Which coins should starters invest in?

Discussion in 'Digital Currencies' started by TreasureHunter, Apr 11, 2021.

  1. TreasureHunter

    TreasureHunter Well-Known Member

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    Does anybody know how one can avoid the long synchronization time needed for wallets?

    E.g. when you move your wallet from one computer to another, the new computer still has to go back ages (10+ years sometimes) to synchronize. I don't know whether that "synchronization data" could also be moved.
    This happens with Litecoin, Dogecoin, Bitcoin... basically all coins that use these sort of wallets.

    Moving the wallet only moves the content and the addresses, but not the whole data.
    And it can take 10-60 days to synchronize, depending on the type of coin/internet connection and PC configuration.

    Is there a solution?
     
  2. dozerz

    dozerz Well-Known Member Silver Stacker

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    use a lite wallet that doesnt download the whole blockchain, you should be using a hardware wallet anyway.
     
  3. Brendio

    Brendio Active Member

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    I would agree with this. Even those other coins that do actually improve bitcoin do not experience the same network effect that bitcoin has, which is what gives it value. You can build a better FB or eBay or whatever, but if all your friends are on FB and all the buyers are still on eBay, then your improvements will not necessarily make you coin. Bitcoin has the most users, so it has the most value. If another coin makes a killer improvement, there is nothing stopping bitcoin also adopting it, providing you can all stakeholders to agree.
     
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  4. Brendio

    Brendio Active Member

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    There are torrents of the blockchain files that you can download. I spun up a VPS and downloaded a bootstrap file for dogecoin and left it running overnight to reindex. It was caught up by the morning. The bootstrap file was a couple of months old, but still saved heaps of time.

    That's for a full node. The easier way is what @dozerz said and use a light wallet.
     
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  5. TreasureHunter

    TreasureHunter Well-Known Member

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    What is a "little wallet"? :D

    Any hardware wallet recommendations? Seen countless, not sure which is unreliable and would lose its contents.
     
  6. dozerz

    dozerz Well-Known Member Silver Stacker

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    a lite wallet, doesnt download the full bkockchain, you can also download a bootstrap copy and add it to your wallet to save time if you are using an old dat file, but you should convert these to phrases.

    either a trezor or ledger, will support all those coins.
     
  7. TreasureHunter

    TreasureHunter Well-Known Member

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    OK - so, would you recommend a "lite wallet" in particular?

    The web is full of software, some spying, others unreliable... non of them are made by "official entities". At least when you get a credit card, you know it's made by an institution that you can look up, not "just some guy on the street".

    I am lost when looking at these wallets... some physical, others are for phones.
     
  8. lurking

    lurking Member

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    Any wallet that's open source and audited. You haven't actually said what coins/tokens?
     
  9. dozerz

    dozerz Well-Known Member Silver Stacker

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    yeah what coins are you trying to recover?
     
  10. nutshell

    nutshell Active Member

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    @TreasureHunter
    just my 2 cents worth of opinion ........... I made modest investments in ADA and DGB about the time this thread started. More recently I bought into ETH. I'm up on my DGB and ETH investments and down on my ADA (but not by much). I'm not complaining I'm looking at putting some fiat into crypto for the long haul. Like my PMs there are times when some past purchases show a loss but as time goes by there are fewer and fewer showing a loss.
     
  11. TreasureHunter

    TreasureHunter Well-Known Member

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    Just as an example, how about: DOGE, Bitcoin, Ethereum and Reddcoin? Currently learning about these coins...
     
  12. dozerz

    dozerz Well-Known Member Silver Stacker

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    ok so you arent trying to recover but asking how you manage wallets for these coins? the easiest and most secure way is with a hardware wallet like a trezor or ledger. you will get a 12 word phrase you can use to backup and recover all wallets, instead of having to store a wallet.dat file and download a blockchain.
     
  13. mmm....shiney!

    mmm....shiney! Administrator Staff Member Silver Stacker

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    No, yes, yes, no.
     
  14. Gilligan

    Gilligan Member

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    Doge - treat with caution. Lots of people will get burned now. Infinite supply, still minting, little use case other than meme. May make some coin with an Elon shill, but tread warily is all I'd say.

    FTM, ONE, possibly REEF, ETH, SC are my picks for longer term holds. And look into HBAR as an outsider.
     
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  15. hawkeye1

    hawkeye1 Active Member

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    Pretty much agree. The market is the way it is now because it is not yet well developed and people are looking at coins as the equivalent of equity. They aren't equity and the reality is there is only really only one store of value that people are going to migrate too. Anything else remaining, even ETH, is going to have utility value only.

    They have the prices that they do now because people are speculating as if they were shares. They are totally misunderstanding what it is about. Of course, that misunderstanding allows traders to make a lot of profit in the short-medium term.
     
  16. GOLD1

    GOLD1 Well-Known Member

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    BCH is doing much better. I think it is undervalued compares to ETH. BCH will be grading to smart BCH.
     
  17. hawkeye1

    hawkeye1 Active Member

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    It also means that BTC is extremely undervalued at current prices as vast amounts of money that should be flowing into it are going into other coins instead.
     
  18. jultorsk

    jultorsk Well-Known Member Silver Stacker

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    Screen Shot 2021-05-10 at 1.55.42 pm.png

    o_O
     
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  19. 66rounds

    66rounds Well-Known Member Silver Stacker

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  20. Jason1

    Jason1 Well-Known Member

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    dont know if this info is of interest to you, but my friends who are in cryptos are going pretty hard into cake now.
    they seem tobe into staking on pancakeswap, and they seem tobe doing pretty well off it from what they are saying. https://pancakeswap.finance/pools
    apparently cake is doing more transactions than Eth, so maybe potential of this token is good?
     
    Last edited: May 12, 2021

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