Welcome to the Crypto-World!
Initial thoughts of a newcomer
It was back in 2010 when my brother told me the first time of something new – Bitcoin.
He just told me that it exists and that you can buy it. He bought for 20€ and said probably the value rise someday- if so it would be fine, if not he wasted 20 bucks - so why not? I Took a quick look at it and decided not to waste 20 bucks for something I don’t know what to do with… well we all know where the price is today. He sold his coins when it reached around 50€ and was happy to get some nice profit. However, I never regret that I didn’t buy it because you never know how something like that work out and I was not liquid at that time – even 20€…
Now 7 years later, in June 2017 right after the big rise of Cryptocurrencies, he told me again that there is something happening. I followed the market one week and I decided to take part of the game.
But how to start? If you are new to cryptocurrencies it is quite frustrating because there is so much to look at. Should I use exchange A or exchange B? How do I get the Bitcoins into exchange so I can buy some different coin? How are the fees on different platforms? And which coins should I buy?
Since I had no clue how to begin I decided to do just like my brother. So, I bought some XRP on Litebit and transferred it to my new wallet. The price was somewhere 25c per Token and I thought it was a good deal – to be honest I still think it was a good deal and after my later research I am even more convinced about this one. Short after my purchase the price went up and at this point I made the first big mistake in the game (well probably the second one) – I just didn’t know at the time.
Now I was so excited and I tasted some blood. I thought this is all a safe winner and I decided to buy more – more of everything… Well stupid idea, wasn’t it?
From now on I checked the prices every day and as long I saw an increase in value I bought a different coin, more or less randomly. I did kind of some quick research, but afterwards I can say I searched for the wrong indicators. So, I bought, and bought and bought as long as prices rose. And all of a sudden something for me very unexpected happened. The prices dropped back to the initial prices – and even further.
First I was kind of shocked but I never felt like I should sell everything to minimize losses. I decided to buy more as long as prices are under my average purchase price. But prices dropped even further and it came what was to expect somehow – my budget for the month was gone. Now the prices are incredible low and I could get at least twice the amount of coins which I purchased the days and weeks before. I want to mention at this point – still don’t regret anything – trial and error supports your knowledge. Now I know at least how not to start with trading.
After 1 month of heavily researching the whole crypto world and many different cryptocurrencies I am still excited. Although I invested some money into the “wrong” coin I am confident to end the year with a nice plus. I will accumulate more coins over time and I do my research before I buy something. I learned my lesson while I got off lightly.
This is my first post and I know my English writing skills could be better so please don’t be too hard with your comments. Still constructive comments are highly welcome to be able to improve myself in writing and publishing. I am looking forward to your thoughts and my further posts. Until then – stay tuned
p.s.: If you like my story please upvote if you don’t mind 😊
Its a learning curve bro, good luck and keep up the good work! trial and error baby
Thanks, yeah that's true, but with some effort it is manageable ;-)
All cryptos going down at moment because of bitcoin fork.. This drags all altcoins with it even ripple. ripple is a long term hold maybe 2 to 5 years
Thanks for the reply man! Yeah i know now that it is a general down, i'am not worried at all.
I tried to state out how i felt the first days and weeks when i "discovered" all those coins. My feeling now changed a lot actually ;-)
I like your writing. We all made our mistakes with cryptocurrencies, but we are learning. I think it is very exiting with a lot of opportunities. But as you said, we have to do our research. Anyway even with the best research, there is no guarantee not to fail.
Thank you! I agree, even the best research isn't a guarantee but at least you can minimize your risk a little bit :-)
Cool, I am also new to trading cryptocurrency I made a post about it here - https://steemit.com/cryptocurrency/@benlearns/my-first-week-trading-cryptocurrencies
Since then I have bought more STEEM and Antshares because I belive those two are gonna be big