I have no clue what Im doing, but a friend convinced me to try investing in online currency.
Im putting all my gambling money I saved on Dogecoin. How do I get started?
First, don't call it investing, it's not investing. It's speculation that the price will go up, and knowing the difference is important. Understand that you're taking on a huge amount of risk. The entire cryptocurrency market, in all likelyhood, is in a bubble and it could all come crashing down at any moment for all anyone really knows. The price far outweighs actual adoption rate.
Second: sign up on coinbase.com. Buy some ether, and send it to an exchange that sells dogecoin, trade that ether for bitcoin and then trade the bitcoin for doge. But if I were you, I'd just hang on to the bitcoin or ether and forget you have it for a couple months.
Third: the USD price of bitcoin or the altcoin ultimately matters less than the price of the altcoin relative to bitcoin when speculating on altcoins. What you want to pay attention to is how much bitcoin your altcoins are worth, as its a more reliable measure to figure out whether you're generating alpha.
Fourth: make a portfolio for each altcoin you speculate on, as well as a portfolio is the amount of bitcoin that you put into your altcoins. The purely bitcoin portfolio is critical to see whether what your speculating on truly gained any value or generated any alpha since we use bitcoin as a yardstick to measure the performance of altcoins.
