For those of you getting into Crypto or considering getting into crypto, you probably have a variety of questions. In this post, list any questions related to crypto currencies. I will try my best to answer, but if anyone else knows feel free to respond back with an appropriate response.
Thanks,
Crypto Wallet
Hi, Do you think Cryptocurrencies will be doing gold's role to beat the bankers who are manipulating all the other markets?
Yes, people are already starting to dump money from their bank accounts into crypto.... Bitcoin will be like the new gold, ethereum like the new silver, and ethereum classic like the new silver of silver
Is right now a good time if I wanted to change my steem dollars into btc since its at 1.50 or put it back in to sp? Do you have a rule that you adhere to when it comes to crypto? Like your own personal rule you wont break?
It depends what you are doing. I'm not a trader, but in my opinion you should invest, not trade. Trading is short term, investing is long term.
As to your question, Take what I say with a grain of salt, but if you are going to be a steemit blogger (make money off of steemit), I would keep the steem and power up. If not, BTC & Ethereum are good bets but steemit has a lot of potential for growth so it depends what you are doing
I like to put it back into SP but the way the SD is now I like to put a little into BTC well thanks for answering my questions. Hopefully one day I can right an article about crypto that is worthy of a good steemit post. I have been reading a lot on the subject lately. Thanks Sheryl
Just a thank-you to Crypto Wallet, I'm learning lots by following and listening to his reports. I'm from the school of "the only dumb question is the one you don't ask"! so many seasoned traders around here to learn from!!!
It is better to ask questions as it is your money and before investing anything you should learn and ask questions
nice.. you can check my latest article you will love it :) Follow too
Thank you I will have a think as to where to start?
Gina
Which is the least hackable crypto currency?
When you say least hackable, do you mean the crypto that is the least likely to be manipulated through the miners/blockchain, or least hackable when it comes to security (like monero)
it would be great if you can answer them both.
For Coins, the top 3 are ZCash (will fork into Zclassic soon), dash, and monero
-https://news.bitcoin.com/meet-top-3-coins-cryptocurrency-anonymity-race/
Least hackable cryptos
-It depends on the crypto, but the rule of thumb (Doesn't apply to all cryptos) is the ones with the most miners/nodes are the least hackable as they have to hack a majority of the them to do any damage. Because it is all decentralized, they can't just target one node and "Hack it" (I believe, but could be wrong(If I am, someone please correct me)).
I am interested in Litecoin as I heard it is much cheaper than bitcoin. Any advice? I tried to get bitcoin 2 years ago but it was a nightmare. I also have a limited budget and I tend to acquire silver every payday. Thanks
Litecoin is pretty much the test platform for Bitcoin, meaning it is very similar but much cheaper. This is from July 2013, showing Litecoin at the top of the chart, as it is now. It has the potential for big increases and many people think it is just like bitcoin as it has (Coin) in it's name....
But the name of the game for me is to diversify and do research (youtube is a good resource) before buying anything. Also don't store anything on an exchange and hold the private key. (Similiar to holding physical silver instead of having it on exchanges)
https://coinmarketcap.com/historical/20130707/
Thank you. When I opened my wallet, I also encrypted it. I hope that was the right thing to do. I am very new to crypto. I appreciate the help
Make backups, and have 3 min flash drives (you can buy 3 small ones for 9.99 or less at the store) to store it on (or paper copies) and encrypt the flash drives. Redundancy and security is the key.
Never store it on your computer!
I will do that. Thank you!
#cryptowallet How do you encrypt a flash drive? Is this backup method as good as using standard hardware wallets (e.g. Ledger Nano S)?
This is an example, but there are others online
http://www.online-tech-tips.com/computer-tips/encrypt-usb-flash-drive/
Any hardware wallet should be fine, but they really aren't needed. I prefer my ether wallet and paper wallets as they are easy to store.
thanks for sharing
hello. which of the top 25 crypto's is going to stick and take off and which are dogs? is there anything new, up and coming, and hot, besides steem.it of course?
This is all my opinion and is speculation, and do your own research before investing.
See this article I made 5 days ago https://steemit.com/beyondbitcoin/@cryptowallet/what-should-your-crypto-coin-portfolio-look-like .
As to bad coins, Gnosis & Pivx I've heard bad things about (potentially being scams, but haven't researched enough into them.
I highly recommend Token Card and Digix DOA, but those are speculation coins that have Potential (may fall flat, but I don't think so) to make a lot of money
thank you. i was looking at NEM but i see i'll have to get yet another wallet, it is getting confusing keeping up with it all. Golem i don't quite understand what it is and Augur is what, a gambling site where you bet on the weather? and Veritaseum? again thank you for your advice. peace.
