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The DOs and DONTs of investing in Cryptocurrency

2

Comments

  • #32
    smacl
    Moderators, Society & Culture Moderators Posts: 15,705 Mod ✭✭✭✭smacl


    Slightly off topic, but if your using your mobile phone to capture photos of your passport and utility bills for verification purposes, remember to delete them afterwards. Phones are easily lost or stolen and leaving this type of info on them leaves you overexposed to identity theft. Probably obvious to most, but I certainly wouldn't have any private keys stored anywhere on my mobile phone.


  • #33
    jon1981
    Registered Users Posts: 4,359 ✭✭✭jon1981


    Great piece on Tokens (must have knowledge)

    https://news.earn.com/thoughts-on-tokens-436109aabcbe


  • #34
    wotzgoingon
    Registered Users Posts: 14,309 ✭✭✭✭wotzgoingon


    Sorry for the N00b question but near the start of this thread someone said do not leave coins on exchanges which is what I have been doing. Where do I store them so?


  • #35
    h0neybadger
    Registered Users Posts: 321 ✭✭h0neybadger


    wotzgoingon wrote: »
    Sorry for the N00b question but near the start of this thread someone said do not leave coins on exchanges which is what I have been doing. Where do I store them so?

    In a hardware wallet.
    Either on your PC (backed up!!)
    Or a USB hardware wallet
    Or a secure USB stick
    Or a paper wallet.

    Google any of the above. Different coins use different wallets.


  • #36
    CryptoNewbie
    Banned (with Prison Access) Posts: 4 ✭CryptoNewbie


    Dohnjoe wrote: »
    Don't put in more than you can afford to conceivably lose

    Don't leave coins on exchanges

    Don't move very large amounts in one go


    Do make a plan before you buy and stick to it (rational buying over impulsive buying)

    Do research the coin you will buy

    Do print out and save records of your purchases (if you are going to pay tax on it down the line)

    Don't leave coins on exchanges? Can you expand on that?


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  • #37
    CryptoNewbie
    Banned (with Prison Access) Posts: 4 ✭CryptoNewbie


    LoLth wrote: »
    A thread for users to post their advice / observations.

    How should a newcomer to the topic choose a cryptocurrency to invest in?

    How would an investor even start a risk assessment?

    What hardware should a miner look at sourcing to start?

    Prebuilt or custom/self build?


    etc

    Please post your opinions here to help the community. those wishing to discuss a particular aspect should create a new thread and post a link to it from here (this way the advice stays in one place and easy to read while the side discussions can take place freely without any restrictions of staying on the topic of basic/beginner information)


    Still getting used to how this platform works, so I hope I'm posting in the right place. My 2 cents worth is:
    1. Invest only what you can afford to lose. This too is the advice of Vitalic Buterin (Ethereum developer), who recently tweeted this: "Reminder: cryptocurrencies are still a new and hyper-volatile asset class, and could drop to near-zero at any time. Don't put in more money than you can afford to lose. If you're trying to figure out where to store your life savings, traditional assets are still your safest bet." Buterin has been criticised for this tweet, that he's trying to causing panic but sentiment is causing many people to throw caution to the wind and in my opinion, that could have disastrous financial consequences.
    2. Only buy in a dip.
    3. There are as many scams trying to catch you out and steal from you, than there are decent people discussing coins. Second and third guess yourself before handing over your hard earned money anywhere.


  • #38
    CryptoNewbie
    Banned (with Prison Access) Posts: 4 ✭CryptoNewbie


    Helpful! Thanks.


  • #39
    smacl
    Moderators, Society & Culture Moderators Posts: 15,705 Mod ✭✭✭✭smacl


    As with any activity on modern computers, be very careful what you download and install. For example, just because something advertises itself as a free wallet like spritecoin, doesn't mean it isn't altogether nastier.


  • #40
    CasimiR
    Registered Users Posts: 90 ✭✭CasimiR


    DO take profits



  • #41
    MarkLotek
    Registered Users Posts: 9 ✭MarkLotek


    https://www.boards.ie/discussion/comment/105017620#Comment_105017620


    Any information should be checked, so as not to lose your money because of your own credibility.

    Post edited by MarkLotek on


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  • #42
    madmoe
    Registered Users Posts: 4,364 ✭✭✭madmoe


    https://www.boards.ie/discussion/comment/117710557#Comment_117710557

    Thanks



  • #43
    punch bob
    Registered Users Posts: 13 ✭punch bob


    Has anyone here sent their crypto gains about 5-6 digits to their bank account?

    How did you prepare it with regards to the bank? Did you have to hire an accountant re tax implications?



  • #44
    wotzgoingon
    Registered Users Posts: 14,309 ✭✭✭✭wotzgoingon


    https://www.boards.ie/discussion/comment/118132145#Comment_118132145

    Send the cash or crypto to me first and I'll check it out for you.

