Thinking of making my first investment, your thoughts?

MissMillionaire

MissMillionaire

Contributor
I am currently in college and I've just been getting my feet wet with learning about CryptoCurrency/Bitcoin. I want to start investing small with long term growth (I'm patient). I honestly have a simple question. If I invest in the company below during their ICO, will I need to do the actual bitcoin mining myself? Or am I paying them to mine the coins for me? Or am I not going to own bitcoin at all, but just a small share of this company?

I'm still learning and I need to do more homework for sure, but just want to see if I'm on the right track to understanding this new era we live in!

Thank you beautiful people!
 
The CC Forums

The CC Forums

Admin
Staff member
Welcome to the Forums and thanks for joining.

When you buy any crypto, you don’t do any mining. You buy during an ICO by following the company’s instructions, and they send tokens to the Ethereum address you used to send them your payments.

If you buy using an exchange account, you pay for and receive the purchased coins in that account.

Once you have tokens or coins, you keep them either in an exchange account, which isn’t recommended due to security and hacking concerns, or you transfer them to an address on the respective blockchain. In the case of your ICO, it would be the Ethereum chain.

Tokens and coins don’t respresent ownership in a company. You own the private key to a specified amount of the coin/token on a blockchain. That’s it. It may be a useful chain so the value goes up. It may be a banking currency, a network utility token, or many other things.

Crypto is complex, take your time. Hope this helps.
 
MissMillionaire

MissMillionaire

Contributor
The CC Forums said:
Welcome to the Forums and thanks for joining.

When you buy any crypto, you don’t do any mining. You buy during an ICO by following the company’s instructions, and they send tokens to the Ethereum address you used to send them your payments.

If you buy using an exchange account, you pay for and receive the purchased coins in that account.

Once you have tokens or coins, you keep them either in an exchange account, which isn’t recommended due to security and hacking concerns, or you transfer them to an address on the respective blockchain. In the case of your ICO, it would be the Ethereum chain.

Tokens and coins don’t respresent ownership in a company. You own the private key to a specified amount of the coin/token on a blockchain. That’s it. It may be a useful chain so the value goes up. It may be a banking currency, a network utility token, or many other things.

Crypto is complex, take your time. Hope this helps.
Click to expand...


It’s so kind of to answer! This is very informative and I appreciate you taking the time to reply.
I will definitely keep taking my time and doing my homework.


Take care,
 
Old Man Crypto

Old Man Crypto

Expert chainblocker
I don’t think new crypto investors should ever go straight to ICO’s. Buy bitcoin and Ethereum. Learn about the technology and the markets. It’s a long process and hard to digest if you don’t have a tech background.

Or if you’re old like me. :cool:
 
MissMillionaire

MissMillionaire

Contributor
Old Man Crypto said:
I don’t think new crypto investors should ever go straight to ICO’s. Buy bitcoin and Ethereum. Learn about the technology and the markets. It’s a long process and hard to digest if you don’t have a tech background.

Or if you’re old like me. :cool:
Click to expand...
Thanks for your feedback and your opinion!!!
 
BitFit

BitFit

Contributor
Agree with all the above. Bitcoin and Ethereum to start. Gives you a base involvement to spur interest and get experience moving and storing coins. A huge percentage of ICOs will end up going nowhere.
 
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