Yes you get into cryptocurrencies, these are the main cryptocurrencies that you should have in your wallet. You want reliable and trustworthy cryptocurrencies in your holdings.
You might be tempted to buy the cheap cryptocurrencies and expect a big return. When you do this, you are leaning more on the speculation side than the investment side of the market.
Personally, I am a long-term investor and I buy and hold my investments. An easy way to buy cryptocurrency is to use the average dollar cost method.
This means that you buy cryptocurrencies regularly, for example every week or every month.
Some cheap cryptocurrencies can save big money.
If you plan to be in the market for a few years, you should start with Bitcoin first. You can think of Bitcoin as the gold of the cryptocurrency market.
Bitcoin was the first cryptocurrency ever created by Satoshi Nakamoto in 2009.
Shortly after creation, Satoshi passed away. No one knows who he or they are. Many people have speculated on who Satoshi is. No one has been officially recognized as Satoshi Nakamoto.
Bitcoin must represent at least 50% of your wallet. There is a total of 21 million Bitcoin that will ever be created.
In the world, there are only 19.6 million millionaires. Not all millionaires will be able to own a Bitcoin since several Bitcoin Whales and companies already have several.
Bitcoin whales are cryptocurrency investors who personally own several thousand Bitcoins. Recently, many companies such as MicroStrategy, Tesla, and PayPal, have started buying Bitcoin for their holdings. The number of available Bitcoin is slowly decreasing.
Bitcoin and other cryptocurrencies are based on the scarcity of the number of cryptocurrencies available. Unlike the dollar which can be printed as long as printing machines are running, there is no end to their creation. With Bitcoin, there is a limit to the number of creations that can be created.
Every cryptocurrency that is not named Bitcoin is called an alternative currency or altcoin. There are thousands of cryptocurrencies on the market and available to you.
Personally, I don’t think I own a lot. Some of these cryptocurrencies could fail and they did.
The more you invest in this market, you have to be careful not to invest too much money in some of the altcoins. You never know when a cryptocurrency exchange deletes or removes the token from its platform.
Some of the altcoins will perform well, but even some popular cryptocurrencies have been removed from the list on various exchanges. One, for example, is XRP who is currently in a legal battle with the United States government.
A few people think XRP is going to win, but many exchanges have removed the cryptocurrency from their platform.
Ethereum is the second largest cryptocurrency by market cap. This cryptocurrency was launched in 2015. Ethereum is a decentralized open-source blockchain-based software platform used for its cryptocurrency.
Many cryptocurrencies are hosted on The Ethereum blockchain. Over 40 of the top 100 cryptocurrencies have been launched on the Ethereum network.
Several companies are using Ethereum and its blockchain technology to improve their business. Forbes estimates that $ 2.9 billion will be spent on blockchain technology. Over 100 companies are exploring ways to integrate blockchain into their systems. Several companies include Amazon, JP Morgan, and Microsoft.
Ethereum should represent at least 30% of your portfolio.
I will not go into details on other cryptocurrencies.
Due to the nature of the cryptocurrency market, it is good to have a variety of cryptocurrencies as they will all move at different times. Many of them are still very affordable with the ability to go higher.
I haven’t covered all the altcoins but the ones that I think have a lot of promise to increase the price in the near future. My information is my best guess and not telling you to buy these and hope they will net you millions. It’s just a possibility that these cryptocurrencies will increase.
You might have noticed that I didn’t mention Dogecoin. This cryptocurrency is a meme and highly speculative coin.
If you want to put money into Dogecoin, go for it. The danger of investing in this cryptocurrency is that the price could drop quickly.
With the majority of my cryptocurrencies, I invest in them. With Dogecoin I trade cryptocurrency. Basically I buy and sell this cryptocurrency frequently to take my profits.
As for the future of Dogecoin, no one really knows. When Elon Musk tweets on Dogecoin, the price tends to go up.
Do you have a cryptocurrency that interests you?