So I have to admit, the trend for Bitcoins and Cryptocurrencies for me has been a phenomenal learning curve and I basically jumped on the bandwagon March 2017.
I don't know where to start on my experience so far but I'll start from the beginning.
I'm in my 40s living in the United Kingdom married with children with a mortgage and good income a good job all the usual stuff probably 65% maybe 70% of United Kingdom alike.
I have some disposable income now as the children are growing up. Just not fast enough lol. Those with children know what it's like when you're starting to get your life back.
With no other major savings I decided Cryptocurrency... I could invest to buy in the usual stocks and shares, but the feeling is I'm sort of late to the game...a long game with possible max 10%-18% on your return if you are lucky.
I'm familiar with commodities I'm familiar with buying in stocks and shares I don't own any stocks and shares, buying stocks and shares can be a pain sometimes I tried it but its sooooo old skool and need something new.
The typical investment in stocks and shares are dwindling and we seem to be all moving to cryptocurrencies. Why.... its new, its innovative and with the thought all the technologies behind it excites me. I like technical stuff and making money (Lets not forget that)
Moving over to cryptocurrencies that's been a learning curve in itself.
Buying crypto currencies is easy there's a flood of information out there regarding how to buy, where to buy, exchanges, trades and all that sort of stuff. Once you have the knowledge and ensure the information matches gives me then the confidence I know what I'm doing.
So how did I do it? Started off small.
Research, security and plenty of research Highly important that you follow this. I shall break it down.
Research - understand the crypto you want to invest in. Read the model, glace over the white paper. Will it grow in 2 years or 10. Understand the risk it if fails...your investment will too. Check out the crypto markets, whats trending how high or low. Look at the technology behind it.
Example. Ripple . Its a blockchain created to process cross boarder transaction on the cheap in under 4 seconds. Current issues it's expensive to send funds worldwide via banks etc etc. Ripple sorts that out working with banks. Major banks are already looking and accepting Ripple. That's a good tech to invest in.
ICO's are proper fully star up companies that what you to by there tokens before they go on the market. This I'm not a fan of as it's pretty much Dragons Den style. So I don't do those as yet. But if you flip; it all cryptocurrencies out there now and listed on market sites once where ICO's.
Security. Big area here as at the moment there is no one wallet that supports all crypto currency coins / tokens. Each crypto will have its own wallet. So you can imagine you may have 5 wallets for 5 crypto currency coins each with its own passwords, keywords, and 2 step authentication. So its really important that you have the disciplines in place to ensure you are safe and secure. Wallets that are off line, Moving cryptocurrecnys from exchanges. Get organised for the start and you wont have any issues.
I registered on to that coinbase website and I knew that the whole industry would be strict heavily requiring kyc, which I understand as I work in that sector. so understanding that all crypto exchanges have to gather identification in the means of passport and drivers licence.
Separately - What troubles me is the staff exchanges employ across the world, not full employed maybe and are gather our info completing checks. How do we know that those people have been vetted us have been strictly vetted themselves in the strictest of forms. Look what happened to coin base and its inside trading pushing up Bitcoin Cash and nearly crashing the market. Look at the data breech of one exchange where thousands of private keys and customer details where taken. Regulation is coming..
Anyway I'm digressing here but moving on so I went on to Coinbase to understand how I can deposit funds 2 ways really with a Credit/Debit card max £500 weekly limit. Or bank transfer £9K Limit.
I went down the card route and sent across £2,000 over a few weeks and purchased into three coins, Bitcoin, Litecoin and Ethereum. Done I'm in and will be a millionaire soon or years to come.
And after that this is where the excitement really started.
I started following people on YouTube and watched loads of videos, the more i watched the more i got engrossed to the alternative coins, exchanges and all the wallets. I didn't want to miss this boat. I wanted more!!!
I had noticed that not all exchanges sell all the coins I wanted having made a list of 10 that grew to 20 and that grew to 30 crypto coins, I worked out that registering on the top 5 exchanges at the same time would avoid possible delays in the future. So painfully i did just that. Security details, KYC and the waiting time for most exchanges were min 1 - 2 weeks back in March.
I then started the hunt, purchased and purchased, I reviewed and tested wallets and purchased more coins. I had so many wallets as i was moving them off the exchanges, which is important to do as the history of cryptocurrency exchanges getting hacked and coins being stolen is high as of now and wont get any better. I created a spread sheet to manage my portfolio of crypto coins. This helped a lot and so i went on my journey to managing my portfolio. I'm starting to become an expert.
So how is it going, I'm happy to say its going Really really where by i had made over 50%, 100% 500%+ profits across the whole portfolio. I'm actually making money. I'm at the stage now i want to withdraw. And here is where it getting interesting.
Remember when i registered on all those exchanges many months back. Well that plan paid off. Whilst many who where getting on the crypto wagon where registering to those exchanges cashing out on their profits they where experiencing on boarding delays of up to 4 - 6 weeks. One site was showing 10 weeks. Many exchanges are at their knees right now due to this massive cryptocurrency ride where are on. So eliminating the exchange registration i was able to withdraw with ease. Tad mess as it was my whole buy experience in reverse. Converting those alt coins back to BTC and then USD, and then Euro to finally GBP. YES i did it, and it was worth it.
And that's how i did it in a long winded way.
There is so much I have learned, And I want to share with you all and went even further.
I created up a website, stared doing vlogs more around how to buy and manage your coins in the plethora of wallets out there and talking though how to make things easy as its not easy out there, No one is a true expert is this field, We are just learning as we go along. And do you know what that's probably what i like the best its so new and the rate of growth right now is massive..
What would i advise anyone getting into this now. Continue to follow me in this journey and know more.
Website - www.HitCrypto.net Steemit - @hitcryptomaster
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