What should you do about the upcoming change? Read on!
If you buy and hold Bitcoin on a website exchange, such as Kraken.com, or in an online wallet. such as Blockchain.info, you will not know about private keys because you do not need to. While they are there behind the scenes, the exchange or online wallet is handling them for you. However, if you have or plan to hold Bitcoins on a smartphone wallet, you do have to know something about them.
Bitcoin came down from $2900 to $2100 over the last 36 hours or so and left me wondering what to do. Clearly if I knew it was going to happen, I’d have traded it for Tether (USDT), which holds its value at about one dollar. That’s the equivalent of selling it all for dollars except it doesn’t trigger a taxable gain! Then I would use it to buy Bitcoin back at the bottom of the drop. Unfortunately, my crystal ball is broken and I didn’t expect it.
So, after the fact, what should I do?
21 May 2017 @ 8:40 am EDT:
I’ve just converted some Bitcoin (BTC @ 2056) to Ether Classic (ETC @ 7.22). This should be a good ride.
24 May 2017 @6:15 am EDT:
Ether Classic (ETC) is currently 13.92! That’s 93% in 3 days!
And I’m still holding it as I believe it has much further to go.
My intention in this blog is to provide ways to make money from Bitcoin and other altcoins. (See the Definitions page.) Several of these I have used myself to double my cryptocurrency investments in the first 4 months of 2017. I have not used all of these and will note those.
- Buy and hold Bitcoin (BTCX or XBT) while its value increases. Here’s a graph:
I believe Ethereum (ETH) and Ripple (XRP) are also good long terms holds and I hold these as of May 15.
- You can trade Bitcoin and other altcoins, buying low and selling high. As of 16 May 2017, I recommend buying Bitcoin (BTC or XBT), Ethereum (ETH) and Ripple (XRP).
Litecoin (LTC) just had a huge run-up from about $3 to $30 and is now pulling back. After it stops retreating, it may be a buy.
- I will be starting a cryptocurrency investment newsletter. So, if you are interested, use the contact form here and send me your email address.