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Cryptocurrencies and Bitcoin

Forums New posts
Hi all. Haven't been on SZ for 2 years and reached out to a friend earlier asking about crypto and he drew my attention to this page. I wondered if I can ask you fellow Shrimpers a few questions.

I've decided to throw a few quid at Crypto. Ridiculous I know given I don't know much about it but it's money I'm accepting I may lose and isn't a fortune. Here's my questions

I signed up to Crypto.com. Good move? Bad move? I didn't sign up to Coinbase because I wanted to buy XRP and I know you can't buy that on there whilst the lawsuit is going on.

I transferred £100 this morning to test it before transferring any more using bank transfer as I was told using a debit card incurs a fee. So far it hasn't shown up in my account. Am I being impatient or should it have gone in by now?

Should I get some kind of storage wallet? Ledger S? Ledger X? Or for the amount I'm investing (£1k) is it not worth it? Crypto.com's blurb suggests stuff is pretty safe on there.

My strategy is
£500 on XRP and hope they win the lawsuit and prices rocket from currently £1 a coin to £10 a coin then cash out and reinvest when they drop
£250 on Bitcoin just because
£250 on ETH just because

Thoughts? Help! Advice?!
 
Juggler90 said:
Hi all. Haven't been on SZ for 2 years and reached out to a friend earlier asking about crypto and he drew my attention to this page. I wondered if I can ask you fellow Shrimpers a few questions.

I've decided to throw a few quid at Crypto. Ridiculous I know given I don't know much about it but it's money I'm accepting I may lose and isn't a fortune. Here's my questions

I signed up to Crypto.com. Good move? Bad move? I didn't sign up to Coinbase because I wanted to buy XRP and I know you can't buy that on there whilst the lawsuit is going on.

I transferred £100 this morning to test it before transferring any more using bank transfer as I was told using a debit card incurs a fee. So far it hasn't shown up in my account. Am I being impatient or should it have gone in by now?

Should I get some kind of storage wallet? Ledger S? Ledger X? Or for the amount I'm investing (£1k) is it not worth it? Crypto.com's blurb suggests stuff is pretty safe on there.

My strategy is
£500 on XRP and hope they win the lawsuit and prices rocket from currently £1 a coin to £10 a coin then cash out and reinvest when they drop
£250 on Bitcoin just because
£250 on ETH just because

Thoughts? Help! Advice?!
Click to expand...
Stay clear of anything Elon Musk endorses. As soon as he gets bored with it, it bombs.
 
Juggler90 said:
Hi all. Haven't been on SZ for 2 years and reached out to a friend earlier asking about crypto and he drew my attention to this page. I wondered if I can ask you fellow Shrimpers a few questions.

I've decided to throw a few quid at Crypto. Ridiculous I know given I don't know much about it but it's money I'm accepting I may lose and isn't a fortune. Here's my questions

I signed up to Crypto.com. Good move? Bad move? I didn't sign up to Coinbase because I wanted to buy XRP and I know you can't buy that on there whilst the lawsuit is going on.

I transferred £100 this morning to test it before transferring any more using bank transfer as I was told using a debit card incurs a fee. So far it hasn't shown up in my account. Am I being impatient or should it have gone in by now?

Should I get some kind of storage wallet? Ledger S? Ledger X? Or for the amount I'm investing (£1k) is it not worth it? Crypto.com's blurb suggests stuff is pretty safe on there.

My strategy is
£500 on XRP and hope they win the lawsuit and prices rocket from currently £1 a coin to £10 a coin then cash out and reinvest when they drop
£250 on Bitcoin just because
£250 on ETH just because

Thoughts? Help! Advice?!
Click to expand...
Never heard of crypto.com so couldn't comment I'm afraid. Binance is good and they do XRP.
Probably a good time to buy bitcoin on the dip, think eth has had a dip as well, think the XRP case will go their way as far too much money has gone in which I doubt would have been invested if the case was in the balance, I'd guess a slap on the wrist.
There is plenty of resource on the Internet for you to do your own research, I quite like raoul pal and Glen goodman for realistic crypto talk. There is a hell of a lot of "to the moon" and unrealistic price predictions and ramping so never take anything on face value. With what you have gone with I'd expect you to make money, I certainly don't think what you have gone with is high risk.

