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I have an account on kraken but what should I do now? (lemm.ee)

submitted 5 months ago by TheDuckPrince@lemm.ee to c/cryptocurrency@lemmy.ml

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Hi guys sorry for the noob thread I hope this will not trigger someone.

I want to start to invest in crypto just a little every month. But I don't want to trade a lot and I want medium risk maximum.

For one that want to start and study. Do you think to start first buying btc and eth in percentage? And only after a certain amount start to move on medium risk coin?

Another question: is there some YouTuber or blog that talk about crypto without any stupid fake news and promises to get rich?

Thanks a lot

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[-] shortwavesurfer@lemmy.zip 2 points 5 months ago

I wouldn't invest in crypto as a way to make more fiat dollars or whatever. Use crypto as an actual currency like it was meant to be used. I suggest Monero for that purpose.

[-] TheDuckPrince@lemm.ee 1 points 5 months ago

mmm even to store them and let them grow?

[-] shortwavesurfer@lemmy.zip 6 points 5 months ago

Absolutely not. An exchange should be treated like a public toilet. Go in, do your business, and gtfo. Otherwise you will be involved in the next FTX, Mt Gox, etc. Always always always hold your own keys. "Not your keys, not your coins"

[-] LemoineFairclough@sh.itjust.works 1 points 5 months ago

https://www.coinbureau.com/ (https://www.youtube.com/@CoinBureau) is the least biased news I've found. However, I can't vouch for any particular recommendations they make or that they focus on things that are appropriate for you.

[-] Rikj000@discuss.tchncs.de 1 points 4 months ago* (last edited 4 months ago)

Regarding Kraken,
it's a CEX (Centralized Exchange),
on those applies:
"Not your keys, not your crypto"

You should be looking into private wallets instead
(with those only you have the keys),
and aim to trade through DEXes
(Decentralized Exchanges) instead,
since they allow you to trade with your private wallets.

Be careful though, the crypto scene consists of 99.99% scammers / ponzi tokens.

All I bother with / root for lately is Monero.

[-] spacecowboy@sh.itjust.works -1 points 5 months ago

Don’t do it, bro.

this post was submitted on 11 Jan 2024

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