New to crypto

I'm in various alpha groups deep within the bowels of the cryptoverse.

Things like $PEPE and $BALD move on a minute by minute basis among the hundreds of discords dedicated to these things.

Take any idea you have of making a 100x on the next meme coin, and throw it in the trash.

You'll never do it.
 
schuits said:
So I'm dipping my toes into the crypto thing. Mainly interested in staking, with money I can afford to lose.

So I bought some ETH and used this to buy some crypto that hasn't launched yet. Iota20 and something else. Also BTC20 which I will stake and then left some as ETH. Just going to leave it there and see what happens. Diversify more if funds become available.

Ideally I'd like to have it on a local wallet, but not sure you can do this with staked crypto without some form of annoying verification?

Am I doing this right?
Click to expand...
Don't ask me, I buy high and sell low. Always.
 
schuits said:
So I'm dipping my toes into the crypto thing. Mainly interested in staking, with money I can afford to lose.

So I bought some ETH and used this to buy some crypto that hasn't launched yet. Iota20 and something else. Also BTC20 which I will stake and then left some as ETH. Just going to leave it there and see what happens. Diversify more if funds become available.

Ideally I'd like to have it on a local wallet, but not sure you can do this with staked crypto without some form of annoying verification?

Am I doing this right?
Click to expand...
I am also new to this. My Nano X arrived today and I just set it up now, painless. The Ledger account is up and running smoothly on my laptop. Not sure what the next step is but I did see on YouTube there is a guy called 99Bitcoins and his videos are very informative for beginners. I've added Bitcoin and Ethereum onto the device for now. Have asked a friend of mine on WhatsApp what's the next step.
The 99Bitcoin YouTube did mention only play with maximum 5% of your disposable monthly income when starting.
 
Getting into this some recommendations

On self custody

Create/setup a wallet , pretend to lose the wallet/phone/hardware-wallet with a small balance naturally in case you fail

Recover the wallet so you are in possession of your coins again, that way you will also better understand what is needed to gain access to your coins ie a 3rd party getting hold of your private keys means they have access to your coins, the seed phrase thus has to be guarded like all your gold , but naturally you have to have it stored somewhere to gain access to your wallet in the event of loss of device/wallet losing access to your wallet and the ways of recovery in a house fire for example would mean never having access to that wallet again, so plan for all scenarios


Only after you have transferred to and from self custody wallet and recovered a lost device would i recommend self custody

Naturally you can only phone a friend to help with the setup of a test wallet that will be discarded and a new wallet be used that no friend was involved with the setup

Unless you trust that friend/family with all that you have in that wallet
 
leon.davibe said:
Getting into this some recommendations

On self custody

Create/setup a wallet , pretend to lose the wallet/phone/hardware-wallet with a small balance naturally in case you fail

Recover the wallet so you are in possession of your coins again, that way you will also better understand what is needed to gain access to your coins ie a 3rd party getting hold of your private keys means they have access to your coins, the seed phrase thus has to be guarded like all your gold , but naturally you have to have it stored somewhere to gain access to your wallet in the event of loss of device/wallet losing access to your wallet and the ways of recovery in a house fire for example would mean never having access to that wallet again, so plan for all scenarios


Only after you have transferred to and from self custody wallet and recovered a lost device would i recommend self custody

Naturally you can only phone a friend to help with the setup of a test wallet that will be discarded and a new wallet be used that no friend was involved with the setup

Unless you trust that friend/family with all that you have in that wallet
Click to expand...
I mined some Doge when it came out, and then lost my wallet which was on a laptop or a stick, don't remember....so lesson learnt on that one.

On a side note, got some of my coins back (jking, they say this but I doubt it will happen)
"

MIOTA20 Buys Being Refunded​

A refund has now been issued to all purchasers, plus an additional $20 per transaction to cover gas fees."

I'll watch the videos and see how to store my own wallet with backups in place etc.
 
