It’s purely a coincidence that just when I decided to get in to crypto everything crashed. I only checked cryptocurrency values after I opened my Coinbase and BitoEx account yesterday.
I spent all night reading posts here about crypto (going back to 2018), especially comments from @Brianjones (most definitely a crypto guru )
I have quite a few questions. I’d appreciate your help. I am sure this will help other newbies too.
What is the best way to buy crypto in Taiwan? Send NTD from Bank Account to BitoEX or BitoPro ? I know one is just a wallet, the other is an exchange, but BitoPro also has a wallet. Is there any advantage to using either platform?
Is it better to buy USDT first and then exchange it for other cryptocurrencies? Assuming you buy USDT first on BitoEX/BitoPro, do you exchange to other cryptos on BitoPro Exchange or transfer elsewhere like Coinbase or Binance to do the rest? Is there any advantage to doing it in one exchange over the other ?
Let’s say you are done with all the buying, assuming you did it on another exchange e.g. Coinbase or Binance ? Where do you ultimately keep/store your coins? Do you keep them at Coinbase/Binance or transfer them back to BitoEx/BitoPro wallet, so you can exchange them later to NTD (when needed) ?
Let’s say you wired NTD from your bank to BitoEX, bought crypto, made huge gains, converted them to NTD, wired them back to your bank account? What happens then? Does the bank call you to ask you where the money came from? Have you ever been asked to pay tax on those gains ?
If you get a hardware wallet e.g. Ledger Nano X etc. ? How do you use that with BitoEx ? What %of your coins do you keep on the hardware wallet vs on the internet?
If you had 10,000 USD to spare right now, what cryptocurrencies would you buy during this dip?
Cardano, polygon , ethereum, mana , sand.
Don’t put it all in one go is my recommendation but some of these look pretty good to DCA in and you’ve got a nice diversity there and strong bases. For instance Cardano has beaten down against BTC but is really only getting started and they have a big ‘fan’ base. I would put more in the Polygon and Ethereum bucket personally. Others might recommend the Metaverse and Gaming tokens sich as Sand and Mana which could get really hot again this year…Who knows. You have to spread your bets a bit. Hard to go wrong with some BTC either.
About Bito[Pro|Ex], keep an eye on the transfer fees (taken if you want to transfer assets to a wallet you actually own).
They are quite « expensive » (0.0004 -for Pro- and 0.0005 -for Ex- for BTC for example).
Of course, this has only an impact if you do many small transfers.
I want you to understand about time horizons in crypto.
How long can you hold that money you are putting into it ?
You need to give yourself at least three years to go with the typical cycles in my opinion . You DCA in steadily and make big gains on those time horizons on the blue chips of the crypto world. The projects that have proven themselves already and will most likely be there in the long term. You then sell off some portion to cash when you make 4,5, 10 gains.
And to make money you have to hold through massive volatility . Diamond hands.
It means you keep investing monthly when it’s going down and next month your assets will be priced even less. It looks like you are losing money but these are the best times to get in . During the 2018 and 2019 bear market I was buying Ethereum from 800 to 600 to 400 to 200 to 80 USD. All the way down month after month. I was down on my investment about 80% at one stage…Later went up to about 800% peak in a three year cycle…Something like that.
So it’s OK if you have that longer investment horizon in those real blue chips that are going to stick around and grow over the long term. And you don’t need most of that cash within the next year or two !
I am prepared to hold it for a few years, and I am only going to put in amounts that I am mentally prepared to lose completely (in the absolute worst case), so I will not be panicking during periods of high volatility.
Yes, that’s something I gathered from reading all the posts from 2018 through 2021. You persisted through the worse. And that’s exactly why I want to get in. My plan would be to only put amounts slowly (with good diversification), and buy in as prices get lower, and hold until I see those 2/4/5 gains. Sell some, then add some more. I am prepared to do this over long-term.
I have had all of my savings sitting in a bank account for 7 years, and nothing has come of it. So, I am really excited about doing this. And of course, I understand the extreme risks involved. I’ll reiterate, I am only going to put in what I am prepared to lose 100%.
Looking at all the charts for most of the coins over the years, through all the crashes, it’s obvious, if anyone held on for long enough, they ultimately didn’t lose anything. Most of the leading coins always came back stronger after each crash.
It just takes nerves to hold on. I think I have got the nerves.
I also didn’t put all my money in crypto. I hold some cash and some stock. The only investment class I made any real profit from was crypto though.
The cash and the stock is to balance the risk and I sold some crypto near recent top as I need the cash to invest in a necessary property purchase overseas.
It’s important to take some gains too at some stage. Gains are gains. I’m a greedy guy so I find it hard to sell to cash but a sensible investor will do this to rebalance their portfolios and have some backup in case they got hacked or lost it all from some calamity.
I don’t know, I think personally it’s a big pyramid scheme. Basically you solve some really complex math problems on some computer, wasting valuable energy and GPU just to get a prize for solving it. It has zero intrinsic value.
Then governments are starting to put restrictions on them because they don’t like losing power…
Very simple. After cripto appear in your BitoEx wallet you can easily send it to any other wallet (with some fee) f.e. to your Ledger wallet and then hold it. To my opinion that is the safest way to keep it.
That’s concerning. I know there were two other crypto companies in Taiwan and both went bankrupt. I was going to buy something on BitroPro (after verification) but I guess I will just go with Coinbase instead until this clears up.
the bank won’t call you. They already know from where the money came from. That is why BitoEx (or MaiCoin) deals only with approved bank accounts.
after some time you will receive an electronic receipt for the fee spent
about tax to my opinion the related income belongs to overseas income. So, you should declare it if the annual profit amount reaches 300kNT and pay tax if it is above 1mil NT. Something like that.
Thank you. I am planning to buy a Ledger wallet too. As it’s a physical thing, it can be lost or broken, so I assume you don’t keep all your coins there. Do you have a backup of your coins elsewhere ?
Yes. It can but Ledger has protection for such cases. The most important is a secure word sequence. If you lost or damage the physical wallet simply buy a new one Then, you can apply a secret sequence and you will restore the money.
You keep a paper copy of secret word phrases (usually 24 random words in a given order ).
If your ledger is lost or broken you just need to use these word phrases to activate any new ledger and it accesses your account again. Needless to say you know to make that paper copy secure .
My approach is to split my funds across multiple different wallets and platforms, for ease of use and risk reduction .
Just like the USD then, backed by trillions in the red.
As of July 20, 2020, debt held by the public was $20.57 trillion , and intragovernmental holdings were $5.94 trillion, for a total of $26.51 trillion. Debt held by the public was approximately 77% of GDP in 2017, ranked 43rd highest out of 207 countries.
I just realized that BitoEx doesn’t provide keys. I assume that means it’s not safe to keep coins in their wallet. What if they go bankrupt? There’s no way to recover your coins then, correct?
