Keep the money or invest it?

Should a newbie like me invest in Bitcoin?

  • Yes, invest, but a small amount.

    Votes: 8 24.2%
  • Yes, go all in.

    Votes: 12 36.4%
  • Nah, stay away from Bitcoin.

    Votes: 2 6.1%
  • Invest in something else.

    Votes: 7 21.2%
  • No, keep the money.

    Votes: 4 12.1%

  • Total voters
    33

ergofox

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Hello guys, I am long time lurker here, and I am seeking for advice from senior members. I have been freelancing for quite a while now and managed to accumulate around 3k on my Payoneer account. The problem is that I am not planning to spend this money for at least few more months and I want to invest it somehow. The simplest and the most efficient method for me (as I can see it) is to invest in Bitcoin. But my newbie heart says that it's too risky and nothing but a pure gamble. So my questions are:
1) Should I invest in crypto right now, since Bitcoin is growing very rapidly recently?
2) If yes, what is the best amount to invest for newbie like me (200, 500, 1000 or more)?
3) Where I can find most updated guides on how to invest, how to trade etc?

ps to mods I am not sure if this thread belongs to Business & Tax Advice or Crypto, so I'm sorry for posting it in a wrong section.
 

Flignats

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Coinbase to buy crypto - get a referral from a friend so you both get $10 free after your first $10 purchase.
Then Google 'Dollar Cost Averaging' and invest what you can afford to lose.
 

Toeyoursea

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I can't explain my skepticism about forex, bitcoin, cryptocurrency etc. I'm probably to prudent to do any volatile or new business.
 

ergofox

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Coinbase to buy crypto - get a referral from a friend so you both get $10 free after your first $10 purchase.
Then Google 'Dollar Cost Averaging' and invest what you can afford to lose.
Coinbase wouldn't work for me, I live in Eastern Europe and they don't support my country yet :(
 

ergofox

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I can't explain my skepticism about forex, bitcoin, cryptocurrency etc. I'm probably to prudent to do any volatile or new business.
I totally agree with you on this and think that Bitcoin is the biggest poof that happened to the digital world so far, but seeing Bitcoin growth I just can't stay and do nothing about it.
 

Flignats

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Binance allows credit card purchases, but the markup is not very friendly. Coinmama is another exchange open to most countries.
 

Coingrabber

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I would have said yes, when BTC was 4.500 Euros. Now you can too. But you have to realize that BTC might correct downwards in the next months. If you're there for the long run, I'd say: Yes, go all in! Maybe wait a bit, but do it soon.
 

Wooten

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It is nothing but pure gamble. If you know nothing about bitcoin or trading - stay away, you'll sleep better and you could instead invest your money into building some sort of business. I understand that you want that "passive income", but btc is gamble and it can easily go either way. I can understand the strong temptation, especially as it began to move upwards, but it can just as easily go to hell month later as history shows.

However, if you still want to invest, then spend time and educate yourself so you'd at the very least can understand the market, instead of investing blindly with the rest of the bandwagon of people going to that moon in a lambo, since everyone has been predicting "the moon" since at least march of last year lol.
 

Toeyoursea

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I totally agree with you on this and think that Bitcoin is the biggest poof that happened to the digital world so far, but seeing Bitcoin growth I just can't stay and do nothing about it.
I hear this sort of balls is what required to make money. I wish you all the best. Bitcoin seems like it's worth a second look though with impressive increase over the years!
 

Sherb

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Crypto is not investing, it's gambling. Remember all the people "investing" in the crypto boom December 2017 because "Bitcoin is growing very rapidly recently".

If you don't know what you are doing, just put it into a savings account and spend that time learning. Knowledge provides far better returns than blind deposits, and keeps you from standing there holding a bag blaming the morons above who sound like the MLM hunbot military moms on my Facebook feed.
 

ergofox

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It is nothing but pure gamble. If you know nothing about bitcoin or trading - stay away, you'll sleep better and you could instead invest your money into building some sort of business. I understand that you want that "passive income", but btc is gamble and it can easily go either way. I can understand the strong temptation, especially as it began to move upwards, but it can just as easily go to hell month later as history shows.

However, if you still want to invest, then spend time and educate yourself so you'd at the very least can understand the market, instead of investing blindly with the rest of the bandwagon of people going to that moon in a lambo, since everyone has been predicting "the moon" since at least march of last year lol.
Really appreciate your answer. After 10 mins of thinking about what you said I made my mind and I think that I know what I will do. Thank you internet stranger :)
 

ergofox

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Crypto is not investing, it's gambling. Remember all the people "investing" in the crypto boom December 2017 because "Bitcoin is growing very rapidly recently".

If you don't know what you are doing, just put it into a savings account and spend that time learning. Knowledge provides far better returns than blind deposits, and keeps you from standing there holding a bag blaming the morons above who sound like the MLM hunbot military moms on my Facebook feed.
Definitely don't want to be that person. Thank you for reply :)
 

The Optimist

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Whatever you do think a lot before investing.... Seriously to say investing money on gambling is somewhat standing on the knife... so think twice before you do it frnd
 

omnirand

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As a newbie, I would advise against putting a lot into crypto if you have no clue how things work. Your best option would be to paper trade. Write down on a piece of paper that you "bought" some then see how you do with trading. Crypto is not for the faint of heart. You will feel lucky and you will get greedy and then you will lose money. Try trading on paper and try the crypto space again in a another couple of years or so. If you want to try things out then I would suggest no more than 100. In crypto trading it's not really much, but it can definitely turn into something. Most people use the rule of never putting in more than 5% into a high risk investment like crypto.

But frankly, don't ask random people on the internet for financial advice.
 

DrDastan

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1. Not now, wait - very possible that btc will go down
2. Not more than 5% from your bank.
3. Buy and hold. Nothing more you dont need to know.
 

CryptoKujira

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Sell the house, cars, and the cats. Then go all in.

Nobody really needs cats do they?

Let's mark the current price of some major coins and see how they fare in one month, and at end of year.

Today is May 15, 2019

BTC - $8000
ETH - $234
LTC - $94
XRP - $0.42
BAT - $0.39
 
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