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

    • LOL it is just everyone egging everyone else on saying this is happening to drive prices and that is happening to drive prices.

      Institutional adoption is the big word. These people don't know what adoption means. Banks like JPM and BNY Mellon are opening custodian and trading desks. They are not stupid enough to hold it themselves or let you buy any of their products with it. Just like I can't walk into Woolworths and buy products off the shelf with Woolworths shares at the last closing price.

      If you have crypto ATMs then what is stopping people from actually using it in shops? Actually the problem is getting a guaranteed exchange rate right there and having people agree on it. If you look at how little AUD/USD pairs move on a daily basis, if you had to tap to pay not knowing bitcoin is going to go up 20% in the next 24hrs you'll be mortified or if the shop can't offload it before it drops 20%.

      That is why we don't all walk around with gold coins in our pockets to pay for stuff.

  • +3

    With all these gamestop, dogecoin and NFTs… I don't understand the world anymore.

  • So from the outside a lot of these coins are like a game of pass the parcel, wrapped in $100 bills with a live hand grenade inside.

    Can either …
    Pass it around and grab a $100.
    Hold it and you never know how many 'hunges' you are really holding, and how long before it goes off.
    The last note is attached to the pin. Don't be the last one holding.

    The way I see it, a lot of coins are inferior to others, but are still worth more. Trend trumps tech.

    Billions of dollars are being sunk into some coins that don't even have a marketcap (how do you value it?…it's basically dividing by zero). Nice segway into next point…

    Most of the investors have no idea what they are investing in.

    Market patterns are often simply human behaviour.

    We are experiencing a generation of 'must have what they got' over 'this is what i need'.

    Money to be made here, but remember money made is from anothers loss.

    Oh, as for the exchange. Binance seems to me to be like a Chinese crack dealer. Currently giving it out cheap to get you in, and would love to take away as much business as it can from the US. So at moment, that would be the cheapest, swyftx the easiest (even Aussie phone support).

    • US and the rest of the world (at least most other countries, including China) have different exchanges.

      US uses Binance.US
      The rest of the world - Binance.com

      Due to regulations, some coins are not tradeable on Binance.US

      Therefore, Binance.com is not really competing with other US exchanges per se.

  • +1

    I put a small amount on SafeMoon! That will make me a millionaire one day. You heard it here first 🚀🚀🚀

    • I kicked the Safemoon tyres.

      But it has no marketcap (no big exchange is going to take it onboard as how do you value it as a trade)?

      The LP still has back doors and Cpt Hodle's Swiss 'mate' can take it whenever he wants.

      The AMA was like an episode of Silicone Valley.

      Operation Phoenix… Could you write anything worse when people are fearing a rugpull. Look up 'phoenixing' in the solar industry here.

      Love the g'up community though. My advice.. if you get the slightest smell of $hit…flush it.

      • If you are smart about it, it's relatively risk free. I've only put around 1BNB on it and already recovered 3x of that and still have much more SM left so don't really care if it goes to zero.

      • +1

        You could be right, but I have a feeling about it. Worth the risk, if it doesn't, no biggie, BUT MAN, IF IT DOES! How many tokens have copied its structure? I like it.

        I did with CumRocket. Shot up, took the money, went back down, went back in. Now it's up again. Nice way to make money.

        BTW, SM is up +70% last 24h!!

        • Based on some nice rendered images of a wallet app (no actual shots of any real app), and a 'hey look at Dogecoin, where next' statement. Well played John..Well played. Beautiful distraction from not answering the Marketcap, nor open LP questions (they can void all tokens you hold at the push of a button). But if the sharks are circling, you can throw an esky lid in and they will bite it! But as you say, you've chased in. Well done.

  • What are your thoughts on uphold ??

    I'm already using that because of brave and BAT, ZIL my biggest investments (less than 100 aud) have been quite high atm.

    Uphold also has zero fees although I feel like they have poor exchange rate to make up for that, but still zero fees for trade/exchange.

