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HoneyBear

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  • 3 months later...

I just started investing in crypto currencies. It’s pretty fun! I’m doing it through the Binance platform and have bought some Bitcoin, ethereum, dogecoin and internet computer.


The market is super volatile and sometimes I’m up significantly up and other times significantly down. But I’m interested as I do think this is the future.

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Bitcoin just lost 10% because Elon Musk said Tesla won't accept it for payment anymore. It will bounce back because people are gamblers at heart but something that volatile... yeah, don't spend what you can't afford to lose.


I'm concerned at the environmental cost of crypto though, so haven't thrown anything into yet. But if you want Bitcoin, right now is probably a good time.

 

Nano is a good alternative for those concerned about environmental costs and it surged after Elon’s comments.

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I’m kicking myself for not investing in some of the currencies a few years ago.


I recently bought $2k worth of cryptocurrencies for the kids. Plan is to just leave it there and if in a decade, it’s worth something then my kids can use it towards a house deposit.


I work in financial services so have some understand of the technology. Blockchain is the future and the banks all actually have investments themselves in blockchain technology.

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  • 2 weeks later...

I have Bitcoin, Ethereum and some Dogecoins :) Wish I had have bought years ago!! We have around 50k worth

 

 

Edited by Rachel
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I've got a couple of million SHIB.  Cost me about 30 bucks. I expect to lose that money.  But if SHIB does a DOGE and gets to somewhere around a dollar then I'm a millionaire. Yippee.

I also bought some more sensible ones that while speculative are far more likely to get serious, like Cardano.

Edited by Bad Cat
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I have zero understanding of any of it. I'm inclined to think the whole thing is nothing but smoke and mirrors and a scam, and people are foolish betting thier Ife on it. But if there was an easy way to throw a few hundred bucks at it and wait and see if it's my ticket to riches I'd be in. Is there an easy, safe way to do that? 

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Yep.  Jump on Binance and start buying. It's pretty simple.  I treat it much like gambling. I'm not spending what I can't afford to lose.

As to whether it's smoke and mirrors, of course it is.  But so is our standard currency system really.  Bits of paper, plastic or metal are only worth something because we say so. And we say so because it's more convenient than the barter system and allows more convenient stockpiling for the avaricious.  So who's to say that we can't decide that computer currency is now valuable?

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  • I have zero knowledge of any of this.  Could someone please explain to me how you start to begin with and how do you withdraw if you decide too?  
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With Binance, there are tutorials on youtube that can help.

But to get started, figure out what you want to buy.  A lot of things you can't buy with AUD. I bought USDT which is US Dollar Tether, meaning it's tied to the value of the US dollar 1 to 1. You can buy most things with USDT.  So then I had a bank of USDT, went to the trading page, selected the currency I wanted to buy paired with USDT and traded.

You can see on this snip, I selected BTC (bitcoin) and it gives you a list of what you can trade for it.  In my case, because I bought USDT, I'd choose the second one on the list.

image.png.5fecb5e56b818154c9cb65cd62fc3604.png

 

Then over in this part you do the trade.

If you use the Limit tab you can set a price that you want to buy at and place your order. The order will be filled when/if it hits that price.  Or you can use the Market tab and buy it at whatever the going rate is when you hit go.  Put in how much you want to spend and hit go, and bingo, you own some bitcoin (or whatever currency you decided to buy).  Not sure how to withdraw yet. Haven't tried.

image.png.ac909e0316268686bfe57909cc99c90b.png

 

HUGE DISCLAIMER:  I am very new to this. I can do basic things in Binance and know a limited amount about crypto. I am most definitely not an expert.

 

Edited by Bad Cat
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Oh, forgot, to buy in in the first place you can go to the Buy Crypto tab on the left side and it takes you to a pretty basic buy in screen where you can buy with your credit card.  Takes a few minutes to set up an account.

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  • 3 months later...
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