When it comes to cryptocurrency, I'm definitely a noob. I first bought 20 EUR worth of bitcoin in November, 2016. At the time I was only looking for a place to store extra money every month so I didn't spend it. I didn't buy more than 20 EUR because I wanted to understand a little more about what I was getting into.
In the months that followed, I started buying a little of Bitcoin and Ether every month. Eventually I started looking at other alt coins.
When starting out, my goal was simple, buy a little bit of bitcoin and ether every month and forget about it. That's a lot easier said than done. Once I started looking at altcoins, it felt like I had opened Pandora's box. I started out like any intelligent investor would, I downloaded the white papers of projects I thought looked interesting and started trying to do my research. I've downloaded about 10 white papers and I don't think I got past the second page of any one of them. They may have all been winners, but they lost me after 2 pages (my fault, not theirs).
After weeks of doing half assed research, buying into projects just because this youtuber or that forum said to, and feeling depressed when the coin below mine suddenly shot up 50% in 1 day while my coin only gained 1%, I made a decision. I'm just too lazy to do the proper research required to do short term trades. I've picked a few coins and I'm going to stick with them for the long haul. The coins I've picked are Bitcoin, Ethereum, Dash, Golem and Steem.
My portfolio is heavily weighted towards Bitcoin and Ethereum at the moment because I feel those are the safest bets. In the future, I would like to set aside a bit of funds for more speculative coins but for now, my portfolio is too small to contemplate that.
This is a snapshot of my Exodus Wallet:
To help myself not get sidetracket, I've set myself an accumulation goal as follows:
3 BTC
20 ETH
20 DASH
500 STEEM
1000 GNT
There isn't much thought that went into those numbers, they are arbitrary numbers that I plucked out of thin air. The goal is that they will give me something to work for and will help me not get distracted by what the market is doing or what new ICO is coming out.
I've also dumped about 300 EUR into cloud mining and have been doing a detailed study of the results. I won't go over my thoughts on the subject here because this post is already quite long, but I will say that it's unlikely I will dump any more money into cloud mining. Once I have a better picture of my results from cloud mining, I'll post my thoughts on the subject.
Thank you for reading this far. If you like my content, please follow me.
If you would like to help me grow my portfolio, here are my addresses:
BTC - 1RXtenS65WCpS22DV1qH5y6bLXsKFLhrT
ETH - 0x5C914068aF8ebE9950f4Cd894841Ff474b37f907
yes, it is a Pandora's box indeed! Its not just 1 or 2 things to consider in crypto-journey , but rather 923742645725342 :)
Reading white papers is time consuming,.. healthy but exhausting! With new crypto and Ico's popping left and right it's a mania more than a "wise" investing. I am also a fan of GameCredits and Waves. Good luck!
Like the idea of GNT as well - but see there are a few projects based on the same idea floating around. Also have DASH for the long term - feel like it could be the one to attract universal adoption.