Golem: users can rent out there processing power on computers so companies (say disney, or science/math companies) can render videos and do large computations. It is a cheap way of basically renting out a super computer
Augur: anyone can make a bet. Say you bet trump or hillary. When you bet, each person gets a coin for who you bet. Who ever wins, there coin has value, who ever doesn't there coin has no value.
Veritaseum: I know JSnip4 talks about this a lot, but I don't think he has researched it really. I went to the website (The blog part of it), and the layout was basic HTML and looked glitchy. It is possible it has potential, but if they don't know how to design a simple HTML Page (I know how to code from scratch, and it isn't hard), it makes me lose faith in their product.
https://blog.veritaseum.com/
it's in cliff high's web bot report and that's all jsnp4 needs to hear. lol
He could be possibly right... Look at "https://www.halfpasthuman.com/". For clif being so smart and (a computer programmer), I'm surprised his website looks so horrid... I do enjoy is information though.
I personally won't invest in it because of the website.... but I could be wrong too
they say einstien couldn't tie his shoes. oh i love cliff's reports and whatever one might think about cliff his reports tend to be accurate. i just wish someone would spill the beans and tell what's in this new one, i don't have spare 99 dollars to find out myself.
Nice blog. I was about to post a similair post. I'm worried about the amount of scams out there. But on the contrary there's quite some jewel cryptos as well. An interesting website I found: https://www.coincheckup.com I'm using this site that gives in depth reports on every tradable cryto in the market.
We now have several hundred coins out there. In your opinion when all the dust settles, how many coins will be left standing in a few years time? thanks!
It will be similiar to the dot com bubble. Some of the new ICO's (Initial Coin Offerings (New coins)) will just fall flat, and others will change the world. Think of it like this. Some will be the new facebook, microsoft, google, amazon, tesla..., and some will be like pets.com.
If you don't know what pets.com was, people invested in it due to the name, but because it had no real purpose other than the name, after a while it crashed hard.
All in all, I think we have barely hit the tip of the ice berg. in 10-20 years, crypto will be essentially an open source, harder to manipulate (possible, but harder) stockmarket
I agree, will be just like the internet bubble. I am trying to figure out which ones to be positioned in now that will be the Intels, Microsofts and Amazons, and not the Pets as you said or Fogdog.coms. I am limiting my ownership to mostly top ten market caps for now until I learn more.
Top 10 isn't necessarily the best. I would say anything that is an ethereum contract has a very good chance of going far (although some don't).
To find ethereum contracts, go to "https://coinmarketcap.com/assets/views/all/" and search by platform. You can see the ones that have the highest market cap
Agreed, it is not necessarily the best, it is just the strategy I am employing for now. I have extensive experience with the similar beta profile mining stocks. Currently with those, I see no reason to invest in the really speculative exploration companies when the better mid size miners are so undervalued.
Maybe I am letting that strategy cloud my thought in the crypto world, but I think the gains in the better cryptos for me will be satisfactory for now. I do really like your point about the Ethereum based plays. I will look into that more carefully, thank you for pointing that out.
Is there a cap limit on the amount of ETH ?
There is no cap right now, but talk of one being put in place in the very near future.
Thanks !
How can i send steem to buy something else, on shape shift for example. I did not found send function in wallet.
Thanks!
Here is a very good article
https://steemit.com/steemit/@ninjace/how-to-transfer-steem-dollars-from-steemit-account-to-poloniex
Bix Weir was eluding that their might be 3rd party considerations for hardware wallets because of backup pass phrase, he prefers paper wallets. I have a keepkey and am a little concerned, any one know if this is a legit concern ?
That has been my concern as well. I have a degree in cyber security and if there is a way to restore it from a 3rd party, there is a way to access your information..... Granted for all I know it could be encrypted and off site, but if a paraphrase can get to it, then it is obviously stored some where with a cipher....
Also, there is two - three step verification on those hardware wallets, but those could be potentially hacked....
I personally use paper wallets & myetherwallet (for ethereum and contracts, it is downloadable to use offline), and put it on multiple encrypted flash drives.
I appreciate your reply, thank you that was helpful.
What do you think about ripple? I think it has a distinctive value and could be a nice long term investment if banking companies go for it.. but I see lots of different opinions.
Very Short term you have a potential for profit. Anytime after that I believe it is a gamble because there are a few pretty big banks(Montei Dei Pachei, Bank of Italy, Bank of Greece, Deutsche Bank, ...) that are almost insolvent and if 1 goes down, it could cause a ripple (forgive my pun) effect.
I personally don't like it because it is used by the banks. I think it is a cool technology and if any form of banking comes out once/if the banks come out I believe it will be widely adopted... But personally I wouldn't risk my money
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