A couple of months ago I wanted to be adventurous, so I delved into the world of Cryptocurrency. After watching numerous YouTube videos, I thought I had enough knowledge to begin. My first venture was creating a Bitcoin wallet on my PC using Electrum software, it was pretty simple to create the wallet. Next I needed to buy some Bitcoin (BTC).
After searching several sites, I found one that would allow me to purchase BTC with my $25 PayPal balance, and not go through the rigorous identification process. I used LocalBitCoins.com to find a seller that was willing to accept PayPal, and not require identification (since this was new for me, I didn't want to give out copies of my ID or personal information). To make a long story short, I bought $25, paid a high fee, bought another $25, paid another high fee, and ended up transferring some to Electrum wallet, just to try it out.
Someone I know had a link to Coinbase on their Twitter account, which is a very mainstream way to easily purchase Cryptocurrency using a credit / debit card, or bank account. Plus I got $10 in free BTC, and so did she. Coinbase allows users to purchase Bitcoin, Bitcoin Cash, Ethereum, and Litecoin.
I ended up purchasing all four types that Coinbase offered, and I was doing really well, in fact I was up by ~$1,300. Then December 21st and 22nd happened, and the price of Bitcoin dropped. It was higher when I bought, which was ~$18k, but as of now, it is ~$14k. The good news is that I diversified and my other Cryptocurrencies didn't take as much of a hit, plus Bitcoin started to rise back up within the next couple days. I'm someone that is very cheap and doesn't like to spend money on risky things, so I withdraw all my spent money, and let my earnings ride. I ended up not losing any money, and I'm still ahead...not $1,300.
The moral to my story is don't invest in Cryptocurrency unless you know exactly how it works, and you aren't afraid to lose money. Don't get me wrong, I recommend investing, just make sure you are comfortable with any outcome.
If you'd like to open a Coinbase account, please use my referral link below, you and I both get $10 in BTC once you invest at least $100.
https://www.coinbase.com/join/5a2409af8d93c5011e6ce660
No comments:
Post a Comment