Crypto Newbie-Looking for solid advice

humpster · 24-10-2021 1:54pm #1

Hi,

I've been wanting to invest in crypto for some time now. The reason been, whats the point in having spare money sitting in the bank, earning nothing.

I've seen other people invest and get some decent returns. So I want to jump on this bandwagon.

Unfortunately, I know very little about going about this. What I'm looking for is good advice on the following;

What are the best exchanges to use when based in Ireland.
Whats the best way to deposit money. I have BOI account and credit union account and credit card. I would prefer to use credit union but am not sure if it's possible. Do they even have online banking?
What are the potential pitfalls and mistakes that beginners might encounter. Would love to hear from experienced crypto investers.
Any general advice I need to know.

Regards and looking forward to reading your responses.

Grumpypants · 24-10-2021 6:05pm

Sign up to coin base. Buy bitcoin and leave it for 4-8 years.

el diablo · 25-10-2021 5:31pm

Kraken exchange *using SEPA to deposit) would be one of the better options for you and the fees and spreads are certainly smaller than on Coinbase.

I'd buy some BTC, ETH, ADA, DOT etc but make sure you do plenty of research before you purchase and don't FOMO in when you see large green candles. 😎

And don't use money that you can't afford to lose. Crypto is extremely volatile.

massdebater · 25-10-2021 6:06pm

Youtube has lots of good videos showing you how to set up a wallet, transfer from an exchange etc. The more you do it, the easier it becomes. Best way to learn is to actually buy a small amount and see how the process works to move it around. It's normal to have mini heart attacks the first few times you do transfers but if you double/triple check the addresses, make sure you're transferring on the correct network etc, you should be fine. Best of luck with it!

Irish_rat · 26-10-2021 2:39pm

Coinbase or Binance
SEPA deposit using your Visa debit
Be prepared to lose all your money. Start off with BTC and ETH. But you wont "make it" with these coins.
Learn to transfer from one wallet to another. Then move to the next steps below:

Setup metamask
Interact with different chains such as BSC, AVAX, FTM using a custom rpc.
Learn to transfer from these chains. Easiest way is via Rubic. Move to the lower echelons of crypto where the bigger gains are. Put those gains into BTC/ETH, rinse repeat.
Be prepared to deposit to the top cryptos in the next bear market and hodl.

DeWanderer · 27-10-2021 11:31am

Post deleted

SnuggyBear · 28-10-2021 2:04pm

What exchange has the lowest deposit fees lads? Binance used to be free but not anymore.

el diablo · 28-10-2021 2:51pm

https://www.boards.ie/discussion/comment/118085833#Comment_118085833

Not sure. Kraken always used to be the cheapest in my experience.

BKWDR · 12-11-2021 3:31pm

So i use Coin Base primarily to pay for an IPTV sub that i have. Usually log on , buy the amount required and transfer it. Happened to login after 6 months and there was a small balance, say the equivilant of 5e left in the account , had jumped to 48e ... interest now peaked!

So i've been looking about and trying to do as much research without going down rabbit holes. Would love feedback on this scenario...

I've discovered Celsius and set up an account. Seems fairly straight forward. Deposited 100$ worth of bitcoin , and every monday you get rewards (interest) of 6% and then the following week 6% on 100.60$ and so on and so forth.

So im thinking of putting 1000e worth of bitcoin and leaving it for the year. I can afford to lose it and its just sat in a credit union account.

Main reason, the interest rate looks unreal and id prefer to be making some money on my money!

Question: if the price of bitcoin tumbles, the value i presume of my 1000e does also , therefore the interest will be feck all and then i could lose it all ?

Lets say it doesnt tumble and all goes as expected. If i want to withdraw my money to buy frapucinos , do i have to transfer back to Coin Base to then transfer it back to bricks and mortar bank to use for euro payments?

Pawinho · 12-11-2021 4:07pm

https://www.boards.ie/discussion/2058214569/crypto-newbie-looking-for-solid-advice

Leave Ireland before you invest in crypto

Pawinho · 12-11-2021 4:10pm

https://www.boards.ie/discussion/comment/118156680#Comment_118156680

If you put 1000 now for 1 year there is high probability you won't make money. Learn about cycles

ScissorPaperRock · 12-11-2021 5:32pm

https://www.boards.ie/discussion/comment/118156680#Comment_118156680

Yes, if the value of BTC went to 0, you would lose it all

https://www.boards.ie/discussion/comment/118156882#Comment_118156882

Even if the price this time next year was the same as it is now, they would still make more from the 6% interest rate than they would in any bank. It may not be the optimal time to buy, but know knows when that will be, and most models seem to predict a price of USD 100k+ by end of year / early 2022.

But of course nothing is guaranteed.

dartboardio · 12-11-2021 9:38pm

I use coinbase, or bitstamp, it's actually really easy to get the hang of transferring etc

Delve into the world of crypto, research your own crypto to invest in rather than just btc etc, crypto that hasn't 'made it yet'

Timmaay · 13-11-2021 12:47pm

https://www.boards.ie/discussion/comment/118156882#Comment_118156882

Jezz yes this should be number one above every other decision like what exchange etc, the absolute last thing you want to do is withdraw all your savings and buy up as much btc or whatever in one go, it doesn't matter if you say I'm happy to risk it all etc etc, your leaving yourself wide open to months if not years of looking at a significantly negative balance, and questioning what the hell did I do! Instead your far better off investing it across say a year, every 2months or whatever buy more btc.

jimmy2shoes222 · 15-11-2021 4:21pm

Hey Folks,

So I am using Revolt for my Crypto. I Know rookie move but I did not know about the fees and the fact that you don't really own the coin with this crowd.

My strategy is to hold, not interested in the alt coins and am very interested in ETH. So day trading is not my thing.

I have 1.7 ETH at the moment in Revolt and since I don't plan on selling anytime soon is it worth me cashing in now and moving to a different platform?

I have set up a account with Coinbase + Pro all ready to go. Weird thing is I can't transfer funds with my AIB Online without having a card-reader. Am I doing this wrong, I also have a debit card but I can only purchase crypto (not lodge Fiat) through Coinbase. I would like to lodge so I can get my crypyo on the Pro Version for better fees.

Or am I just better off using Binance altogether

Thanks in advance

Sorry if these are noob questions

el diablo · 15-11-2021 5:51pm

https://www.boards.ie/discussion/comment/118170497#Comment_118170497

Can't you sell your ETH on Revolut and deposit in Coinbase Pro using your Revolut card?

Culann · 15-11-2021 8:51pm

https://www.boards.ie/discussion/comment/118170497#Comment_118170497

You should look in to Crypto.com as well. They're getting a lot of traction recently, have their own token (CRO) and a debit card with various reward levels. Fees are free for the first 30 days. I find their app much easier to use than Binance.

BKWDR · 16-11-2021 1:57pm

Went to transfer my USDC from Coin Base to Celsius and the network fees are more than the coin itself ....

Pawinho · 16-11-2021 2:06pm

https://www.boards.ie/discussion/comment/118175000#Comment_118175000

Coinbase fee plus high gas fee on Ethereum.

el diablo · 16-11-2021 3:49pm

The Ethereum network is pretty much unusable at the moment and I don't see that changing for maybe another year (unless we enter another severe bear market in the coming months).