"Did you allready get them?" "You are to late, mate" "hurry up this is a quick buck" and so on, my colleagues couldn't talk about anything else, the last month. But yeah, at home they don't understand, bitcoins or blockchain, and to be honest it was all abracadabra for me to. Ok I'm not stupid and I know google :-), so let's start.
Just onething off topic, I'm dutch and my English is NOT my strongest point, so appologies up front if I make a mistake somewhere. Now on with the post.
Bitcoin 101,
- what are they?
- How does it work?
- where can I get them?
- what to do when I have them?
- HOW much will I earn?
- How will I convince my wife? She is stubern :-)
I found several explenations, about what bitcoins are, but none that I understood, or I had the idea that the writer understood the real potential of it. Finally I found one that explained it all, blockchains and the businesscases, to me, but that's something for an other post.
So now I know what it is and how it works, where the hell do I get them, I still see golden mountains ;-). Poloniex, changelly, bittrex, no there you can trade or exchange with bitcoins and ethereum. Coinbase came up in the search, easy access, and I could deposit Euro's and change it for Bitcoins, and they gave me something called a wallet. Proud of myself, but still didn't start with the task convincing my wife.
Offcourse my colleague's confused me with hard and soft wallets, and that coinbase wallets aren't safe. But yeah, wanted to make money with money, so why the F# would I need a wallet. They where not talking about strategies and portfolio's, they just bought, ethereum and made 30%, good for them I tought. My strategie, is something for an other post, because I think a small time invester must do something else, then the bigshots "youtubers".
So now the hard part, the misses. And that when't easier then I hoped for. I convinced here that I would start small and if I didn't double or more it, I wouldn't ask for more.
And that's where I am now €100 invested, after exchanges rates, withdraw rates and stuff, I have 0.038 bitcoin on Poloniex, I'm going to be a millionaire.
Honestly, I hate when foks say..."Uh man...I should have bought it back then when it was". I always roll my eyes because Bitcoin i not the only coin out there. It's hold on the crypto currency is evident, true indeed. It is King. But at the end of the day, there are a lot of coins doing some very interesting things and can be just as valuable if not more.
Yeah correct geechidan, I think Bitcoin is the verhicle to all the interesting other "coins"
Businesses like Sia and Steem are the new potentials
If you hold on long enough, who knows.
Staying in the game is the plan, I just finished a 5 year streak of Clash of Clans, didn't earn a buck. So this will be more fun :-)
You got to have some balls made of steel to hodl.those coins. Can't go to lamboland if buy high and sell low am I right?
Put your coins on a paper wallet and hodl! 😀
But saithe, where is the fun in HODL? 😇 And yeah my next blog will be about allllllllllllll my rookie mistakes.
Lol I'm rooting for you. A lot of times, buying and holding is the best strategy anyone can have. Most people want to "get in" because they like that rush or they have FOMO (Fear of missing out). But in reality, it just makes things worse because they panic whenever a price goes down and sell immediately. I say find a few coins that have good long term potential and put in what you can afford to lose, and just hold them. They may not be the next Bitcoin, but chances are, they'll be alot better than trying to day trade.
Thnx for the root, crypto, yeah I think the rush is the part that lures me.
Great post , indeed informative , HODL to lamboland
Lamboland, yeahbaby
Hi @remoc, i dont understand alot yet of cryptos, but with over 700 of them out there, Bitcoin looks like gold and Ethereum silver, let´s hope it is a good long run investimente, so maybe you and some of us will get millionaires!!
Peace!
Hi Carlos, i know so much that I don't think that investing in only bitcoin or ethereum won't make one of us a millionaire, unles you invested a shitload of money upfront. But one of the other altcoins can maybe, but which one?
I have absolutely no idea remoc lol
But with the number of cryptos out there we know for sure there is a buble forming, it will go up and up until it pops, and then only a few cryptos will remain, i see bitcoin and ethereum surviving, Steem also seems pretty solid so far to me, as to all the others, it will be a fight and alot of people will lose Money, i´m not an investor but my advice would be not to put all the eggs in one basket.
Good advise, im looking before investing, in the businesscase, they made upon the blockchain, just like steem. Not only a coin.
I upvoted you because you are so optimistic! If 0.038 makes you a millionaire, than I will have a nice future ahead of me too! :)
Haha, thnx westbrook, I know it for sure lets make out first million together buddy