Cryptos are becoming mainstream
Of couse they are. Take a look at this.
- El Salvador has officially adopted bitcoin as legal tender.
- Why Are Athletes Demanding To Be Paid In Bitcoin?
- Here’s Why Big Banks Are Going All In On Crypto: Should You Follow Suit? ** TL:DR - we are talking about JPMorgan Chase, Wells Fargo and Goldman Sachs
- Banks Tried to Kill Crypto and Failed. Now They’re Embracing It (Slowly).
WTF are cryptos
Simply put, a crytocurrency is a form of digital payment that isn’t depended on a central montetary authority such as the government. Everyone owns it. We can get technical and talk about blockchains and such, but I’d rather not. If you’d like to learn more about the technicality of cryptos, this article is a good start.
There are many cryptos out there. Some of them are pure scams and investors need to be careful before they start buying cryptos. Everyone has probably heard of the Netflix show Squid Game. Well, there was a crypto coin created for it and it jumped in value. But, it also crashed to 0 in short period of time.
My point is, there are so many crypto coins out there and I honestly don’t know if they are legitimate or not. We can all wake up 20 years later and realize cryptos are the biggest scam in the history of mankind. Well, I doubt that would happen. I am not that smart but I am sure there are tons of people in this world smarter than me. They all had some cryptos in their investment portfolio.
Look at the returns of cryptos, just in 2021. It’s astonishing.
I’ve only selected a few coins that are available on google finance. As you can see below, in a 1-year period between 2021-2022, bitcoin returned closed to 50% whiel ether returned close to 400%. Compared that to S&P which returned 29% which is quite amazing, the cryptos easily beat that percentage by a big margin.
Some of you may ask, what about Litecoin which only returned 9%. Remember I said earlier there are many coins and some are just garbage out there to scam your $$$. By no means Litecoin is a shit-coin(A shitcoin is a cryptocurrency with little to no value or digital currency that has no immediate, discernable purpose.), but it’s not as mainstream as Bitcoin or Ether.
My point is, stick with the big coins! I like to lean on the smart people in this world. If they are buying bitcoin and ether instead of, say Squid Game coin, I’d put my $$$ in bitcoin and ether.
Don’t get me wrong, there are small coins that are poised to grow exponentially. Take a look at Dogecoin, it gained 1573%. That’s astronomical. Well, maybe Elon Musk pumped it. Maybe not. Who knows. You be the judge.
What cryto coins are really out there?
Honestly, there are too many. I’d say just focus on the common ones that actually have a sizeable market share. Here’s a list
- Shiba Inu
- Axie Infinity
How do I buy cryptos?
Before you try to hit a home run and become an overnight millionaire, always remember there’s always risk involved with ANY type of investment. Cryptos are extra volatile and carry much bigger risks, than say, APPLE shares. So, please, always invest according to your risk appetite.
Like stocks, you need to find a broker platform that can help you buy & sell cryptos. Forget those crypto ATMs, you might as well bring out a lighter and set your $100 bill on fire.
I’ve personally used a few brokers in Canada to buy cryptos. Full transparency, if you use the links below to create a crypto account, you and I will both get anywhere between $10-$30 after your account is fully verified.
What do I like? I like Ndax. Here’s why
Arguably the best trading platform in Canada. It’s got many order types that make your buy and sell easy.
At the same time, it’s got the most intuitive interface for a quick trade.
And, if you are like me who likes to trade based on price actions, ndax has the best charts
Lastly, if you have many coins, the portfolio view provides a quick wholistic look at the health of your portfolio.
Stay tuned, I am in the process of writing a more in depth review of these trading platforms. US platforms will also be included.