Want to buy few Crypto Currency

Bitcoin Questions and AnswersCategory: General questionsWant to buy few Crypto Currency

Rohit asked 8 months ago

Hi Steven,
I want to invest some money in Crypto Currency, i was planning to buy few of these ones which are still below $1 and can explode and make some good money what do you think of it
Siacoin SC, Bitshare BTS, Joulecoin XJO, Tigercoin TGC, Dogecoin Doge, Deutsche DEM, Digibyte DGB, Ripple XRP, Verge XVG, Mazacoin MZC, Linx Linx
which is the safest exchange to buy it from – in canada .
your suggestions will be highly appreciated.

Thanks,
Rohit

2 Answers
Steven Hay answered 8 months ago

Hey Rohit,
 
I can’t really offer any specific investment advice. If the coins don’t perform as you’d like, then I would be at least partially responsible for your loss. As there’s really no way to predict with any certainty how these coins will perform in future, I’m afraid I can’t be of much assistance.
 
I will say that just because a coin is cheap, it doesn’t mean it’s a good buy. There are hundreds of cheap coins which will never be worth anything. What really matters for a coin’s value is its adoption. Specifically, the square of the number of its users times the average value transacted is said to account for over 90% of a coin’s price.
 
Price aside and in my personal opinion, I am only comfortable with holding Bitcoin and Monero as I believe in the fundamentals of their tech and the ability of their development teams. I don’t know much about these coins, with the exception of Ripple and Bitshares which I consider to be rather scammy. And Dogecoin is pretty silly and doesn’t offer any real innovation.
 
As for buying these coins, the easiest route is to acquire Bitcoin – perhaps via Kraken.com or QuadrigaCX.com who both accept CAD – and then exchange BTC for these alts on an exchange like Poloniex.com or Changelly.com.

rohit dhingra replied 8 months ago

Thanks Steven for the reply, i fully understand the risk involved in the Crypto currency but no gain without pain will have to take chances, I want to invest about 10k in it so i was thinking of buying 10 different currencies $1000 each and leave them for a year or so, even if one of it clicks then i will be rich……..or second option is to invest $2000 each in 5 different currencies what do you suggest and can pick 5-10 currencies for me as i think you have a good understanding of all the currencies, my current picks are Bitcoin, Bitcoin Cash , Bitcoin Gold , litecoin, Etherum and Monero
please don’t worry about the loss, i fully understand it is totally a new era and lot of uncertainity is there.

thanks

rohit dhingra answered 8 months ago

Thanks Steven for the reply,

i fully understand the risk involved in the Crypto currency but no gain without pain

will have to take chances, I want to invest about 10k in it so i was thinking of buying 10 different currencies $1000 each and leave them for a year or so, even if one of it clicks then i will be rich……..or second option is to invest $2000 each in 5 different currencies what do you suggest and can you pick 5-10 currencies for me as i think you have a good knowledge and understanding of all the currencies, my current picks are Bitcoin, Bitcoin Cash , Bitcoin Gold , litecoin, Etherum and Monero
please don’t worry about the loss, i fully understand it is totally a new era and lot of uncertainity is there.

thanks

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