Please advise on making terrific amounts of money on Crypto

[madhair60]

Tell me what to buy, thanks

[Twed]

I think you are doing a bit, but I would say just buy Bitcoin to begin with, and only with money you would otherwise squander. Don't keep it on an exchange (Coinbase etc.) because you won't actually own the coin. Transfer it to your own wallet where you control the private keys.

[madhair60]

How do I get a Wallet sir

[Twed]

It's worth understanding how crypto works. You have a private key and a matching public key that is derived from it. The private key can be used to "sign" transactions for that public key, which is then pushed to the blockchain which is literally just a big fucking file with EVERY SINGLE TRANSACTION EVER stored in it, that anybody can download. People's computers verify that all the transactions are valid.

So a wallet is a mechanism for helping you to manage a bunch of private keys, that coins are sent to. There's no server involved, because Bitcoin etc. shouldn't actually have servers.

So you'll choose a wallet from here: https://bitcoin.org/en/choose-your-wallet

It will generate a backup code that looks like "primary adult swings muffin fire tumultuous winning fraggle", which you should write down and store somewhere really safe. It will constitute access to your entire funds and that phrase alone will constitute a backup. Then your wallet will be ready, it will have a tab like "receive" that will give you an address where coins can be sent to you to store, and then that's kinda it (until you want to spend the coins, which is just the same thing in the opposite direction).

Yes it confusing. Try fucking around with it by buying yourself a tenner's worth on Coinbase and then sending it to a wallet, and then deleting that wallet and restoring it from the backup code. The important thing to remember is that having the private keys = owning the Bitcoin, and access to your funds really does boil down to having that backup code keyphrase.

[Twed]

https://electrum.org/#home this might be the easiest wallet

[madhair60]

Cheers, this is absurdly complicated and confusing for a dum-dum like little ol' me.

[madhair60]

I'm sort of 50-50 doing a bit. I've messed around with some airdrops in the last few months and enjoyed the receipt of what is effectively free money, familiarised myself with Coinbase and stuff. I thought it might be fun to fuck around with a small amount of cash and see what I can do with it.

[Twed]

I'll give you a wallet with a quid or something in it and you can use it to practice with and dick around if that helps.

[olliebean]

Tell me what to buy, thanks

Bitcoin, in 2011.

[madhair60]

I'll give you a wallet with a quid or something in it and you can use it to practice with and dick around if that helps.

Appreciated but I can figure it out I think. I set up the wallet and that, just need to move my Bitcoin into it when ready.

[Twed]

Cool. Do it bit by bit so you don't lose a lot if you make a mistake. If you (or if anybody else) needs practice spending receiving small amounts let me know. Or just any technical explanations of stuff.

BTW you're now a registered libertarian

[madhair60]

Yeah i'm way too paranoid to lose loads, I'm just pretending it's fake money atm. Which, er, I suppose it is.

[Bazooka]

Buy high, sell big.

[Mister Six]

Probably the best thing to do is to start mining bitcoin about 10 years ago.

[bgmnts]

You know that scene in Gremlins 2 where all the Gremlins are at the stock exchange on the phones going "Buy! Sell! Buy! Sell!"?

[seepage]

play the boardgame 1830. seems insider trading wasn't illegal back then so you'll make a killing. Not real money of course, but then neither is bitcoin.

[oy vey]

It's not too late post-2017 bubble. Bitcoin is still the best best long term. Watch Tone Vays TA vids on Youtube. He's a cunt but usually accurate (if a little bearish). Just be careful at the moment because there is a chance of a big correction off the recent gains. Watch for an entry point and hold for a few years...

For alts, better known as shitcoins, stay away from shills and influencers. Blockchain Brad's youtube vids are informative and objective. Anything he likes is usually decent. Also, watch anything rumored to be heading Binance's way (big influencial hype-ridden exchange). You could try getting into one of their lottery IEOs - you need to buy BNB and hold for a few weeks. Regulatory uncertainty means all this info can chance in a heartbeat. Volatility is high because the quality of investors is low (we're all bellends) so be prepared to get no sleep watching prices. Best not trade, rather invest and get on with your life.

Follow projects with genuinely good tech and a low market cap (check coinmarketcap website) that are ready to jump up. Recently happened to FTM and QNT. Still not too late on those IMHO. Which reminds me, don't take any advise from any cunt, including me. Now off you go, you're as ready as anyone else. And God speed. You'll need it.

[LanceUppercut]

I know fuck all about this stuff,  and would never put my own money into cryptos, but my mate put 1000 into Ethereum and he's nearly doubled his money.