After realizing the mistake of putting all my savings in to cryptocurrencies I decided to withdraw 50% back to my savings account and to play with the remaining balance.
But given that Bitcoin, Ethereum and Litecoin were too expensive for making a sizable profit even with time I decide to move all my assets to Poloniex!
In order to transfer the funds to Poloniex I had to create an account with them which proved to be quite difficult. It took about 48 hours for my account to be approved for Tier 2. (Two weeks later still waiting for Tier 3 approval).
Once that happened I exchanged all my USD for Bitcoin and send them to Poloniex! (I could have sent it in USD and avoid exchange fees, but stupid me). When I finally had all my money to Poloniex I went in a shopping spree!
So many GREAT coins in the market and so limited fiat to buy them all. I took the decision to diversify my portfolio and to buy 20 different coins, investing a small amount to each of them. My thought process is that in a year time the market will explode and all those coins will reach the moon.
Some of the coins that I invested are Steem, Digibyte, Ripple, Ardor, Golem, Siacoin, Burst and Dogecoin. I strongly believe that after the research that I have done (please contact your own research before you invest) those coins can really make a great jump in price in the coming years. (Not so sure on Doge, but damn was so cheap)
After I spented all my budget I realized my biggest mistake so far, I did not do any analysis before I bought those coins, the result was that I bought hign in 15/20 coins I put my money in (Stupid me again and again). But I had no idea at the moment what Analysis was anyway :P !
The only reason I do not panic and I will hold my position is because I am aiming in a long term investment, and a few $ per coin will not affect this, however I could have bought more coins. And those coins can worth a lot of $$$ on day!
- Diversify your portfolio, don't putt all your eggs in one basket
- Please contact your own research before investing
- Do Analysis before you buy in to a coin
- Educate yourself before you make any movement in to Poloniex or the Crypto world
To be continued...
Did you transfer from Coinbase to Poloneix?
Yes, that was the only way I could find
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