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

    • +1 vote

      I put $500 it is now $600 but did go down to $230 and as high as $800

      Transaction fees hurt on this.

      It is overvalued with an mcap in the billions. In saying that if they implement their road map no reason why that can't 10x from here in a few years

      The social media is impressive in such a short time.

      More useful than DOGE.

      I put down $500 as a gamble not expecting it back but we will see.

      •  

        How did you get a marketcap? Everywhere I look it says ? Or - -

        There was a whale in one of the Redits who pointed out no big exchange will take them seriously without a defined marketcap. So they put up pictures on their website of their own exchange instead of answering the question.

        Then the Certik audit showed the Dev team have been accessing the LP….

        •  

          You do know how mcap is calculated? The amount of tokens or coins multiplied by the price. In saying that, the amount of tokens they burn and issue its always a moving market cap. So you could calculate it now but might be different in a few hours.

          I think Binance will list eventually. But they need to clean up and achieve something.

    •  

      Safemoon is a ponzi scheme

  •  

    Mate! 5 new crypto threads a week, the end is near.
    Wait for the pullback.

    • +2 votes

      It reminds me of the dot com bubble of '98-'00. Everyone was talking about tech stocks then. Everyone is talking about crypto now.

      • +3 votes

        This happens every so often with new things that crop up so the super rich get even richer, while some people get rich and others lose tons. The house always wins though.

  •  

    Complete newb in the crypto space - I'm looking at buying some safemoon but can't seem to find it on the two major popular exchanges - coinspot & swyftx. Anything I'm missing here?

    •  

      For Safemoon need to buy through pancakeswap as its on the BCS - Binance Smart Chain.
      I bought it at when it was 5 days old (Got 4billion coins for just over $500 - Wished I bought much more) and really had to use youtube and instructions on their website as well as Reddit page to work it out. There's more resources now to make it easier.
      1. Set up Metamask Wallet then follow steps to Setup Binance Smartchain Chain Network on the Wallet.
      2. Send some BNB (The amount you want to buy) from coinspot to Binance Exchange.
      3. Withdraw the BNB but send to your Metamask Wallet address and make sure your tick BSC as the chaintype as default is on Ethernet.
      4. On pancakeswap site connect your Metamask Wallet then go to trade. Under From select BNB and to select Safemoon and input amount to buy.

      •  

        Tutorial on Safemoon twitter via trust wallet.

    •  

      There's a reason you can't find it on major exchanges.. the way I read it, they are pilfering the LP (basically all the Safemoon funds) behind the scenes, so marketcap can't be ascertained, so the big exchanges want no part of it.

      https://www.google.com/amp/s/investorplace.com/2021/05/the-s...

  •  

    my revolut online based transaction/ savings account also allows you to trade BTC and it has the real time rates in the app I think I could only afford 0.001 BTC lol

  • -3 votes

    Lol forget exchanges, if you want to make big money use uniswap/dextools. You typically see coins pump 1000%+. One of the coins i’m in, (tora inu) i managed to convert 0.5eth to 50eth.

    • +1 vote

      Yeah righto pal

      • +2 votes

        Stay away from scam coin!

      • +1 vote

        No its entirely possible, a few ppl i know bought Shib Inu on 30 Jan 2021 for $19 and sold for $80,000 in April. If he diddnt sell it would be $3.5m now. Look on coinmarketcap, Shib Inu is #19. It just got listed on Binance, Huobi, Kucoin. $13b marketcap. Its a god damn miracle. So pissed i diddnt buy. Like missing buying bitcoin in 2008.
        https://coinmarketcap.com/

        Dont fomo into coins now, we might be at the end of the market

    •  

      Do you still have tora inu, it looks like it got rugged! ;(
      https://www.dextools.io/app/uniswap/pair-explorer/0x79ef20d5...

  •  

    I'm still not sold on Crypto. Look @Dogecoin, the whole is a meme and the fact it dropped just because Elon Musk commented a "side hustle" on SNL is completely crooked lol.

    Sure you have read all these normal guys becoming million/billionaire because they own crypto but none of them have actually materialised their holdings let alone the CGT on them.

    That's just my 2c but aside from this, I heard Biance is quite good. Good luck!

    • +1 vote

      Pretty much as you describe - look at the news today.
      Musk comes out and claims he didn't know how much energy crypto uses and advises against it.
      I really doubt that if he is as smart as they claim him to be…

      •  

        Smart people are often the most 'obvious dumb' people you will ever meet!

  •  

    Big Cat Coin

  • +1 vote

    For Australians new to crypto! My recommendations. All of the below have website portals AND smartphone apps (iphone and android)

    Easy for beginners to intermediate users:
    BTCmarkets.net
    Australian based and have existed for over a decade.
    Instant AUD deposits and withdrawals.
    Australian standard tax reports.
    Easy to use without an overwhelming number of less popular crypto's.

    If you want to dabble in all the other crypto's and get into more advanced trading:
    Binance.com
    (they now accept instant AUD deposits)

    If you want to keep it super simple and not bother with all the technical exchange stuff like charts! (It's not very hard to understand the basics though). Go with:
    Coinspot.com.au
    I think they're far too basic and limited in functionality. And can sometimes cost more than traditional exchanges.

