Total N00b - can anyone advise on the best things to do buying crypto currency?

[Smellyferret]

Hey people!

I want to squirrel away some crypto currency that I can forget for a few years and then be a bazillionaire. (lol fat chance)

Well I do want to buy some...

What am I looking for and what exchanges are OK etc? are there any decent guides out there that people would recommend?

Thanks in advance

( I wont be buying right now - want to watch what is happening)

[k3vst3r]

Buy from reputable exchange places like Kraken/Coinbase. Then store coins in an offline cold storage wallet for rainy day. Really is as simple as that, just don't forget password or lose private key for this wallet.

[Nevbox]

I buy from LocalBitcoin.com, the rates will be better on their website, but you do have to build up a positive reputation to trade at the best rates. Some sellers require ID checks and a fair bit of personal info, so it can be a bit tedious.

[Smellyferret]

Thanks both

[Smellyferret]

So I ended up 'playing' a bit on etoro.. and I think I have the bug lol!
As such I'm now spreading out wider and starting on coinbase..

What do you peoples recommend for reading up about the plethora of currencies out there? I'm currently finding it slow going processing all the fake/rubbish news to find decent info..

[BigIan88]

I don't read into any of the news, fake or otherwise. I look at graphs and stats on https://coinmarketcap.com/ and make my own decisions based on how currencies have been over the last 24 hours.

I've turned £7 into £83 over the course of 2 weeks. Nothing major but seeing as I haven't spent a single penny of my own money on it and have merely mined and easy/low cost coin and then traded around, its not bad going.

[omega]

Either mine something very early, and flip it before it tanks, or buy into something steady with a future, like Ether.

Still not sure when zcash is going to really take off; it's still the coin with the most anonymity potential, (i.e. it can be entirely anonymous if you want) so I can see that being a big boon this year.

[k3vst3r]

If you have eth you should be quite happy now with price peaking at $1300 overnight.

[DoubleTop]

eth is dropping back down now, haven't looked at why the peak - but it does tally with the payout times for the Ethermine.org pools and has happened on previous payout rounds as well.

Miners in the pool are paid every seven days for values of eth greater than 0.01 - all those who haven't altered when the 7day would be would get a payout today, and market goes wibbly wobbly

[omega]

It's staying above $1000, checked for the past couple of days and it's been bouncing around $1100-1200.

Quite happy with my little holding now