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Cryptocurrency - Ethereum or Bitcoin?

  • 26-11-2017 8:52pm
    #1
    Registered Users Posts: 519 ✭✭✭ splashuum
    Registered User


    Well lads,

    Ran into a small few pound and would rather invest it than squander it over the next few months. I know Bitcoin could possibly be inflated at the minute so I was thinking of buying some Ethereum? (Or any other possible decent crypto's).
    I am not put off by Bitcoins price but would just like some educated opinions.

    Also after liaising with a few people I was informed Coinbase is probably the best method of trading coins, Is this correct? Or is there any other better alternatives?

    All advice welcome !
    Tagged:


Comments

  • Moderators, Category Moderators, Motoring & Transport Moderators, Regional East Moderators Posts: 59,754 CMod ✭✭✭✭ unkel
    King Elon I


    ETH has been at or near its all time high the last few days (at about €400). In the last few months it has been yo-yoing around the €250 mark. So it is very high at the moment.

    Some people will say it will go further up. I'd say that's a risky assumption. I wouldn't buy right now tbh.

    "Wind is Ireland's oil" - An Taoiseach, 25/05/2022



  • Registered Users Posts: 2,330 ✭✭✭ The One Doctor
    Registered User


    Definitely not ETH. For long term holding BTC is what I believe is known in common parlance as 'the shizzle'.


  • Registered Users Posts: 519 ✭✭✭ splashuum
    Registered User


    unkel wrote: »
    ETH has been at or near its all time high the last few days (at about €400). In the last few months it has been yo-yoing around the €250 mark. So it is very high at the moment.

    Some people will say it will go further up. I'd say that's a risky assumption. I wouldn't buy right now tbh.

    And is coinbase preferable ?


  • Registered Users Posts: 4,881 ✭✭✭ TimeToShine
    Registered User


    If you have to ask this question you probably shouldn't be messing with cryptocurrencies.

    Put your money into an index and leave it there.


  • Registered Users Posts: 6,107 ✭✭✭ frag420
    Registered User


    If you have to ask this question you probably shouldn't be messing with cryptocurrencies.

    Put your money into an index and leave it there.

    and what if he has to ask about indexes, stick it under the matress?


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  • Registered Users Posts: 153 ✭✭ crowseye
    Registered User


    What you can do is split your funds between bitcoin and ethereum, a certain percentage in each depending on your preference. Also depends on whether you are investing and forgetting or if you will be regularly managing your portfolio.


  • Registered Users Posts: 6,810 ✭✭✭ Grumpypants
    Registered User


    If you have to ask this question you probably shouldn't be messing with cryptocurrencies.

    Put your money into an index and leave it there.

    He is doing exactly the right thing, asking questions. Everyone starts somewhere and the best way to learn is from talking with others already in the game.

    This time last year i was in the same boat looking to start. I came here asked a few questions to get me going then kept researching myself. You need to get a toe in the door to really before you get the bug.


  • Registered Users Posts: 6,810 ✭✭✭ Grumpypants
    Registered User


    splashuum wrote: »
    Well lads,

    Ran into a small few pound and would rather invest it than squander it over the next few months. I know Bitcoin could possibly be inflated at the minute so I was thinking of buying some Ethereum? (Or any other possible decent crypto's).
    I am not put off by Bitcoins price but would just like some educated opinions.

    Also after liaising with a few people I was informed Coinbase is probably the best method of trading coins, Is this correct? Or is there any other better alternatives?

    All advice welcome !

    Both are at their all time highs right now so it might not be the best time to start with a big investment (unless you plan to hold for a year at least).

    What i'd suggest is buy €100 worth of each. Get used to buying and selling and the fees involved.

    You dont trade coins on Coinbase, they buy and sell them for you, for a nice fee. You can use their trading platform Gdax for much lower fees.

    Watch out for two things in general when buying/selling. The fee and the spread. The fee is simple if its 1% then you pay €1 for every €100 bought sold. But what is trickier is they will charge you slightly above the market rate and sell slightly below.

