Posted on 09/02/2021 10:30:17 AM PDT by This_Dude
Also, this is my first ever post, BTW
I would not recommend investing in crypto. However, why don’t you mine it.
https://www.businessinsider.com/14-and-9yo-siblings-earn-over-30k-month-mining-crypto-2021-9
There is a cypto currency ping list.
Also, crypto is not an investment. It is strictly a gamble and only play with money you can lose. The market swings radically and many times for no reason. Be careful.
I’m starting small. $10 here and there. Even with what little I know on the matter, I’m aware that all investments are basically gambles.
I wish I bought a couple bitcoins 10 years ago. Thought it was a scam. Now you can buy cars with it
Welcome to FReeRepublic. Only advice I have is members are FReepers
Again?!?
The rule of thumb is that if you want to make a small fortune in cryptocurrency then begin with a large one.
I thought of that but I imagine it takes quite a bit of computing power. Much more than my cheap smartphone can put out. I don’t own a computer
Bump for mining over investing. You obviously have a computer so I would recomend learning by first using what equipment you have, to mine. From there, you will start to learn about hardware, electricity, and other costs.
General rule of thumb:
ASIC miners are dedicated hardware and offer the best power to coin ratios.
FPGA miners are hard to come by (expensive) are able to perform almost as well as ASIC miners but can be reprogramed (on your own there) for different coins
GPU miners are also more expensive, generally easier to come buy than FPGA miners and can be used to mine several coins as the applications / programs are more widely available. Price point here is king so do your homework and understand you costs.
CPU mining ... not profitable PERIOD. Use this to learn and get set up to move into a higher category.
Open an account with Gemini or Coinbase, start by buying crypto. About $200 seems to be the starting point.
Open a bank account just to buy and sell crypto. Do not use any of your main accounts.
Mining works but can be a slow process.
And don’t buy anything that Elon jokes about ...
My reasoning is maybe finding a crypto that’s gonna explode like Bitcoin did, but while it’s still small. I have very limited funding to throw at this, so I’m thinking invest small amounts in multiple cryptos and see what rises to the top. Dogecoin started yesterday at 21 cents and finished (and is currently holding) at 30. Maybe in 10 years it’ll be $50,000 like Bitcoin is now
Honestly, the best source of research is places like Reddit, or any one of the crypto news pages.
What I would reccomend is to look at the top 5-10 cryptos, understand their purpose, what they are “supposed” to do, and whether or not they meet those goals.
There are a lot of “alt coins” (meaning NOT Bitcoin or Etherium) that seem to explode one day, and disappear the next. Unless you understand how to get in and out of those, you will spend all day chasing them. Not a good idea.
The other thing I would recommend is to hold for a longer term. Bitcoin swings wildly over the short term—but long term it has provided wonderful growth. Etherium is more functional—but they are used for different things.
Doge coin is, in my eyes, kind of a sketchy little thing that people play with. I own some. I sell it when it gets high, and buy it back when its low. And by “high” I mean, when it turns any kind of profit.
Finally, the advice I give everyone getting into Crypto: Do NOT put a nickel into it that you are not wholly prepared to lose. Imagine your $10,000 turning into $7,000 TOMORROW. Can your stomach stand that? Or down another 15% the NEXT Day?
Good luck. PM me if you have any questions. I won’t tell you what to do, but I might be able to direct you to where you can do it.
.... groan.....
You seem to be as knowledgeable as the next guy.
Just start a YouToob channel and you will be an official expert.
I stated above that I don’t own a computer. My wife has an hp laptop but I don’t ever mess with it. All I have is a cheap $30 Walmart smartphone
Not directed at you specifically...but I am currently going through an Audit on crypto gains and taxes in 2017. You do not want to mess around with being “too private.” The IRS is getting trained on this stuff. If you do not report stuff, they will figure it out—and then you are in deep crap.
Keep spectacular records. Big Brother IS watching.
That’s very insightful, thank you. I know I’m gonna lose some money on some, and I’ll be sure not to invest more than I care to lose
Doge Coin won’t do that. By design it is not limited in the total float. Therefore, it will be used for transactions, burned and then regenerated.
On the other hand, if you buy a bitcoin and never sell it...that is taken out of circulation. And the total float is 21M coins—and about 10% of them are already lost forever.
You CAN buy bitcoin in units up to eight decimal places. I put $25 a week into bitcoin for my grandkids. In two and a half years, one has $6k in her wallet, and her little brother has $3k. You are not doing that in stocks.
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