Speculate on Altcoins without Exchanges
It isn’t strange that people don’t trust exchanges due to previous heists totaling more than a billion USD.
Many people, including us, are struggling to trust exchanges. It isn’t strange that people don’t trust exchanges due as historic heists total more than a billion USD. More and more altcoins are gaining traction in the news as Bitcoin’s price shows signs of stabilizing. Despite this, we own Bitcoin and secure them with a variety of methods. We personally store a significant amount on paper wallets.
The market is beginning to see non-centralized services that users can take advantage of without even creating a unique account. With Shapeshift.io you’re able to convert from one cryptocurrency to another without even setting up an account.
How to Trade Altcoin (and Bitcoin) to Speculate on Price:
What you need:
- Android Device
- Internet Connection
Determine which Altcoin to Speculate Price
Recent news about Ether and Dash, has rekindled our desire to diversify Bitcoin assets into altcoins. This allows us to allocate risk proportionally to our faith in that cryptocurrency. Researching news stories, forums, and social media will allow one insight to which altcoin is desired for investment. It is important to note that just one can’t trust everything they read on the internet and must keep track of advantages and disadvantages of each before making a decision.
In our case we want to transfer 5% of our Bitcoin holdings to Ether, but you may have another choice. Ether is a tremendous new cryptocurrency, but it is young. Like Bitcoin, Ether will probably undergo a similar initial rise in price, followed by correction, etc. For some rules of thumb on investing in cryptocurrency check out this article.
Exchange Cryptocurrency with Shapeshift.io
ShapeShift makes cryptocurrency conversion simple!
Shapeshift.io is an incredible site that can convert, or exchange, one cryptocurrency to another. This includes our personal favorite picks: Dash, Dogecoin, Ether, and Bitcoin. Customers can convert digital currencies in seconds, with no account required. No lengthy signup process no email and no passwords. ShapeShift’s mission is to offer the fastest, safest, and most convenient way to trade digital assets, and it does.
Simply get your Bitcoin (or altcoin) wallet open and ready to send. We use Coinomi to generate altcoin wallets. Bring up shapeshift.io and click exchange. The video below shows how easy the process is.
Changing Bitcoin to Ether on Shapeshift.io takes a couple minutes.
Tips for Speculating on Altcoins
- With cryptocurrency, anything can happen
It’s important to realize that the altcoin you’re speculating on may never go the direction you want it to. In hindsight, anything is possible.
- Have buy and sell goals
Buying at x and selling at y may be one way to lock in your profits.
- Go in slow and steady13
Never put all your eggs in one basket, diversify in case things on wrong, before they go wrong!
- Try not to get obsessed
Literally you have no control over the market, unless you have all the control, even then you have none because the market decides the price. Cryptocurrencies are more than just a price, they are a movement, an ideology.
Cryptocurrency is an Investment
Investing in cryptocurrency anonymously has never been easier. With this tutorial, you will be able to speculate pricing on one coin to another without risking the liability of holding your assets in an exchange. To us, that makes this one of the most valuable tutorials we’ve created. The market is beginning to see non-centralized services that users can take advantage of without even creating a unique account. With Shapeshift.io you’re able to convert from one cryptocurrency to another without even setting up an account. This reduces risk of holding you assets on an exchange as you’re able instantly do the transaction while keeping it held on your own storage device.
We consider this one of the most valuable tutorials we’ve created because it.