    • +1

      Don't tell the crypto crowd that. It is all the logarithmic charts that make it look parabolic that suck people in. They don't realise how long it has taken.

      It is like the guy who bought two pizzas for 10k of bitcoin now worth $700m. Bitcoin could have as easily went to zero.

  • Stick to Binance exchange. The aussie exchange fee a fair bit when you want convert to fiat. You want get some Bnb bep20 move to wallet support dapp. Learn how trade on Pancakeswap dapp. Avoid hype tokens and do your research before you invest. Invest what you able to afford to lose. Youtube your best friend.

    • Hi, I had this question regarding Binance, would you reckon should we use AUD pair or BUSD pair in the long run?

      tax and cryto variety aside, now Biance offers 1:1 USD:BUSD, no fee from AUD to BUSD, and there is no transaction fee for maker.

      Is it there any downside using BUSD pair or any other stablecoin pair against AUD pair?

      Regard

      • +2

        The only reason why you want to keep as AUD is simplicity, for tax and cost base.

        Other than that, liquidity (and therefore bid-ask spread), coin options, fees as you mentioned are better with BUSD.
        You don't necessarily get $1AUD equivalent of BUSD though when you convert AUD/BUSD as there's more demand for BUSD and therefore you may only get like 0.995 worth.

  • Binance or Karken they let you stake on the platform

  • Binance. I reccomend watching the coinbeauro YouTube channel for an intro to it.

  • Binance - if it's fast enough to KYC
    FTX - faster KYC

    Avoid Coinspot - they're not an exchange, they are a broker and charge heaps in fees. It'll chew your $500 up fast if you buy and sell a few times.

  • +4

    The biggest problem with crypto are all the douchebags that " analyse " the market.

    No-one knows how or why the market moves the way it does.

    If someone says they know, they are lying.

    ( In before whales and scalability and dumps. Just stfu )

    :)

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