    Only problem I think is harder to withdraw AUD BALANCE but one can always send crypto to another wallet using Uphold

  • -1

    how about the Plus500 app for beginners who wants to start investing?

  • +2

    Buy ETH and hold

    • +2

      Buy BNB and hodl

    • ETH is trash high gas fees slow transactions

      CAKE AND BNB ftw

      • +1

        There's ADA coming up as well.

  • anyone buying doge at current prices will get burnt
    it might go up a little more from elon musk's SNL appearance on Sunday, than its will take a nose dive back, and thats how it goes for this meme coin until its tweeted about again by elon

    • It will probably go down. Whales seems to sell off during crap like this.

  • +1

    I bought doge at 1 cent. GO ME~~

  • investing $500 into bitcoin isnt going to make you a lot of money. best to look into some alt coins.
    Please do your research before investing into any coin.

  • I went in to ADA (cardano) due to their promising tech advancement. Anything sub 1.2 is great pickups. Definitely DYOR

  • FTX is king.

  • Do you guys know any Crypto Whatsup groups?

  • -1

    Put in $1100 today on Dogecoin. Let's see how the weekend goes with Elon on SNL.

    • -2

      How did that go?

      • +2

        Currently up after being down previously $150ish and up as much as $450. Happy to hold as its not that much money anyway and this

      • Up even more now. 52% in the last 24 hours

        • Thanks Elon. 🤣 See his tweet.?

          My ADA and Sushi performing better

          • @Korban Dallas: Yes also have ADA and happy it surpassed $3AU last night. Sold DOGE shortly after my last comment

            • @cute as ducks: I bought ADAUP on Binance for $65 now it is $220

              I have been taking profits and buying lower but its getting hard now.

              I'll Just HODL from now.

              • @Korban Dallas: Best thing you can do. So tempting to buy more now before the dip. I unfortunately only bough last week. $500 to $660.

  • -2

    better late than never? we'll see, the next big move will be in gold and the gold mining companies you should anticipate future trends when investing, crypto is pretty much finished and at it's top, buying in now means you'll be a bag holder and you'll feel stupid for along time.

    • +5

      crypto is pretty much finished and at it's top

      People said that when Bitcoins were at $400.

    • Non sense. You have no idea what you're talking about.
      You sound just like the critics that's been saying real estate market bubble for the last 20 years lol

  • -1

    Binance Futures. High risk trading, high rewards.
    Your $500 could become $1M by the end of the year.

    Not a financial advice.

    • Sure m8

      • +2

        My $1000 became $0 in 1 day, so it's definitely possible.

        • Yes haha. Got liquidated twice myself due to greed. But if you play smart, you still win.

        • haha my $1000 became $1100 in 1 day
          then my $1100 became $900 the next day

          • -1

            @Queue2Queue: I got insider information about Shiba Inu token 3 weeks ago. My investment just went up 6.5x

    • edited.

      • How is it edited?

  • +1

    I've used Coinspot for buying my crypto.
    I started in mid-Feb with $500 and just put $20 into individual coins that had a buy price of <$0 and went through them in order of market capitalisation. I did use a little bit of charting to make sure there weren't absolute dogs though.

    I've since put in a total of $2,500 across over 70 different cryptos. Still with minimal research but I have started buying coins that trade >$1 now.

    The strategy to basically spread my risk with effectively an index that meets my rules. Overall 44% of my bets are losers but downside is minimal because I'm spreading my risk, meanwhile upside is good.

    Overall up 76%, plan is to keep with the strategy, put 10% of my new investments into crypto and hold. I don't want to pay full capital gains tax

    • +1

      The fees are going to be massive when / if you sell……

      You have looked into that right? Might be best to transfer to another exchange and then withdraw.

      • I'll look into that, appreciate the heads up.

        • +1

          I exclusively use Trust Wallet, Pancake Swap and Binance. If you have any questions PM me.

