Most everyone has heard about Bitcoin by now (April 2014) and to a lesser extent, Litecoin, but not many people know that there are over 200 other “cryptos” or “alt coins” out there. See The List.
For the (few million) people who are “into crypto” such as the Dogecoin afficianados – see here – and the ever growing Blackcoin community – it is perplexing trying to get their friends to understand the excitement.
What’s The Big Deal With Crypto Currency?
For those who have not heard… there are many people who have already made millions of dollars because of Crytpo Currencies such as Bitcoin – See Here.
There’s also a cryptocurrency called Litecoin that went up by 13,000 percent in 2013 to 2014. Check out the 400% gain in one week. There’s also others that are providing gains of 100% + per day and more.
Buy and Hold
You need to know going in that you are probably and it’s likely and it’s a fair probability that you are going to lose most if not all of your money.
It’s a good mindset to have. Did you see the news about Mt. Gox?
Or the another cryptocurrency exchange Cryptorush? It seems Cryptorush is going to (do their best) to get all of their customer’s money/crypto back to them after they got hacked and someone stole a bunch of Bitcoin – Blackcoin and others. Mt. Gox is another story. Hackers everywhere.
Don’t Do It?
That doesn’t mean that one shouldn’t dip a toe in the water. Bleutrade is becoming a popular exchange to use. Fortunes are being made after all.
It’s only natural that the first movers in something such as crypto currency would be looking to make a quick buck, and what better way to make a quick buck than to make a bet on something. After all… crypto is much like chips in a casino – it’s not “real” money after all… is it?
Caution Is In Order
When it comes to online casinos the internet doesn’t have a stellar history – especially in the USA. Government crackdowns – hackers – less than honest site operators stealing client’s money. One needs to know that none of this has changed.
One also should know that just because there has been theft, fraud, and government intervention in the past, that doesn’t mean there isn’t money to be made gambling online with crypto currencies. Check out the Cryptolix Report Here.
Trading Crypto Currency Online
Sometimes (many times) I’m up 20% in a day and that seems like a small gain. You get used to 100% + days real quick, but it’s important to keep the perspective.
If you haven’t acquired any cryptocurrency to get started, see our article about the best way to buy Bitcoin – Click Here.
A recent visit to the MSM (main stream media) on television showed them crowing about a couple of stocks that increased 5% in one day. With the huge swings available in the cryptocurrency markets that seems pretty tame.
Buying Bitcoin Is Safer and Easier
With the advent of honest online operators that you can trust such as Coinbase.com who make it easy to exchange your dollars for Bitcoin – and then easily send it to an online cryptocurrency trading exchange such as Cryptsy.com – where then you can invest your “dollars” (now Bitcoins) into any number of different “cryptocurrencies” and back out into Bitcoins (after you have turned a profit) and then back out to Coinbase and then back into your own “regular” bank account (now dollars) it has become easy to take part in the new phenomenon of making money with Crypto Currency.
Check out some of our thoughts regarding “Daytrading Cryptocurrency” Click HERE.