Anyone have any forums to suggest to learn more about crypto trading?
I would think that once more countries convert from fiat currency to digital currency, the door would be wide open for crypto to play a much larger role in day to day finance. The question is , which ones? Blockchain technology will be the way we do all kinds of transactions in the future, not just the basis for crypto.I don't understand how BTC can work effectively as a currency and don't see how alternate cryptos can ever take the place of government issued currency.
Maybe but Bitcoin doesn't appear to scale very well for day-to-day transactions though it does have mindshare when compared to the altcoins. So which altcoin will gain traction for daily commerce and how would it fare against any future/potential Central Bank issued digital currency?? My concern is that if crypto usage got so widespread that it started to crowd out the (digital) USD, EUR, JPY, CNY, ... I think those respective central banks/governments will crack down and start prohibiting it. Exactly how is unclear but the administration in power could pass laws taxing those transactions, penalizing businesses who transact in them, outright prohibit, etc. The protocols are open by nature so it would not be hard for the miners and blockchain validators to be targeted by the same big gov that its most ardent supporters are trying to protect themselves against.I would think that once more countries convert from fiat currency to digital currency, the door would be wide open for crypto to play a much larger role in day to day finance. The question is , which ones? Blockchain technology will be the way we do all kinds of transactions in the future, not just the basis for crypto.
One thing that really caught my eye was that my church's online donation page included the option of donating crypto!
I concur with your thoughts @StillShaving …..I have only (1) pair of brown dress shoes in my clothing portfolio for diversification purposes, (occasions), however I doubt Kroger or Tom Thumb will accept them as payment in the checkout line for groceries.Maybe but Bitcoin doesn't appear to scale very well for day-to-day transactions though it does have mindshare when compared to the altcoins. So which altcoin will gain traction for daily commerce and how would it fare against any future/potential Central Bank issued digital currency?? My concern is that if crypto usage got so widespread that it started to crowd out the (digital) USD, EUR, JPY, CNY, ... I think those respective central banks/governments will crack down and start prohibiting it. Exactly how is unclear but the administration in power could pass laws taxing those transactions, penalizing businesses who transact in them, outright prohibit, etc. The protocols are open by nature so it would not be hard for the miners and blockchain validators to be targeted by the same big gov that its most ardent supporters are trying to protect themselves against.
Crypto might be an easy way to make a large capital gain as more people buy in, but is it truly sustainable in the longer term? I am not predicting it will fail, but there are many unknowns. Advances in computing power have made encryption and ecommerce possible from a small mobile device. Will that march forward effectively break the blockchain's security someday? Highly parallel machines, quantum computing, discovering cracks in the security protocols; any of which could disrupt the current outlook.
My issue with BTC or precious metals is that they do not generate any income. Stocks and real estate if chosen with some care rise in value to offset inflation and generate income while doing so. I think they are a better long-term investment for most folks. Though as you note, putting a small percentage into crypto might be a good way to boost returns even more.
While I am still learning about crypto, apparently some crypto can be "staked" and can earn the digital equivalent of dividends, paid in additional crypto, as an incentive to stay invested in that particular crypto.My issue with BTC or precious metals is that they do not generate any income.
It would certainly be a good idea to do your due diligence, as with any investing. Even those who are bullish on crypto caution that you shouldn't risk any more than you can afford to lose and to spread out your risk with small investments over several different crypto choices."You better think twice, that's my only advice . . . ."
Do you care to expand upon this, perhaps some useful input? I'm not just looking for pro-crypto comments, but your reasons for negativity might be instructive. Just trying to learn from others' experiences.Stay away.
Fair enough, thanks for the useful input. So the intent of this thread is to learn and understand more. This is obviously something that is not for everyone, I'm not promoting investing in crypto. I admittedly don't fully understand crypto, but I'm not betting the farm on it either.Never invest in something you don’t fully understand. Only a tiny minority of investors fully understand crypto. Everyone else should stay away.