Many of you have been asking how to run the “Buy and Hold 100 cryptocurrencies for 5 years” experiment, where exactly to buy the cryptos and how to actually get started. To make the whole process easier I decided to make a tutorial in details, where all your doubts and obstacles should be finally gone.
First of all, let me explain you on what the experiment consist. On December 8, 2017, I invested $1000 USD on the top 100 cryptocurrencies based on the market cap, buying $10 of each. Instead of selling them with a profit, I will just wait 5 years and see what happens with it.
We will divide this tutorial into few steps.
- Where to start?
- How to buy Bitcoin?
- Exchanges needed to buy all the cryptocurrencies
Where to start?
First of all, you should have a clear understanding on what cryptocurrencies you want to invest, as I already mentioned before I simply bought the top 100 by market cap, if you want to do something similar, you can check coinmarketcap.com and see what the top 100 cryptos are at the moment. If you want to get the same cryptocurrencies I got, then I’m going to list all of them for you and point you to the right exchange to get them. After that, you will need to buy some Bitcoins and use part of it to buy the other cryptocurrencies. So let’s get started.
How to buy Bitcoin?
If you want to use a debit/credit card the easiest and quickest way would be to do it with Coinbase.
(if you need help follow the tutorial
Otherwise, if you want to buy it with cash or alternative payment methods, such as PayPal, Skrill, Alipay, Postepay, Dwolla, Venmo, Vanilla, Square Cash, etc. etc. I suggest you check out Localbitcoins
Once you got some Bitcoins you need to send them to the other exchanges to buy the cryptocurrencies.Don’t worry I’m going to guide you through this.
Exchanges needed to buy all the cryptocurrencies
We’re going to use 5 exchanges to buy all the cryptocurrencies we need to do the experiment. If you already have the accounts you can skip to the next step
- Make an account on Binance , if you need help follow the tutorial
- Make an account on Kucoin , if you need help follow the tutorial
- Make an account on Hitbtc , if you need help follow the tutorial
- Make an account on Cryptopia
- Make an account on Bittrex
If you want to know exactly how many cryptocurrencies you can get from each exchange, here is the breakdown
- Binance – 38 Cryptocurrencies
- HitBTC – 21 Cryptocurrencies
- Kucoin – 18 Kucoin
- Cryptopia – 13 Cryptocurrencies
- Bittrex – 9 Cryptocurrencies
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Thank you! This is very helpful. Will you be doing a tutorial on paper wallets for the currencies that do not have electronic ones?
Hi! That’s nice idea to check it. It would be great if you also try to analyze top 20 or top 50 currencies. Than you can compare and understand which method is more profitable. You can calculate this profit time to time and tell us what was better – invest to top 100 or to top 20. Thank you!
Hi Alex,
That’s a good idea, I’m going to have a look at it
Thanks for the tutorial. Is there any benefit of trading in BTC vs Ether? Binance supports both of them very well and by trading in ETH (which are 20x cheaper than BTC) you can keep to your 10 USD per coin investment strategy.
Hi,
I was thinking about it as well, I checked and currently it’s not possible to run the experiment entirely with only Eth, you would still need to get come cryptocurrencies with Bitcoin.
Very good tutorial, thanks!
Welcome Massi!
I don’t see Tether…it is in top 100
Seeing that the value it’s constant I didn’t get it. It’s specified on one of the first articles.
Hi, the idea is good but I dont think it would work with amounts of 10 for each currency. For example on Binance each trade has to be worth at least 0.001BTC. Thats around 13-14$ right now, if BTC goes up in value it will be 20$+ So you would have to invest more or invest the same amount but for example only the top 20 or top 50 currencies. Anyone tried this already with investing 10$ for each of the top 100?
Hi Bronk,
I did buy $10 for each of the top 100. On Binance I got 0.001 BTC but only added the value for $10.
Hi Admin,
when did you make these purchases? Probably at the beginning of the year or maybe even 2016 right? I used Binance to purchase some coins a couple of weeks ago and I couldn’t make any trade unless they were equivalent to the value of 0.001BTC.
Don’t use limit, use quick buy.
Here’s a little python program I wrote up a bit ago which kinda matches what you are doing here.
Very cool, thanks a lot
what is your value now?
How come this hasn’t updated in two months?
Just made the update, sorry been really busy!
Hi, Really like this experiment to find out what’s happening to the top 100 crypto’s in 1-5 years. I wonder how many coins will still be active in 5 years 🙂 would it be possible to present a bi monthly update? Or does that just take too much time to handle?