  •  

    Binance or btcmarkets.
    Let me know if you want a referral code and it will get you discounted trading.
    Stay away from DOGE OR XRP.

    If opening account in binance invest in BTC, ETH and BNB.
    Happy investing.

  • +2 votes

    Just saw this topic. Binance.com is a good one. It accepts AUD via Payid. And trading with cryptocurrency with AUD pair is fee free I remember.
    I suggest you spend 70% of your money on Bitcoin and ETH . They are relatively safe bet but compare to stock market the volatility is still high so please don't rush in, just watch and buy at the dip of a wave. Other 30% can be put on other coins such as Dogecoin or ADA or BNB etc.
    This is a wild world . One day in crypto market is like one month in stock market. When you know how it works, you will have fun. Uniswap or pancakeswap is somewhere you can look into once you build up some sense of how crypto works. That's where you could turn $500 to $500000 ,but it's also full of scams and failed projects.
    Good luck

    •  

      BNB isn't in the league of the s***coins like Doge etc. It has concrete value in that people can utilise it to get discounts on trading fees etc.

      BNB tends to fluctuate almost directly with BTC but it's a good one generally.

  • +6 votes

    Just buy Cardano Ada while it’s still affordable and watch it skyrocket in the coming months.

  • -2 votes

    I am 50/50 with Bitcoin and Ethorium

    Ethorium has been great and I am up 25% and I purchased it like maybe a month ago? I purchased bitcoin at the same time and I am only up 0.5%.

    Been thinking of investing more in Ethorium… but who knows

    • +1 vote

      If you can spell Ethereum correctly, maybe we will see it moving more? haha

        • +6 votes

          It's a joke mate. Chill…

  •  

    Explain to me hardware wallets?
    A wallet is just a private key right? For any coin, it's just some bytes.

    So a wallet could be a txt file on your PC or USB drive?

    A hardware wallet does what? Just an encryption of those bytes? IS there more?
    If it's just that, why not just encrypt the txt file on your PC?

    •  

      all of this information is readily available on google. like incredibly available.

  •  

    Gg Binance

    Binance Faces Probe by U.S. Money-Laundering and Tax Sleuths
    https://www.forbes.com/sites/jonathanponciano/2021/05/13/rep...

    •  

      Except that binance has solid KYC, so anyone found laundering, will just have their information given over when a warrant is presented.

      People launder money through casinos too and they still thrive.

      • -1 vote

        I signed up to Binance on my PC. The KYC failed and wont work, but I downloaded the app, not completed the KYC and been trading via my phone all week. So if you flog someone's drivers licence, you are free to launder as much as you want.

        Also weird is that I can buy things like cake direct from Binance on the lite app (even though cake is only listed on the PCS exchange), but can't do any of that in the pro version.

  •  

    In my wallet.

  •  

    ETH and ADA make some sense to me. I trade/mine few of them but not keen to invest. Why do most of these exist and why the climate brigade is not making enough noise is beyond me.

  •  

    My betting strategy is to chuck $20-70 on different coins on binance. Will see how it works out. So far have vet, TRX, Matic, doge, Ada, xlm and shib. One of them has to moon right 😂

    •  

      Matic's been mooning, in fact 50x since Feb.
      Personally ADA, MATIC, XLM, VET out of the ones you mentioned have potential for more growth.

      •  

        the catch is that you have to get them when they jump, because the rest of the time to can chop it but you are doing it while it goes down.

        Unless you want to go a long duration short.

    • +4 votes

      shib is garbage, especially after half the "burn gesture" funds were donated to india's disaster relief when they really weren't meant to be in circulation.

  •  

    Can anyone explain why something like Matic is going better than say LINK?

    Link's TVL is double the Marketcap. Matics marketcap is double the TVL. Wouldn't this mean Link is undervalued? Some Marketcap valuation ratios are like 35:1… Doesn't this mean they are at least 35x over valued?

    •  

      LINK is an oracle and doesn't have any TVL. MATIC is an L2 solution. The two aren't comparable.

      Things move fast in this industry and this may change in the future.

      •  

        Coingecko has Chainlinks total diluted valuation at $39,524,867,942. Market cap half of that. So a ratio of 0.5. Not many come close to that. Matics is also pretty darn good, but it's ratio is approx 1.5 (so marketcap exceeds current valuation). I still haven't found a good definition of how to define crypto actual valuations.

        From my understanding an oracle should do just that, ie. Access and compute data points from an infinite number of sources to determine a true value of many of these companies. Having a little company called Google on your books would also give you access to a lot of data.

        Probably should mention I don't hold any LINK or Matic, just trying to get my head around how people are paying these prices when marketcaps are 36x multiples of TVL or TDL?

        From what I'm seeing, charting analytics are your best bet. However, take something like Dogecoin and all you are really charting is human behaviour! Now if everyone follows the same chart, it becomes the chart that is dictating the price…Nek minute you have a marketcap 1000000x valuation.

        So I guess my question is, what other data would someone use before deciding what a coin is worth, or is everyone relying on Reddit and ambcrypto reports etc?

    •  

      Exactly what rektrading said. MATIC is catching up given the congestion and high gas fee with Ethereum.