A new world has open up the past few weeks for me. Im a young guy looking to make a few extra bucks and decided to look into the buzz word "bitcoin". This is the word that shows up in the adds when I google investment, how to make money or 300% gain.
What is this word Bitcoin? Wikipedia told me its a digital currency. Is that even possible?
This was when I started to explore this vitual jungle. The new terms increased and I felt loss in a world where so many people seems to be at home.
With one thing in mind I tackled the unknown. Bitcoin was an idea to produce a currency independent of any central authority. This meant fees will be low and quick to transfer. The idea shounds great, I should invest. But how? Does it have competitors?
Every questioned I asked led to ten more, but percentage gains on coinmarketcap made it interensting. I started reading about altcoins, ICO's and bonus structure.
But how do I invest? And in what? Bitcoin was now only one word in my ever expanding crypto dictionary. So I did what the majority of people would do. I jumpes on social media, Facebook groups, follow the Twitter experts and watched every video on Youtube I could get.
Wow, what a fun and funny thing have I joined? Until I realized the potential and size of virtual investments.
After following some of the advice on social media I started making a little bit of money. Then came some losses. Then back up to par. Back to the drawing board, the people are talking about Lamborghini's and the moon. I need be there, get my yellow one. Again we start, up and down.
It was after the second roller coaster ride that I realised there are a lot of people like me. They ask the same questions and they ask them over and over again. Will I get my money back? What is the next big alt coin? When will the market turn?
So I decided to set my own rules. I have commited to stick to them and will review them is six months time.
- Greed is my nr.1 enemy!
- Read the white papers!
- Never get over exited and buy on a bullish rally!
- Only invest in products that makes sense!
- Choose your sources responsibly! The whales(big players)are not playing around on Facebook the whole day.
- Only invest what you can affort to loose!(Credit Cards are dangerous)
- If you buy it, keep it! Do not expect to get rich in a month.
- Try and understand the people that want the specific coin! Asia is big and they think different!
Now that I have my rules, I can invest and relax. I have discovered the market early enough to make money.
Cheers