Introduction to Cryptocurrency
I’ve known of Bitcoin since it began, I’ve always been interested in how it works but only started investing in late 2016/early 2017. My initial investment was $400 at the beginning of the year when Ethereum was worth $10 each (I had about 35-40 total). Since then I traded my Ethereum for other cryptocurrencies like Bitcoin, Litecoin, Ripple, Stellar Lumens, Gnosis, Gas, NEO, etc. on different exchanges. I now have over 50 different cryptocurrencies of which I’m investing in long-term. My total investment has been between $800 – $1,200 total and I currently have between $13,000 – $15,000 in cryptocurrencies. Be aware that I’m not an expert.
For example if I had kept my investment in Etheruem, my investment would have only bee $400 and resulted in nearly $20,000 in current investments. I’d never done any investing or even had a savings before now.. so I’m very proud of what I’ve done so far. One last note, I considered selling my motorcycle for $5,000 in January and buying $5,000 worth of Ethereum. If I had done that my investment would be worth over $243,000 today, hindsight is 20/20 haha.
My Thoughts and Experiences with Cryptocurrencies
I’d suggest reading over everything here ASAP.
And then scroll down
It’s in my belief that cryptocurrencies and blockchain will have a dramatic impact on all industries. You’re welcome to read over my thoughts related to cryptocurrencies here, while also reviewing resources I share from my research and experience.
Suggestions and General Information
I really hope you appreciate this Christmas present as it’s changed my life in so many ways.
Suggestions and General Information:
– At the very least, you should understand everything I’m sharing in this document.
– Only invest money you can afford to live without. That should be known for any and all investments.
– Invest regularly, my suggestion would be to only invest longterm as it will take time for mass adoption.
– My first suggestion would be for you to invest at least $100 – $200 and spread it across Bitcoin, Ethereum, and Litecoin. This way you get used to how it works and you’ll be able to understand how it fluctuates in price much faster. I’ve made this suggestion before and seen people jump from $200 to $500 in their balance in the course of a week. But again, do not assume that will happen. Assume your investment is long-term only.
– Setup an automated deposit inside Coinbase from your debit card/bank account. I suggest that you forget you even setup the automated deposit longterm, view it like a 401k.
– There are more uses for “cryptocurrencies” than just currencies. For example Ripple (found on Bittrex.com) is used by banks, Ethereum is used by companies like Microsoft, Google, etc., Gnosis (found on Kraken.com) is used for prediction markets and the list goes on.
– There is a belief that cryptocurrency encourages illegal activity like gun sales, drugs, etc., be aware that these exact same things are bought with the US dollar and any other currency.
– You can buy things with cryptocurrency. That’s because it’s like everything else, an exchange of value. For example I do marketing consulting at $150/hr. If someone paid me 5 Litecoin (currently priced at $150 each) for 5 hours of my time, I’d take it.
– Lastly, I’m typically an early adopter of most things I get involved in. I wouldn’t advise or make any of these suggestions without research. It’s possible we could be in a bubble, yes, but don’t let that scare you. Instead.. like I said above, look at this for the long-term and watch the following videos.
Obvious disclaimer: I’m not an expert. This is not financial advice.