Thursday, 20 May 2021

Crypto-Correction Opportunity

For those who have ever been curious about Cryptocurrency and wanted to dip their toes into the market there is currently a massive correction taking place meaning all the prices are down, making it the perfect time to buy in! Just don't go nuts and remember to only put in what you can afford to lose.

If you don't know how then it's simplest to use some sort of broker. As I'm based in Australia I use Coinspot which is deals soley in crypto while Juris prefers EToro since it also handles regular share market stuff. There will be a slightly annoying process to sign up regardless of which you choose because it's basically like a bank, so security measures need to be tight.

As for the what to buy I would possibly put forward Bitcoin (BTC - just buy fractions of it), Ripple (XRP), Dogecoin (DOGE) or Shiba Inu (SHIB). While those are in order of risk (I'm still experimenting with DOGE and SHIB), remember this is a long game and you will need to wait months, or more likely years, before seeing any profit. If you never sell, you (almost) never lose. But if you never sell, you'll never win either so... set a target at least. x2 or x3 of what you put in is a decent marker. Also remember your broker will also take a tiny cut and any earnings are taxable!

Lastly the more you know about who you use / what you are buying the better off you will be so a research (whatever the amount) will always help. Good luck!

Disclaimer: This public service announcement is not financial advice. Also this is unlikely to make you rich quick and yes, it is basically GAMBLING (with gleaned information depending on the thoroughness and regularity of your research, which provides some predictability).

1 comment:

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