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Bitcoin and Cryptocurrency – What I’ve Learned After a Month

I tried to ignore this! I really did, but my reality kept showing it to me. I kept denying it and people in my world kept telling me to look into it, so I finally did!

I am only sharing my experience and knowledge of cryptocurrency as I see it at the time of this writing. This is not investment advice and I am not a professional so take this with a grain of salt.

How I came to find out about Crypto

Here is a GREAT podcast explaining what Cryptocurrencies (Crypto) are and some in-depth information to help you make an informed decision.

I was really persuaded to invest in cryptocurrency through a friend, but first heard about it around October of last year (boy I wish I had of invested then). A little over a month ago, this friend told me (in a let’s-sit-down-and-have-a-serious-talk kind of way), to invest in cryptocurrency NOW and that even a small investment in cryptocurrency would have great rewards in the future, so I took the plunge and invested a small amount on November 26th, 2017. I invested in Litecoin (LTC), Ethereum (ETH) and Bitcoin (BTC). After seeing my initial invest almost triple – I was in.

I signed up through Coinbase and that was pretty much it for a while. It took about 10 days for my initial investments to show up on Coinbase, but when they did I began sending some of the profits to Binance to invest in some smaller coins.  There are some other exchanges like Kraken, but I haven’t used any except the ones listed below.  I would imagine they work very similarly.

What is Crypto?

Again, check out the link above for a more in-depth answer to this, but basically it is a digital currency…like USD or Euros except BTC, LTC, and ETH and other coins (called alt coins). The currency has an address and I can send the currency to another address digitally.

Where do you buy?

I buy the cryptocurrency on exchanges. I currently use Coinbase, Binance and Cryptopia.  Binance and Cryptopia are where the alt coins are purchased.  My favorite alt coin is SpankChain!

I start with Coinbase, buy some ETH or LTC (if I don’t have any) on Coinbase and transfer ETH to Binance and LTC to Cryptopia.  Binance and Cryptopia don’t operate in USD, so I have to transfer it to coins to use their exchanges.

Random stuff I’ve learned

  • Do not lose your identity/login information (usernames/passwords, etc).  
    • If you use the Authenticator app, don’t delete it or restore your phone and wipe it out.
      • I did this and I have been locked out of my Binance account for several weeks.  My experience has been that customer service is NOT good on any exchange I’ve been on so far, so I would just make sure to dot all your i’s cross your t’s.
  • Make your moves when other people aren’t making moves
    • I originally thought that I could sell or buy cryptocurrency anytime I wanted.  However, there have been several times I couldn’t buy or sell anything because everyone else was buying or selling and the site was overloaded, thus temporarily stopping the buying and selling of certain cryptocurrencies during that time.
  • I have missed out on some GREAT opportunities from the smaller coins not named Bitcoin, Litecoin or Etherium.
    • Many people have grown their investments by 100% and more.  Fortunately, from what I have gathered, it’s late but it’s still early.  If the use of cryptocurrency rises (which I am betting it does) then there is still SO much potential.
  • You can drive yourself crazy looking at the numbers
    • Today I’ve decided to just set my investments and let them grow.  Set it and forget it.  I have exhausted the refresh button, and I now realize that this can be addictive.  I’m a food addict so…it probably isn’t the best thing for me to check the numbers as often as I have.  Also, it makes you feel like you’re a trader vs. an investor.  I want to be an investor.

I hope this helps a little.  I’ll continue to add more as I learn more!

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By Broderick on Dec 28, 2017 0 Comments

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