    • You need to declare each one of those 70 crypto purchases/ exchanges to the ATO though. That's a big effort for $2500, especially if they have Airdrops, burn credits, deflation etc.

      • Thanks.

        In relation to CGT it's only when or if I sell. I'll weigh up the effort against the gains / losses I want to claim at the time. For $20 bucks a pop if they are dogs I can hold indefinitely with no admin and downside is limited to $20. If they go high enough I'll make the effort.

        However you have opened my eyes to Airdrops or burn credits, I didn't release they were a thing so thanks, that would be a headache. I've had one coin go through Redenomination already.

        Might need to reconsider my strategy or my position sizes.

        • +1

          Unfortunately it isn't just when you sell, it's every exchange AND you need to nomalise each exchange to AUD at that exact time.
          I was also looking at diversifying as much as I can, but shares are bad enough as it is. Crypto might require 4 exchanges just to get to one token. Ie AUD to BNB to BSC to Cake to Syrup.
          Absolutely stupid. But I don't make the rules. Just trying to save you a potential shit fest headache one day.
          That being said, i would guess 0.00001 % report everything correctly. But that person when audited will get rogered like they are the biggest criminal of all time.

          • @tunzafun001: Bsc is not a coin.

            To get to cake you can either to aud - bnb a cake

            Or aud - busd - cake

  • +1

    ADA has been kind

  • I've used Binance. Confusing at first but you'll get used to pretty quickly.

  • -3

    Please dont associate the word "investing" with crypto.

    • This. The only real investment is interest in your bank account. Everything else is gambling. PONZI

      • Is this a good time to so say "Ok Boomer"?

        • How dare you. You're just jealous of my telstra shares and 100k in paper notes

  • I would look into Monero (XMR) and Haven (XHV)

    Once people fully understand how ultra-transparent BTC (and all other coins are), they will freak out and move into Privacy coins

    • When you sign up to Binance now you need to tick a disclaimer box saying you can't buy MON, VERGE, PIVX etc

      Make of that what you will

  • +2

    Also I would recommend Independent Reserve over Binance for a local Aussie owned company and far far better UI. Fees are very slightly more.

    • I have just signed up to Independent Reserve. When depositing money into your account, do you deposit in AUD? Can you then directly buy bitcoin? Or must you convert your AUD to USD first?

      • +1

        Yep, with Ind Reserve you deposit AUD, then buy BTC. No need to convert.

  • +1

    Buy some VeChainThor and thanks me later.

  • Coinspot, I purely use the market for 0.01% fees apposed to the 1% fees on the instant buy/sell

    • +1

      I used to use CoinSpot but now I only use Binance. CoinSpot has limited functions and coin listing, no staking programs, also the exchange rates grossed me out.

      • I felt the same way, Binance, besides its poor UX/UI, really provides more compared to other exchange and low rate 0.1% and lower

  • +4

    If anyone feels like some Saturday mining schadenfreude, I found 64k Doge in an old paper wallet a few months back (was mining it briefly in 2014 / this was just loose change back then):

    https://dogechain.info/address/D65fN1z5JsrdnSL9k9GwhMUwgAsMg...

    Having virtually zero interest in crypto anymore,
    I immediately transferred it to coinspot:

    https://dogechain.info/tx/0e618cbf87e22338d099746e0737528fce...

    … and dumped the lot at around 6c, for $4k.

    Free money! Was super chuffed.

    Now that I can't escape the news of its continued ascent? Not feeling so smug. I could really use that extra $50k or so…

    • +2

      If it makes you feel better, you've made more than most will on doge.

      • +1

        Hah - you know what? That does make me feel marginally better :) Thanks.

  • -1

    Could this be the most important chart to show exactly where crypto is at currently, and where it has been:

    https://www.coingecko.com/en/global_charts

    Basically, due to the inflationary nature of many currencies, if isn't going up, it's falling…hard. But it has been a hot kitchen recently.

