It’s been a while since my last Bitcoin (BTC) update. I suppose the first thing to say is that, for me, it has expanded into cryptocurrency exploits. That is, I still hold some BTC, but I have learned a few things since I started which has led me to invest (mostly move around my investment) into other cryptocurrencies.
Cryptocurrency Trading is Volatile Business!
If you have been following the crypto markets, you know that Bitcoin took a plunge and that other lesser known cryptos have begun to emerge from its shadow. Crypto trading is not for the faint of heart or the impatient. Prices go up and down on rumor, tweets, and news releases. So, enter at your own risk! However, if you bought BTC and then felt like it was a mistake, take heart! Here’s why…
The King and Queen of Crypto
Make no mistake about it! Bitcoin is still the King! How do I know? Of course I can only give my opinion, and (here comes the disclaimer) I am not a financial expert or advisor, but, BTC is the currency that all other cryptos are measured by. When you invest in other cryptos you normally have to do so either with BTC or Ethereum (ETH). That tells me that the other cryptos, regardless of their value at the moment, find their value vis a vis BTC. In this way, it helps to view BTC as the “gold standard.”
Here’s an analogy: If I have something to sell and someone offers me Monopoly money, unless what I am selling happens to be Baltic Ave., it’s a “No Sale.” You have to offer me the currency I want to deal in. Even gold or silver might not work for me, though they have certain intrinsic value, if I am not accustomed to moving in markets where I can use that gold or silver to purchase whatever else I want to purchase. So, you could say that BTC is the gold standard, ETH is like the dollar, and the other cryptos are like commodities we want to invest in in order to gain a profit off of their growth like we would land, stock, businesses, inventions, or other money-making products: things you may want to keep only until you have gotten a full return on your investment. All of this tells me that BTC is still the King (and ETH the Queen) of crypto for the distant yet unforeseeable future.
Here’s What I have Been Doing
For me, the process has gone like this: I got my initial BTC through Coinbase. Then, I opened accounts on GDAX, a Coinbase affiliated site, and I opened an account with Binance, a similar site to GDAX. These are trading platforms where you can buy and sell crypto currencies. I then transferred my BTC, ETH, Bitcoin Cash (BCC) and Litecoin (LTC) to GDAX. Then, on GDAX, I converted my BCC and LTC and some of my BTC to ETH. I then went to Binance and purchased other cryptos through my GDAX account. If your head is spinning get used to it. That’s the way it is.
How to Choose Other Cryptos?
None of this is a guarantee, of course. But crypto is reshaping global financial markets, laws, and processes—it’s not going away! So,
- learn how to read the crypto ticker on Binance,
- watch the trends,
- and go on the adventure if you dare.
For me, I am
- watching the top ten,
- researching certain cryptos to find out what experts are saying, and
- making the best choices I can.
I currently own some of the following cryptos: BTC, Verge (XVG), Tron (TRX), Stellar (XLM), Cardano (ADA), Ripple (XRP), ETH, BCC, and LTC.