    Say 1 bitcoin was worth 7000 on the market. When you go to buy 1 bitcoin they charge a 1% fee (€70). But the price they charge you is 7010 for the bitcoin. You then try to sell it and they give you 6990 for it, plus a 1%fee. Now you have bought and sold 1 bicoin but it cost you €160. You would need to let the price rise by €170 to make a tenner. If that makes sense?

    Just be aware of it.

    This is what i would do. Take €300 and buy on Coinbase.
    €100 bitcoin.
    €100 ETH
    €100 Litecoin.

    Then watch for a bit. I used 100 as it will be easy to track how much you have made/lost as a percentage.

    Then I would start to look at using exchanges. Much lower fees and access to way more coins. I use Bittrex for no real reason other than it had a coin i wanted.

    I would buy Neo and Vertcoin.

    Once comfortable with it all invest your money.

    Do diversify your fund.

    I'd do.
    Bitcoin 50%
    ETH 20%
    NEO 15%
    Litecoin 10%
    Vert coin 5%.

    And then hold. Don't panic sell on a fall or panic buy on a rise. Set your plan and stick with it. Remember, those that trade always lose, those that hold are all up.


  • Registered Users Posts: 519 ✭✭✭ splashuum
    Registered User


    Both are at their all time highs right now so it might not be the best time to start with a big investment (unless you plan to hold for a year at least).

    What i'd suggest is buy €100 worth of each. Get used to buying and selling and the fees involved.

    You dont trade coins on Coinbase, they buy and sell them for you, for a nice fee. You can use their trading platform Gdax for much lower fees.

    Watch out for two things in general when buying/selling. The fee and the spread. The fee is simple if its 1% then you pay €1 for every €100 bought sold. But what is trickier is they will charge you slightly above the market rate and sell slightly below.

    Say 1 bitcoin was worth 7000 on the market. When you go to buy 1 bitcoin they charge a 1% fee (€70). But the price they charge you is 7010 for the bitcoin. You then try to sell it and they give you 6990 for it, plus a 1%fee. Now you have bought and sold 1 bicoin but it cost you €160. You would need to let the price rise by €170 to make a tenner. If that makes sense?

    Just be aware of it.

    This is what i would do. Take €300 and buy on Coinbase.
    €100 bitcoin.
    €100 ETH
    €100 Litecoin.

    Then watch for a bit. I used 100 as it will be easy to track how much you have made/lost as a percentage.

    Then I would start to look at using exchanges. Much lower fees and access to way more coins. I use Bittrex for no real reason other than it had a coin i wanted.

    I would buy Neo and Vertcoin.

    Once comfortable with it all invest your money.

    Do diversify your fund.

    I'd do.
    Bitcoin 50%
    ETH 20%
    NEO 15%
    Litecoin 10%
    Vert coin 5%.

    And then hold. Don't panic sell on a fall or panic buy on a rise. Set your plan and stick with it. Remember, those that trade always lose, those that hold are all up.

    Some good detailed advice there Grumpy. Thanks very much. Will def look into the coins you suggested also.

    I have also been told to buy Ripple(XRP) I looked into it and it seems very cheap and would subsequently be a low risk investment if I were to buy a small amount considering its low price.
    Has anyone got any info on that ?😅


  • Registered Users Posts: 6,810 ✭✭✭ Grumpypants
    Registered User


    I had some Ripple, it is super cheap and likely to give a return but i dont think it will ever hit €10.

    Vert is about a fiver now. Ive been in since it was 1 and it is heading up again now. Will easily hit 10 soon.


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  • Registered Users Posts: 2,072 ✭✭✭ ZeroThreat
    Registered User


    I had some Ripple, it is super cheap and likely to give a return but i dont think it will ever hit €10.

    Vert is about a fiver now. Ive been in since it was 1 and it is heading up again now. Will easily hit 10 soon.

    Ripple has a circulating supply of 38.6 Billion units, so yes it would be highly unlikely for it to reach that, maybe $1 in long term is more feasible.


  • Registered Users Posts: 2,072 ✭✭✭ ZeroThreat
    Registered User


    If you have to ask this question you probably shouldn't be messing with cryptocurrencies.

    Put your money into an index and leave it there.

    Hope that guy on investment forum didn't take your advice back in Feb to invest in Snap Chat IPO. :D


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