Author Topic: New to online currencies  (Read 634 times)

Offline LiteCornHolio

  • Newbie
  • *
  • Posts: 5
New to online currencies
« on: August 03, 2015, 04:48:25 PM »
Hi there. As the topic says I am fairly new to online currencies in general, therefore I have a couple of questions. Why not google you might ask? There are so many sites with even more opinions so hopefully I can be a little lucky and use some of your hard earned experiences within this trade.

1. For starters then I guess there are nothing more important than security in general but does any of you have some methods more recommended than others? There are 1mio different opinions out there of course but I would really like to know if there is something that I perhaps should avoid compared to other security measures.

2. I can see that there are many different bitcurrencies, are there anything that are more recommended than others to invest in? I can sort of see that it could be high risk, high reward and of course also go the other way, down the drain.

Offline MrsHash

  • Newbie
  • *
  • Posts: 5
Re: New to online currencies
« Reply #1 on: September 17, 2015, 08:09:28 AM »
Hi! First of all about security: use offline wallets for saving, don't forget to update your software and back up your wallet from time to time.
About investment: BTC would be a simple sound option. You can get out from BTC easier than any other coin, whether spending or moving back to fiat. Look at the coin and what they offer; those that are new like Vert or offer no difference like Dogecoin, are short term flashes for few people to make all the profits. Look for coins that might become useful.

Offline AmDD

  • Full Member
  • ***
  • Posts: 486
  • I like coins
Re: New to online currencies
« Reply #2 on: September 17, 2015, 01:53:24 PM »
Security is a major thing you need to be aware of. Think of crypto as cash. As in you probably dont want to keep your life savings in your back pocket - way too easy for someone to walk off with it.  You also want to be careful who you trust with your coins because there are very few laws in place yet to protect you. Security is YOUR responsibility. If you have a large number of coins you probably want to move them to multiple paper wallets, make copies of said wallets and keep them in separate, safe places like a bank security box. SMaller amounts you plan to spend in the near future you can keep on a computer/mobile device but you want to be careful.

As far as what coin, thats up to you. Bitcoin is the biggest and most wide spread. Litecoin is second and this is a litecoin forum so a lot of people will point there. Personally I have about 65% in Litecoin, 30% in Bitcoin, and the rest in a few other coins that I just ended up with over the years. I didnt pick those numbers, its just how things have played out. I have been slowly increasing my Bitcoin holdings this year but I also have spent more Bitcoin this year than in the past (actually bought things, not cashed them in)

good luck!

Offline rapid

  • Newbie
  • *
  • Posts: 5
Re: New to online currencies
« Reply #3 on: September 20, 2015, 06:14:09 PM »
I have heard about Bitcoin and it gained good reputation recently. I feel it difficult to understand though to earn from it.