Genuine independent financial advice

[gl20]

Originally Posted by levtweeney

I would really say only the tip of my toe to be exact, only a few hundred quid now in to Ether (Ethereum) But I’m constantly reading around this area. It is bloody complicate but very interesting

There are new tokens coming and going all the time that it is hard to keep up to date with it all as well as the terminology

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Am thinking on same lines. Maybe £100 or so more so I can understand the mechanics and then be ready to buy straight after the next crash.

(After writing that mining explanation on the other thread it only raised more questions in my head head - like on day 0 of a new cryptocurrency, how does anyone have any faith in accepting it as a form of payment, or as something worth giving up hard currency for? I suppose it’s purely done on the premise of hopefully enjoying hyper growth rates and getting in on that early doors. In other words it’s purely built on hype?)

[Pinchy]

Originally Posted by gl20

Am thinking on same lines. Maybe £100 or so more so I can understand the mechanics and then be ready to buy straight after the next crash.

(After writing that mining explanation on the other thread it only raised more questions in my head head - like on day 0 of a new cryptocurrency, how does anyone have any faith in accepting it as a form of payment, or as something worth giving up hard currency for? I suppose it’s purely done on the premise of hopefully enjoying hyper growth rates and getting in on that early doors. In other words it’s purely built on hype?)

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Bitcoin was traded for a long time before it had an equivalent in fiat. It had to find it's own way as it is not backed by any government. It is worth what the market says it is worth. It is designed to find a level and then grow steadily in value against fiat by deflation. In fact it will be much harder to hype or manipulate than fiat.

[levtweeney]

Originally Posted by gl20

Am thinking on same lines. Maybe £100 or so more so I can understand the mechanics and then be ready to buy straight after the next crash.

(After writing that mining explanation on the other thread it only raised more questions in my head head - like on day 0 of a new cryptocurrency, how does anyone have any faith in accepting it as a form of payment, or as something worth giving up hard currency for? I suppose it’s purely done on the premise of hopefully enjoying hyper growth rates and getting in on that early doors. In other words it’s purely built on hype?)

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I think for a new crypto currency to get anyone interested in it or have faith it will prosper will depend on many things but a lot will depend on the team involved with it. If we look at Avalanche (AVAX) which was mentioned on the other thread, this has been worked on by some of the big players in crypto currency. And so people will see these names and trust them to know what they are doing. This will go a long way to underpinning that currency/coin.

I agree with you about getting to know the mechanics of it all. I found the setting up of my Coinbase account and then buying Ether (Ethereum) a good insight in to it all. Now I can’t stop looking at the price of crypto

I think I will definitely give AVAX a punt too as reading around it, it looks like an improved version of Ethereum to me but I’m only putting in what I can afford to loose.

[Tweety1]

Originally Posted by FlorayG

No, I think the term 'financial adviser' is the misleading one

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I understand exactly where you are coming from as I would quite happily pay for good advice to give me pros/cons of all different ways to hold your money and I agree isn’t that what a ‘financial adviser’ should be?