I would also say I think XRP winning the court case is already priced in mostly, the consensus from sensible people in the space seems to be that you will see a bounce but not a massive one, if you look at the rise in the last couple of months I think that backs up that opinion. XRP needs news on its collaborations with banks (ie santander) for the price to go to the next level. It is quite possible that could happen after the court case is behind them.
 
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Ricky Otto said:
Never heard of crypto.com so couldn't comment I'm afraid. Binance is good and they do XRP.
Probably a good time to buy bitcoin on the dip, think eth has had a dip as well, think the XRP case will go their way as far too much money has gone in which I doubt would have been invested if the case was in the balance, I'd guess a slap on the wrist.
There is plenty of resource on the Internet for you to do your own research, I quite like raoul pal and Glen goodman for realistic crypto talk. There is a hell of a lot of "to the moon" and unrealistic price predictions and ramping so never take anything on face value. With what you have gone with I'd expect you to make money, I certainly don't think what you have gone with is high risk.

I would also say I think XRP winning the court case is already priced in mostly, the consensus from sensible people in the space seems to be that you will see a bounce but not a massive one, if you look at the rise in the last couple of months I think that backs up that opinion. XRP needs news on its collaborations with banks (ie santander) for the price to go to the next level. It is quite possible that could happen after the court case is behind them.
Click to expand...
I thought Crypto.com was one of the big players along with Binance. Which is concerning that you haven't heard of them
 
Supershrimper said:
Not a good week for those in Bitcoin (Unless you got in really early in the journey and are still up)

www.bbc.co.uk

Bitcoin falls further as China cracks down on crypto-currencies

The price of Bitcoin fell below $34,000 for the first time in three months after China imposed fresh curbs.
www.bbc.co.uk
Click to expand...
Absolutely brutal, not just crypto but the stock market too. I actually sold my bitcoin a month ago but I have a lot of money in a bitcoin miner (better for tax reasons), that has taken a real pounding! It is just some of my profit I have lost though. I wonder if this is the end of the bull market and we will go back into a bear market or if it is a correction in this current bull market. The charts say different things depending on how you interpret them. I think the fact bitcoin has fallen behind the 200 day MA is a bit of a red flag though.
 
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Patch Boomhauer said:
Load up on dogecoin - thank me later
Click to expand...
Doge is too risky for me. It was literally set up as a joke and has been carried by Elon Musk. Don't get me wrong Elon is an impressive guy and if anyone can carry a currency forward it is him, you are ignoring the fundamentals though and the fact there are a lot of cryptos that are technically better. It wouldn't surprise me if Doge does brilliantly but if I am going to have money in something I need to have confidence otherwise it will take years off my life every time it dips!
 
Pubey said:
My brother told me he's buying a house. Didn't realise it was £500k and a cash purchase based on his crypto investments (that he seeded using a £30k inheritance).

Crazy scenes.
Click to expand...

Wonderful story! I'd hate to imagine what the capital gains was like on that though
 
Tangled up in Blue said:
I see capitalism is alive and well on SZ.Boo.Hiss. :Winking:
Click to expand...

Bitcoin actually offers financial freedom to many with corrupt governments who print money for fun. It is no coincidence that it is so popular in Africa when you have hyper inflation on the scale of Zimbabwe and South Sudan. A lot of people work hard for little money, at the very least that money should not be diluted and made worth less by mass QE.

Capitalism, yes. But Satoshi's vision when creating bitcoin was to wrestle power from the central banks and give it to the people. For a currency that is 10 years old and born of the financial crisis, Satoshi (he/her or they) has done an amazing job. A digital asset that is accessible to everyone and an alternative to holding fiat currency and being at the mercy of corrupt governments.
 
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