I want to buy some crypto with my fun money, but finding it a bit overwhelming, reading some of the posts on here.
I was going to sign up with Digital Surge, then read about staking today but they don't do that yet.
Which exchange would be best for staking so I earn interest on my coins? I'd only be spending a few hundred to start off with but might add an extra $25 each week to Bitcoin as a long term investment.
Binance
If you are new in the market binance is little bit too hard for you, use coinspot even the fee are little bit higher, but is user friendly.
dogecoin this weekend will go up more, but make sure selling next week, cardano, xrp ripple good investment, long term.
Remember every profit have to declare as CGT at the end of the year if you withdraw the crypto into fiat
Let me help you dogecoin is rubbish heading to 2c ( even there its heading to 0 ) .
Thanks :-) Yes, I'm a total newbie!
no, its not to fiat. It's every sell. Every sell needs to be declared, loss or profit.
Bruh.
This is an Aussie Forum, please, only shill HBAR here.
Celius, BlockFi, Cro defi and binance are where i stake
Thanks!
Honestly BlockFi is your best bet for the one big reason that their hot wallets are fully ensured by Gemini - a large regulated US exchange. If you're more risk averse than Binance are good but to just buy and leave without worrying I would go BlockFi.
This is a misconception. Blockfi relends the coins to counterparties and therefore these lent coins are not covered by the insurance from Gemini as they do not stay in Blockfi's wallet.
The answer depends on what coins you have, the value etc as withdrawals could cost a lot.
Have used Binance, Celsius, Blockfi, Nexo, Crypto.com, Youhodler, FTX, Cakedefi, Luno and decentralised exchanges such as Pancakeswap, Bakeryswap and Pancakebunny.
Each has their own pros and cons.
The simplest ones are probably Binance and Celsius.
Thanks :-) Replied to you.
Can someone explain, why do exchanges want you to stake ( what do they get?)
Why do you want to stake, buy weird coin and hope it doesn't drop to 0?
Eg why buy CRO which I duno what it's good for, and stake just to get 2% cashback. You'll have to spend 25k before you get your $500 back. In weird cro again.
Every site is making its own coin. That's like loyalty cards, instead of stamps on a card it's funny coins.
How do I ozbargain that?
I'm no expert by any means but ill have a go at answering (others can correct if im wrong).
When you 'stake' a coin or token - you are thereby literally showing your support/stake in the coins (future) value, by locking up your coins/tokens in the network/platform.
Why do you want to stake? To make money/show support for (staked) project
Why do exchanges want you to stake? Exchanges are like banks in that they will lend/trade/invest your crypto as they see fit.
You have to do your own due diligence and research on what coins/tokens/projects/platforms/networks etc you think are the winners but it is not hard to see that DeFi is beating any banks savings account offering by a longshot… Couple that with a new, powerful and growing asset class, you can see that you should be paying attention to the new and modern digital economy that is more user-focused (maybe not quite as user friendly).
due diligence and research - Hard enough for stock etc that have ppl writing theories, this I just don't even know where to start.
Or whether to start in this case!
Everyone seems to be saying hey just put in $100 here and there, if u lose it u lose 100, but it ads up
Yes I totally understand its overwhelming, so much information, opinions, biases etc but honestly speaking, I wish I'd not only gotten into crypto earlier (cos I was) but actually taken it ALOT MORE seriously.
Consider this as an idea: you are actually much richer right now e.g have enough money to buy a quarter BTC (currently 10kusd) and in 5 years time BTC is over a million… Think about it… Not financial advice but if BTC went from $.1c-10c,
10c-$1,
$1-10,
10-100,
100 - 1000.
1000-10,000
then why couldnt BTC go 100,000 etc?
I like the fundementals and technology and I really think BTC, ETH and some other cryptos will keep growing amazingly (albeit very volotile)
@Ch3apsk8: I know, I remember it was 400 I thought no way, it's peaked.
But now I'm thinking what abt all the new alt coins? Ppl putting a bit here and there. But I'm not 1 to throw 1k or 10k into the gambler.
@Ch3apsk8: Btc was on the way to the moon, but now the regulators, banks, governments and the rest of the 1% has moved into btc and are playing the same games as with the whole financial system. I doubt its going to the moon any more. At least not as quickly.
I recommend MuskCoin
If they disappear, goodbye interest and principal.