  • Most you can loose is 100%. Most you can gain is 20000%. Depends on the crypto. At End of the day it is just gambling. Just the return odds clearly not 1:1

    I would put $100 across 5 cyptos, and they should be up after 2 years, but may fall and slowly recovering during that time.

    I entered the cyproto market about 1 month ago. My holdings are up 30%. Though lost 10% on some left over funds I put into crypto earlier this week. Its so volatile that even a few days difference resulted in a 20% difference.

    Just need to figure out the CGT implications. Not sure I was to hold cyproto for a whole year.

    • Most you can loose is 100%. Most you can gain is 20000%.

      Sometimes people forget this major advantage of going long. Your maximum risk is limited to your original investment.

      Unlike borrowing on margin.. which is basically what a home loan is. You can find yourself owing many, many times what you put in.

      Finally for those who want unlimited risk.. there's shorting shares.

      • I like the ETFs in Binance with built in leverage of between 1.5 to 4x

        Grest times with BNBUP, Sushiup and ETHUP

  • swyftx.

    Coinspots fees are trash

    • Isn't the difference 0.4% more fees on CoinSpot?

  • +2

    Every Dollar you got on Safemoon

  • Here's my shill

    VET - cool anti-counterfeit for retail using blockchain
    Banano - for the memes and the community
    SYLO - decentralised chat for privacy with inbuilt payment
    Proton - 0 fees, cross chain other crypto, high staking rewards and applying to be the first crypto bank

    • -1

      I got insider information about Shiba Inu token 3 weeks ago. My investment just went up 6.5x

  • Seems like OP didn't enjoy the conversation on his post? I didn't see him replied to any posts

  • +2

    One thing you have to realise about the exchanges is that if you give an exchange $1000 and then buy $50 of bitcoin, you will be allocated $50 worth from their pool of bitcoin. In other words, you do not "own" the bitcoin in your own wallet on the blockchain. The exchange owns the bitcoin on the blockchain and then attributes your share.
    If you want to make sure you retain control, you need to transfer it out of the exchange into your own wallet - but that costs money. Bitcoin transaction fees are quite expensive - it doesn't makes sense to make small transactions in bitcoin when the fees are $30.
    But if, say, you had made a bunch in something, I would investigate getting your own wallet and transferring it off the exchange. If it's in your direct control, no-one can steal it (I mean unless you let your private keys leak). It means if your exchange is hacked, you can't lose your coins.
    But managing your own wallet comes with its own risks - you just need to understand them. I don't think it's for the light hearted frankly.

  • Crypto is like poker. It's gambling but information can modify the outcomes.

    But it's still gambling effectively, unless you understand the markets.

    If you aren't able to google and understand what ripple and dogecoin are, then you shouldn't be getting into crypto at all.

    I don't intend that as a harsh statement but there's basic info out there, and if you can't parse it, keep your money elsewhere in a more secure investment like one of the Vanguard ETFs.

    Not financial advice, do what you like.

    • -1

      Oh but Vaneck are doing an Etherium ETF.

      Most people who are against crypto don't have any and are just jelly.

      What other investment can you deposit 1k and end up with 121k 5 months later?

      • +2

        People always have this kind of reaction to something new or something they don't understand. It only proves that this is still very early days of cryptopcurrency. Same thing happened when computers became mainstream and Same with the internet and internet shopping.
        People are so oblivious and can't even connect simple dots and continue to speculate that bitcoin is a fad and will disappear in the face of fact that a lot of large institutions and corporations are happily buying bitcoins in droves even at the current price.

        Do your own research but I'm super bullish

        • Stake cake for 141% return and compound 288x daily 🤣

  • Put it all on UpDawg

    • +1

      I had to play! What’s UpDawg?

      • +3

        Nothing much how about you?( ͡° ͜ʖ ͡°)

  • BINANCE
    PANCAKE SWAP 🥞
    BNB

  • Dogecoin ! Say no more 😊

  • +3

    Buy safemoon for 100 buxs. It’s new and might get you some cash in few years time

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