Cryptocurrencies

[Kanto]

Could I ask how you bought them?
Bitflyer and Coincheck have pretty limited choices.

I recently decided to invest 1% of my holdings in crypto.

Bitflyer was very easy to signup for. They have all major coins and make filling Japanese taxes a bit easier I believe.

Rakuten Wallet allows you to use your R-points to buy ether or bitcoin. More of a fun distraction. I might be better off buying investment trust on Rakuten securities.

If you are looking to speculate on ALT coins with lower market caps, Binance seems to be your best bet.

(I just went 40% Bitcoin, 40% Ether, 20% XRP) - Reasoning: Market cap/Utility/Energy Usage

[Yossarian]

I've been putting my R-points into ETH for a few months in Rakuten Wallet but with bonus coming up in a few weeks I've set up a Bitflyer account to invest a bit more. I'm going to aim for around 1% of portfolio in crypto too.

Which wallets are people using? Better to use a Japan-based one or does the location not matter?

[RMA]

I've been putting my R-points into ETH for a few months in Rakuten Wallet but with bonus coming up in a few weeks I've set up a Bitflyer account to invest a bit more. I'm going to aim for around 1% of portfolio in crypto too.

Which wallets are people using? Better to use a Japan-based one or does the location not matter?

I bought a hard wallet - ledger nano S in 2018. Stored all my coins in that during bear market. Now have some of my coins in exchange and balance in that hard wallet.

[misterdonut]

Bitflyer was very easy to signup for. They have all major coins and make filling Japanese taxes a bit easier I believe.

Do they have ADA/Cardano now?

[tokyoal]

No ADA on Bitflyer unfortunately.

I keep on reading how Bitflyer was easy to sign up for, yet I can't get their KYC verification to work on my phone. Anyone else had this problem? I'd rather not have a Sagawa guy come to my house in three days to input the details from My Number Card into his mobile.

Anyway, numerous refusals from Coincheck, but just got an OK from Kraken, so have to wait 2-3 days for a postcard to arrive from them before I can get verified...a postcard. Blimey.
Just spent the day on a number of exchanges and it seems like the only way to get altcoins is to buy BTC here, then send it to an exchange (I'll try Binance) before changing it into whatever coin you want.
Binance toyed with me by saying I could use my credit card, but at the 'confirm trade' stage I got knocked back and told to talk to the credit card company. Yay Visa.
I'm looking at MATIC, AAVE and ADA, so hoping they don't spike while I'm sat twiddling my thumbs waiting for a postcard. Can't believe I'm writing that...a postcard!

[tokyoal]

In reply to Yossarian about wallets.
I read Exodus was good and they told me that living in Japan wasn't a problem.

[RMA]

A lot of people here probably have been in the crypto game for a while now and have a lot more than $1k invested, however, a lot of people also don't. If you had to start your portfolio from scratch with $1k which coins would you invest in now?. Bitcoin is down nowadays so I would advise you to do some searches in the crypto market and also do some chat with the professional trader to know more about cryptocurrency as a newbie with 3 months of experience.

I've been in crypto game since last 4 years and I have seen one thing. Bitcoin rules the market and Ethereum leads the altcoins. First mover is always bitcoin whether it goes up or down, ethereum follows. Bitcoin is more stable than ethereum but ethereum can give you more gains if your timing is correct. My advice is to go for 70/30 in bitcoin/ethereum or 65/25/10 in bitcoin/ethereum/others.

Bitcoin cycle is of 4 years and we just have to buy and hold for 4 years. In this period there will be lot of noises which one should completely ignore. Every other day there will be some FUD or FOMO. Most common FUD are China ban, Korea ban, India ban, energy issues, exchange hacks, government regulations, tax issues, flippening (i.e. some coin will overtake bitcoin or some altcoin will overtake ethereum) yada yada. Most common FOMO are institutions buying, bitcoin will overtake gold or bond market, ETFs coming, mass adoption, bitcoin standard, traditional banking system collapse, some coin did 100X etc.

My word of advice:
1. NEVER EVER MARGIN TRADE CRYPTO. NO MATTER HOW SMART YOU THINK YOU ARE.
2. Never sell on FUD and never buy on FOMO.
3. Try to understand bitcoin 4 years cycle. It's actually very predictable.
4. Rebalance portfolio between bitcoin / ethereum after a strong push in the price of any one of them, i.e., if bitcoin dropped hard and now your portfolio becomes 60/40 then sell ethereum and buy bitcoin to make it again 70/30 and vice-versa.
5. Don't invest more than what you can lose. If you are investing in cryptocurrency than always assume you are buying the top and you have to wait for 4 years minimum.

[Cracaphat]

This certainly didn’t age well. You’d be significantly outperforming anything out there from the time you said you invested and these last few days
[/quote]

With crypto's volatility,change happens so quickly, that it's like the weather in Melbourne.You can get 4 different weathers in one day.

Could I ask how you bought them?
Bitflyer and Coincheck have pretty limited choices.

All the exchanges seem pretty limited in Japan flogging more or less the same coins.On BF,because of the court case,went mainly with XRP.Its cousin XLM seems promising so got a few.Made the mistake of buying a lotta shiz coin in NEM.If only BF had Ada,I'd be alright with what I have! Call it low expectations.

[Cracaphat]

If you had to start your portfolio from scratch with $1k which coins would you invest in now?

That's what I did last month.Had a good Reddit read and general feel for two months and bought last month at the top!! 40% XRP 30% NEM 25%XLM and a sprinkle of BAT and minute decimal points of BC and Ether.Been throwing in some DCA but seems to find a new dip when I do that

[RMA]

Could I ask how you bought them?
Bitflyer and Coincheck have pretty limited choices.

I have my accounts with bitflyer, bitbank, coincheck, zaif, liquid, xtheta, gmo coin, binance and bittrex. Now I mainly use bitbank. Buying a coin at spot prices doesn't make sense to me because of the spreads. On bitflyer you can buy bitcoin at spot price or from their exchange, always buy on exchange. For ethereum better use their lightning web to save on spreads.

If only BF had Ada,I'd be alright with what I have! Call it low expectations.

You can send your coin (preferably XLM / XRP / LTC for low fees) to binance and buy ADA. It will take no more than 10-15 minutes to set up an account with binance, send a coin, buy ADA and withdraw ADA to your wallet.

Having said that, there are more than 10,000 coins and how would we know who will become next big shot. Just for the perspective, XEM was ADA of 2017. It was direct competitor of ETH and it rose from 20 yen to 240 yen in no time. So I never think that I missed anything, ADA can drop 90% next year for all we can know.