Seeing the Crypto world decided to call any other coin - 'alt' that wasn't Crypto, I thought I will start a new thread about other Crypto alt coin here.
I started investing in the Crypto world three weeks ago. Here are 10 reasons why:
1. Returns from the top 20 Cryptos were MASSIVE since January this year. Most were up 200% returns average at least across the board in three months.
2. Looking deeper at fundamentals, Bitcoin is a bit crap (for practical uses). Slow and expensive. Some say it is the 'Gold' standard now for the rest so that is the value there right now. Also looking at the behaviour recently, it seems the other 'alts' led by Ethereum have broken away from BTC's price movements now. It all looks very bullish right now.
3. Massive money has gone in many coins. Grayscale investments have gone deep into alt and even Musk has bought lots of BTC and has been pumping Dogecoin on social media recently. Follow the money as they say.
4. Is the the future practically? I like to see for myself and not believe the voices out there so I invested in a company called 'Celsius Network' which is like a bank and have experienced and seen interest rate returns from 10% on certain alt coins with no fees. As many here love trading, SNX (Synthetic) and other alts have derivatives that will follow the Nasdaq. So for example, you can buy any big US company and do what the stock market does there with no fees or exchange rate hassle (I haven't tried this yet, but on the 'to do' list soon). Also many other uses like NFTs and DFIs (look them up).
5. It is worldwide. Market doesn't stop. So fun at weekends too and I assume less manipulation as it is too big right now as we see on on smaller markets... %%bites tongue... don't mention A#X'%%. I live overseas and wore an Ethereum shirt on my trip to the park and some locals drooled over me (not the dogs).
6. Australians can use many exchanges, I use Coinspot. Easy to transfer normal money (called fiat in Crypto world) and send it back to my Westpac account). It is fine but transferring coins out elsewhere is damned expensive. Binance my Brit mate uses. Others out there as well with advantages . disadvantages etc. do thorough research. Ironically, even though Coinbase was listed recently on the Nasdaq, I have heard bad things from two other users with the normal Coinbase version and not the Pro one (they have changed to other platforms afterwards).
7. I think it is in the Early Adapters range right now. Prime investment zone.
8. Many big tech names are in the industry. Former COO of Mozilla is now the CEO of Stellar Lumens for an example off the top of my head.
9. For those romantics - it can be decentralised. So third parties decide on your contracts with others rather than paying fees to your governments.
10. Personal thing, it is usually commission based, I know on the stock market the fees will be '...' dollars with NAB, Westpac and CommSec, usually in Crypto it is done by %. So flexibility to buy lots of different coins (companies really). Coins are the 'companies', tokens are the every day use of what the company does.
Anyway, Hope to hear all views. I am invested in a bit of BTC, XLM, XRP, ADA, LINK, UNI, LTO, MATIC, ETH, DOT, SNX, FIL ans quite a few others, Haha, I held DOGE before the recent spike. So sad, it happens!
I am also participating in ICOs (Initial Coin offerings, like IPOs) in Merchant Coin and Student Coin.
