Coinbase & Bitpay

Jaybmw

Hi lads. Sorry new u/n as lost my old one. Been following with interest for years always afraid to invest a few euro and look where it got me. Anyway I'm about to pull some triggers maybe not so on bitcoin just yet but more so on eth or ltc etc and just not worry about it.. with volatility and I know no one can say but would circa 500-1000 be better spread over btc, eth and say ltc or hold on till btc drops a bit and dump the lot on that.. I can't look to the past as I'll start crying so I'll take this as a fresh start and go from here. Oh and as per the title am I using ok apps to start this I'm fully signed up bar adding payment details and I'll also look into cold storage at home after I get the hang of Bitpay and coinbase

pro_gnostic_8

Jaybmw wrote: »

Anyway I'm about to pull some triggers maybe not so on bitcoin just yet but more so on eth or ltc etc and just not worry about it.. with volatility and I know no one can say but would circa 500-1000 be better spread over btc, eth and say ltc or hold on till btc drops a bit

This below might be you in future times still waiting for prices to drop!

pro_gnostic_8

But to be serious, maybe you could consider Dollar Cost Averaging.
I.E., split your €1,000 into tranches, and buy, say, €50 worth each week. Doing so allows you to spread out your total buy over the dips and spikes.
Just a suggestion.:)

ToxicPaddy

pro_gnostic_8 wrote: »

But to be serious, maybe you could consider Dollar Cost Averaging.
I.E., split your €1,000 into tranches, and buy, say, €50 worth each week. Doing so allows you to spread out your total buy over the dips and spikes.
Just a suggestion.:)

That's exactly how I started, allocating €100 a month and looking at what was happening, the ones what were likely to move I bought or watched actively until I could buy into them.

If one jumped a large margin since investing in it, you have 3 x options:

- Buy some more
- Sell all or a portion of what you have to record your initial investment
- Sit on it and wait.

You can buy some coins for a few cents, but if they move even to $1 that's a decent return. You can sell a portion, get your initial investment back and reinvest in another coin.

Another option is to buy smaller ones and when they move, trade for portions of a more popular one like BTC or ETH.

As has been said in various other threads, only invest what you can afford to lose.

Best of luck with it.

Jaybmw

Thanks lads.. still researching which can't be a bad thing.. been on coinbase and all hooked up. I know it's better to buy and ride it out. But is there anything to be said for buying say 1000 worth. Sit for a day/week and if it moves up great pull the profit and just reinvest the grand while banking the say 100 quid ( i know fees will eat a bit ) do this maybe 4 or 5 times a month could net maybe 4-500 quid all going ok. Or would it take a full bitcoin to make that profit. It seems to just up and down a few hundred a day. Surly 100 a day profit is good going. yes it can go the other way etc. Might be a long winded penny stock way of thinking but it's better than money in the bank - risk of course..sorry silly questions.. I clearly have very little knowledge bar from here pistonheads and yt etc.

SkySter

Jaybmw wrote: »

Thanks lads.. still researching which can't be a bad thing.. been on coinbase and all hooked up. I know it's better to buy and ride it out. But is there anything to be said for buying say 1000 worth. Sit for a day/week and if it moves up great pull the profit and just reinvest the grand while banking the say 100 quid ( i know fees will eat a bit ) do this maybe 4 or 5 times a month could net maybe 4-500 quid all going ok. Or would it take a full bitcoin to make that profit. It seems to just up and down a few hundred a day. Surly 100 a day profit is good going. yes it can go the other way etc. Might be a long winded penny stock way of thinking but it's better than money in the bank - risk of course..sorry silly questions.. I clearly have very little knowledge bar from here pistonheads and yt etc.

This sounds good in theory but to achieve this requires paying very close attention to price movements which is very time intensive. I just take a view at the start of each month on what coins I want to hold, buy or sell and basically leave things be. This is working for me so far.

ToxicPaddy

SkySter wrote: »

This sounds good in theory but to achieve this requires paying very close attention to price movements which is very time intensive. I just take a view at the start of each month on what coins I want to hold, buy or sell and basically leave things be. This is working for me so far.

I agree with you here, unless you're spend big, the chance of making a half decent quick profit is pretty much non existent (I'm talking 50k+), it's best to invest what you can afford, sit and wait. I've invested in a few and they have risen 5-10% but cashing out now with fees deducted, it's not worth my while, however a single coin rising from a few cents to a dollar each or a few dollar up hundreds of dollars each makes it well worth my time cashing out but those are rare.

The few times I do cash out of when it's plummeting with little or no chance of return, I suck it up dump it and chalk it down to lessons learned.

As long as I'm building a nice steady profit I'm happy and will continue to diversify across a range of different types over time. Who knows, ther might be another Bitcoin out there somewhere ðŸ˜