    All serious I think it's up to you to file the tax and if you don't the bank may look into why you had a large figure moved in account from a crypto exchange and may rat you out and you will be in worse trouble then.



  • #45
    FastFullBack
    Registered Users Posts: 1,451 ✭✭✭FastFullBack


    It cost me .0005 BTC to move .0091 BTC from binance to trezor Model 1.

    So about $30 to move $600.

    Are those fees normal?



  • #46
    el diablo
    Registered Users Posts: 5,745 ✭✭✭el diablo


    https://www.boards.ie/discussion/comment/118148712#Comment_118148712

    That sounds way too high. Should cost you no more than $5 BTC network fees currently. Does it tell you what portion of that is Binance or Trezor fees?

    We're all in this psy-op together.🤨



  • #47
    Ixlandia
    Registered Users Posts: 68 ✭✭Ixlandia


    https://www.boards.ie/discussion/comment/118132392#Comment_118132392

    Yep agreed. Best thing to do would be file the tax and simply be honest here. I would contact my bank prior to transferring large amounts in 5-6 figure range, let them know what you intend to do. Banks are required by law to report large transactions (I think over €20000) as per anti fraud/corruption legislation.



  • #48
    Pawinho
    Registered Users Posts: 64 ✭✭Pawinho


    Don't trade your BTC

    FIAT->BTC👍️

    BTC->ALT 👎️

    ALT->BTC👍️

    BTC->FIAT 👍️

    ALT->FIAT👍️



  • #49
    FastFullBack
    Registered Users Posts: 1,451 ✭✭✭FastFullBack


    https://www.boards.ie/discussion/comment/118149235#Comment_118149235

    It look liked it was all binance fees



  • #50
    Panrich
    Registered Users Posts: 3,762 ✭✭✭Panrich


    https://www.boards.ie/discussion/comment/118171523#Comment_118171523

    Fees vary wildly depending on the coin. I have transferred a lot of Tron coins to my ledger wallet from Binance for cents but the ETH fees mean that it’s not economical to move those coins at present. I only have a couple of hundred Euro and the fees were mental.



  • #51
    MarkLotek
    Registered Users Posts: 9 ✭MarkLotek


    https://www.boards.ie/discussion/comment/118132145#Comment_118132145

    I have not yet withdrawn this amount of bitcoins, but I plan to. Did you hire an accountant after all?

    Post edited by MarkLotek on


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  • #52
    melven100
    Registered Users Posts: 10 ✭melven100


    Never ever reveal your backup phrases. It seems that people shares that and losses a lot lately. Don't fall for such scams when you receive an email.



  • #53
    coinsrider
    Registered Users Posts: 25 ✭coinsrider


    That was fun reading.



  • #54
    Jessie_520
    Registered Users Posts: 6 ✭Jessie_520


    thanks for the tips



  • #55
    coinsrider
    Registered Users Posts: 25 ✭coinsrider


    would there be more such posts thoughts to share will be intretsed to read.



  • #56
    wotzgoingon
    Registered Users Posts: 14,309 ✭✭✭✭wotzgoingon


    https://www.boards.ie/discussion/comment/119373615#Comment_119373615

    Best ask the questions and I'm sure someone will know the answers.



  • #57
    Potatoeman
    Registered Users Posts: 4,202 ✭✭✭Potatoeman


    https://www.boards.ie/discussion/comment/119373615#Comment_119373615

    It depends on the license and what it’s for. For example to launch an app on a chain you can need a valid license or stake in that chain but again it depends on the chain and how they work.



  • #58
    gretypots
    Registered Users Posts: 2 ✭gretypots


    How should a newcomer to the topic choose a cryptocurrency to invest in?

    I personally have started investing in BTC first, it's a classic. Then I moved to alts, but very very attentively. First, buying something more known like SOL, Tether etc. And now that I have quite a good portfolio, I've decided to move to research new coins on the market. For example, the recent once has been WEI from WEIcrypto, I'm looking into them right now.

    What I would definitely recommend is DOING YOUR RESEARCH. Please, join telegram chats and discords of the coins that interest you AND ASK QUESTIONS!!!!!!!! If the team is helpful, then it's a great start, but ASK AS MANY QUESTIONS AS YOU CAN 🙏 Not all altcoins are scam, you just need to research them thoroughly.



  • #59
    kriptopoulin
    Registered Users Posts: 16 ✭kriptopoulin


    Thanks for the information; it's really appreciated.



  • #60
    yammyhammy
    Registered Users Posts: 2 ✭yammyhammy


    I think it is good to invest in to cryptocurrency E.g. BTC. For example you can buy The Greedy Machines from GMT Token project and receive BTC as a daily rewards



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  • #61
    Potatoeman
    Registered Users Posts: 4,202 ✭✭✭Potatoeman


    https://www.boards.ie/discussion/comment/120305335#Comment_120305335

    CryptoSexist you say?



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