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Unless you are using it as a form of payment, stay far away from crypto. Crypto trading and investing are scams in a dead industry. You are going to lose all your money. Come back in 5 years and let us know how it worked out for you if you do decide to trade or invest.
 
rvZA said:
Unless you are using it as a form of payment, stay far away from crypto. Crypto trading and investing are scams in a dead industry. You are going to lose all your money. Come back in 5 years and let us know how it worked out for you if you do decide to trade or invest.
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I'm sorry to hear about your crypto losses. How much did you lose? And what were they?
 
rvZA said:
Unless you are using it as a form of payment, stay far away from crypto. Crypto trading and investing are scams in a dead industry. You are going to lose all your money. Come back in 5 years and let us know how it worked out for you if you do decide to trade or invest.
Click to expand...
Fudboy
Have fun staying poor
4.
WAGMI

And all of those nice things.
 
rvZA said:
Unless you are using it as a form of payment, stay far away from crypto. Crypto trading and investing are scams in a dead industry. You are going to lose all your money. Come back in 5 years and let us know how it worked out for you if you do decide to trade or invest.
Click to expand...
Tons of people actually make lots of money trading shitcoins

Sure if you get fooled into the notion of this coin is the next bitcoin bullshit and hodl that **** indefinitely you will lose money

Crypto has its uses and can really help the unbanked

ie a person that is has no credit card bank account can actually buy electricity online and use services like uber/eats or top up steam wallets ie imagine kids that have no credit card

Yes it is via a voucher system
Which isn't ideal but just how it interlocks with our banking/local systems

It is on a coin/network that many regard as a scam coin so just shows the notions that is being perpetuated is just bullshit with very little hands on experience from even those that claim to be in the know
 
leon.davibe said:
Tons of people actually make lots of money trading shitcoins

Sure if you get fooled into the notion of this coin is the next bitcoin bullshit and hodl that **** indefinitely you will lose money

Crypto has its uses and can really help the unbanked

ie a person that is has no credit card bank account can actually buy electricity online and use services like uber/eats or top up steam wallets ie imagine kids that have no credit card

Yes it is via a voucher system
Which isn't ideal but just how it interlocks with our banking/local systems

It is on a coin/network that many regard as a scam coin so just shows the notions that is being perpetuated is just bullshit with very little hands on experience from even those that claim to be in the know
Click to expand...
I think he is trolling here. I've seen a few threads where he is always negative to everyone. I believe you should only play on crypto with a maximum of 5% of your salary. Any more than that is too risky. Agree with you that crypto has its use in paying someone with a digital currency. It is quick and simple.
 
UB40 said:
I think he is trolling here. I've seen a few threads where he is always negative to everyone. I believe you should only play on crypto with a maximum of 5% of your salary. Any more than that is too risky. Agree with you that crypto has its use in paying someone with a digital currency. It is quick and simple.
Click to expand...

I think the operative word here is play.

Just from what I've now observed. The crypto environment is very complex and confusing. There are so many terms like 'gas fees' (why not just call it transaction fees), online and offline wallets, secret keys, grids with words in them you need to save somewhere, but not online, airdrops, staking etc.

Then there are soooo many scams with no accountability or traceability.

The original idea was to get away from the centralized banking system, but IMO it's never going to happen.
 
schuits said:
I think the operative word here is play.

Just from what I've now observed. The crypto environment is very complex and confusing. There are so many terms like 'gas fees' (why not just call it transaction fees), online and offline wallets, secret keys, grids with words in them you need to save somewhere, but not online, airdrops, staking etc.

Then there are soooo many scams with no accountability or traceability.

The original idea was to get away from the centralized banking system, but IMO it's never going to happen.
Click to expand...
cause running out of gas is such a nice way of taking your fee with no results
the gas term imo is actually quite fitting in eth cause putting up a fee for your transaction in btc isn't picked up by any miner it just stays in wait until a miner does pick it up eventually

while eth the fee is gone if not successful it is burned like gas and if you don't reach your destination you are like with a car not where you started and also not where you intended to go
 
Anyone using altcointrader.co.za ?
 
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