For those of you who read my "introduceyourself" post, you have the context. The tl;dr is that I'm a professional that was into Bitcoin during my college years and have since been out of the world for the most part. I'm now trying to get back into the swing of things and start building back up a bit of an investment in cryptos for my family's future.
photo courtesy of pixabay
I'm currently in an interesting point in my career. In 3 years, I climbed to the top of a very niche industry and was actually running an American subsidiary for a large multinational manufacturer/distributor. Then I was asked to leave and dumped unceremoniously, in a way that basically blocks me from moving to another part of the same industry.
My wife and I have decided to focus on a small business that we've had on the backburner, but it honestly doesn't really make enough right now to pay the bills. Right now our battle plan is to buckle down and save as much money in our lifestyle as possible (exploring the trendy "minimalism" movement) and focus our efforts in building the business.
At the same time, we are exploring every other potential income stream to keep food on the table and the rent check paid. I decided that I would also start to build up an "emergency fund" in bitcoin, that could potentially also serve as a source of income in as few as a couple months.
The first step was to acquire some "starting capital." To do this I dipped into our admittedly shallow checking account and bought 150 USD worth of bitcoin. I had actually never before gotten bitcoin in this way, and was unpleasantly surprised at the amount that came out in fees. I logically understand the fees, because I'm used to paying square credit fees when people purchase our products from us, but it still came as a slight shock.
Once I had roughly $144 in BTC, I transferred $140 to a new poker room (new to me, it's been around; here's a referral link if you want to check it out: https://betonline.ag/RAF/BZ8V0ZOM). I was quite pleased with how quickly the transaction happened with the pokerroom, and I got to playing.
It is worth noting that I used to play poker online for side income and was pretty reliable in making modest hourly profits. My goal is to get back into fighting form and make reliable income on low-stakes poker.
Step 3 is that each day, I will take $20 from my poker winnings (a modest starting goal for my daily performance) and transfer it back to my BTC wallet twice weekly. Most of the $20 a day will stay in my bitcoin wallet, hopefully growing as bitcoin continues to perform well. I will also be looking for ways to get my money to work for me.
This is step 4: invest bitcoins in bitcoin-denominated ventures (I will write a post later about bitcoin-denominated investments as it's a complex issue, and extremely important to reliable BTC returns). In my past BTC life that i described in my last post, I invested in bitcoin casinos. The returns are good; abnormally good. That's because there is a massive risk that the operators just run off with your money. I'll be looking for something a bit more conservative in the near future, but I'm still willing to put small amounts into reputable casinos to see what can be done with them. As I find good investment opportunities, I'll be sure to post about it here.
Step 5 is just to wait until the returns from these investments are stable enough and the principal is high enough, that we can take a decent amount (maybe around 1500 USD per month) out without reducing the principal and allowing it to continue to grow marginally.
Sounds lik a plan! @jumpy :)