Good day out there in the land of steem! I have finally completed my research and took the pludge into investing in Cryptos. I am starting small as i mentioned in my previous post. Along with utilizing Steemit as a platform, I decided to put a small monetary investment using Coinbase. Now after weighing everything here is what I invested in and why.
I did this for several reasons and I will explain why. The first reason is Bitcoin is the Ford Motor Company of Cryptos. It took a market that was unheard of and made it more main stream and common. Then it continued the trend by making roads into different markets as a form of payment. This will in time allow more streamlined “coins” to pop up and possible surpass Bitcoin in the future, and expand the market even further with more opportunities. The final reason is because of the positive result of the recent fork. With that success faith in Bitcoin has jumped, and I believe it will keep running strong until another competitor throws a curveball or has a large increase in ability.
Coinbase was the platform that I used to purchase my Bitcoin using USD. The initial purchase has a .99 cent processing fee, which I was aware of. Then from Coinbase I transferred my balance off of the Coinbase network to my Exodus Wallet to improve the security and safety of my investment. Now on an initial investment of $5.99 after the transfer fees from Coinbase and Exodus I ended up with a total investment of $3.34. I believe this to be one of the worse parts of the transaction; accounting for the fees to make sure you can get a good return on investment. This initial transaction was literally a test run to make sure I was familiar enough with the system from my research to be comfortable using the normal programs and tools. I will say that I encourage others that are hesitate to take a breath and do a small transaction like this at your own pace to get a “real” feel for the market.
The aftermath of my initial investment was my comfort and confidence being raised to a new level. I took time to observe my investment to see if I had a good idea of what would occur. When I found that my investment grew in the way I was predicting my comfort level increased further and I was content to make a larger investment. This experience has helped me to understand cryptos even more and to continue to move at a comfortable pace while making more decisions that will lead to building my wealth effectively. If there are any other steps in my journey I will let you guys know. Thank you for taking a look, please resteem, up vote, and comment. Thanks again!