Dec 31, 2017

My New Experience with Cryptocurrency

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

Coinbase

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