Hi Everyone :
With this blog I want to inform and educate other new crypto investors, to reveal the mistakes I have done so they can avoid them and to ask from more experienced people their advice on how to proceed.
Few days back I came across a colleague that was looking at coinbase, at first I did not pay attention. I thought it was stupid and that there is nothing more in to it. At the moment I was extremely interested in stock market and long term investments and all my attention was there. (Stupid me)
The second day I saw him purchasing some more Bitcoin and I ask him for more details. He told me it went up by $400 in few days...I lost my ground. That was it, I was hooked in to learning more. I created an account to Coinabase from my phone and without knowing anything about Coinbase I add my bank account and I bought 1 Bitcoin 5 Ethereum and 10 Litecoins. (Stupid me Again)
When I realize that I would not get those coins until a week later I lost my sleep, because I have invested about $5,000. During the first few days all three coins went up but that was pure luck and had to do nothing with my ability to understand or invest in to Crypto. Encouraged by that I wanted to invest more, I connected my credit card with Coinbase and I purchased $500 worth of Bitcoin which arrived instantly. (To The moon Bitcoin)
Still excited when I came home from work , I created a second account with my GF info and I put another $5000 buying more coins. (Stupid me *3) . The issue was that at the moment Bitcoin has reached its high ($2900) and the rest of the two coins were still on the rise. Coming the next day the market crashed, bitcoin went down to $2600, Ethereum and Litecoin went down as well, and I was locked $10,000 pending transactions...
When I finally received my coins the value of my investment was $400 higher, because my first $5,000 investment was on a perfect timing (Lucky me). All week I could not sleep because I invested all the money me and my GF had in our bank accounts (Stupid me *4).
As you can see I have made a lot of mistakes when I entered the crypto world and I will probably do many more. To the new people out there that are getting in to crypto, PLEASE be careful and only invest what YOU CAN AFFORD TO LOOSE. Never more than that because at the end of the day everything can go south, so don't take loans, don't spend all your savings just play what you can afford to loose.
My journey just started, however by what I have experienced in the few days that I am in the market, I can tell you that my mind has exploded. Tremendous opportunity to make a living and to fund your retirement plan if you are mindful.
I am still to find my next step, but reading about Cryptocurrencies I realized that Coinabse is just the surface of the iceberg, there are hundreds of more out there and I Personally want to invest in more.
What you think my next step should be: Poloniex or Bittrex?
-to be continued...