I added a new Coin To My Cryptocurrency Collection - Update

I am not an expert in cryptocurrencies. However, I can see the huge potential and whether we like it or not, blockchain is here to stay. In recent months, more investors and speculators are jumping onboard this cyptocurrency craze. Thanks to the news media such as Bloomberg and even our CNA who keep reporting on soaring price of Bitcoin and other cryptocurrencies news. Every single day. Even stock and forex gurus are talking about cryptocurrencies on their websites. It is also possible to invest in cryptocurrencies farming now. Is this the farming of the future? People who shun stocks are also interested in getting a slice of the pie.

I am more of a long-term investor/speculator when it comes to cryptocurrencies. I am aiming for a home run and not looking for short-term profits. With that said, my investment is rather small at the moment. I look at it more like buying a long-term lottery ticket. The way I see it, cryptocurrencies would crash more frequently than the stock market. However, after each crash, they would recover and rise even higher. Everytime there's a pullback in price, I view that as an opportunity to accumulate. When demand returns and surpasses supply, the price would continue pushing higher. Of course, similar to buying stocks, we should not put all our eggs into a single basket. We should diversify into a few cryptocurrencies just to be on the safe side. When we look at a 1 year price chart of bitcoin/usd, the price could go down by the thousands but it eventually moves even higher. With the launch of futures trading for Bitcoin, the price could become even more volatile. Dec is holiday period. We may see even greater fluctuations when Jan arrives once traders are back to work.

XRP

The currency that I recently bought was XRP. It is currently the fifth largest in terms of market cap. It has recently been overtaken by IOTA. XRP is the currency that banks use for payment process.

Should You Invest In Ripple XRP? The Cryptocurrency The Banks Control!

XRP is currently not available for purchase on the 2 exchanges which I recommended in an earlier Post: link here. I found an easier way to purchase XRP and that is through Etoro: link here. Do use my referrer link as it would earn us both USD$20 for your first USD$200 deposit. If you have visted the site before, please clear your browser cache before clicking on my referrer link. The reason why I said it was easy as it accepts PayPal funding too. Other deposit options include Credit Card and Wire Transfer.  Please note you will be asked to provide an alternative payment method to be used in the event that you are withdrawing more than you originally deposited e.g Credit Card or they are unable to return your funds to your original deposit method.

Read my latest post on eToro before opening an account: link here.

Etoro is actually built as a social trading platform where we can choose traders to follow their trades. There are forex, stock and cryptocurrency traders on this platform. There are even funds made up of a number of traders which we could copy. Of course, the copy would be done automatically and when the traders buy or sell, we would follow suit. Some of the traders' results look rather impressive. I have to say.

Things To Note when buying XRP

1.There is no wallet and you will not be able to transfer your XRP bought from Etoro to other Exchanges. Hence, I do not recommend buying other currencies here that's also readily available on other exchanges.

2. Minimum purchase amount for XRP is USD$200. You will need to deposit money first before choosing XRP or other products to buy.

3. Do note the default stop loss and take profit settings when you buy. I adjust the stop loss to a low setting and take profit to much higher value. It's either win big or go home for me.

4. It is perfectly normal after clicking buy, you will immediately see a loss of 3-4% which is due to fees.

5. As with all investments, do your own due diligence before investing. Read up more on your own before deciding if you want to invest in a particular currency. Only Invest with money that you can afford to lose. Have fun!

12/12/2017 Update - Litecoin has just dethroned both IOTA and XRP(Ripple) from their fourth and fifth position respectively. While people has been focusing on Bitcoin during this period, Litecoin's Market Cap has jumped up by over 60% in a single day (as of time of blogging)!!! The price has gone up by more than SGD$100 in a single day. It's not even a thousand dollar coin. Congrats to those who have taken actions on this coin. Whether to sell now and lock in profits or continue holding and wait for the next home run is up to individual. Cheers. 😊