My Adventure in Crypto Currency Bitcoin
Last Update: June 10, 2017

So I have been looking at adding another income stream to my portfolio and decided to look at mining and trading in cryptocurrency.

For those who are not familiar with cryptocurrency, its a form of digital currency that is not governed by anyone. Completely decentralized. This means income, transactions etc are not tracked.

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According to CNBC, that means if you were to buy $100 worth of bitcoin on May 22nd 2010 – at a bargain price of $0.003 each – it would now be worth a whopping $75 million.
Read more at https://finance.nine.com.au/20...

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its crazy! I actually had bitcoin wayyyyy back in the day but never thought it would get to the level it is now! I would have been an instant millionaire. UGH!!!!!

So as an early adopter of the system, I was stupified and now I'm getting back into it as there are many other coins on the market and there are some people absolutely killing it in the market.

The reason for this post is because I noticed another member talking about bitcoin and spotted a post promoting a Facebook page which evidently lead to a website that was promoting a bitcoin MLM called ICOINPRO.

AVOID ICOINPRO AT ALL COSTS

These MLM cryptocurrency businesses are terrible and they are ripping you off. Why would you bother referring people to the scheme, make a small % when the best money is made trading cryptocurrency.

Yes there is a steep learning curve but all you need is for someone to show you how to get started and you are away.

THINK LONG TERM

You dont even have to buy and sell currency. All you need to do is research the coins / companies that align themselves with your values. Look at whether the technology the coins are funding can actually solve a real world problem like decentralized cloud storage, cyber security etc, look at the reputation of the developers and then buy at the lowest price and hold for 1 - 5 years.

This is how I have built my first portfolio. Just by buying and holding I have close to tripled my initial investment!

I wont touch this portfolio until much later and reap the rewards then.

PLAY WITH WHAT YOU ARE WILLING TO LOSE

I only play with money I am willing to lose. In total I have dedicated $1000 to build my long term portfolio. I consider this as money spent.. Not lost..

IF YOU WANT TO PLAY THE SHORT GAME

If you want to become a day trader. the next wolf of wall street (without the cocaine and prison sentence of course), then you can look at day trading.

Essentially you are looking at the timeline of coins, buying when they are low and selling when they are higher than the buy in price.

Yes you can make a lot of money quickly doing this but you also run the most risk.

I am going to do this but I'm going to give myself a $200 budget to day trade. If I lose that money I'm done with day trading and will just hold my long term portfolio.

I'm hoping I figure things out and get on a good streak so I can increase my holdings in my long term portfolio!

NEXT MOVE

I am looking at building a mining computer to mine more cryptocurrency for me to invest with.

I am also considering buying some cloud mining contracts so I can diversify my portfolio.

SUMMARY

Please stay away from MLM based crypto currency schemes.. there really is no need.

If you have any questions please feel free to ask here or send me a PM. I would be more than happy to share what I have learned so far.

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MoneyIdeas11 Premium
One more thing. If you are serious about crypto trading, check out ProwdClown at tradingview.com. He has recently done some really good posts about settings for Godmode and other things that can really help traders. Also, he seems to have a fairly accurate system.

I'm not trying to promote any of the websites I've listed nor do I get anything by recommending them, they're just websites I've found useful.
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MoneyIdeas11 Premium
Yeah, I started with about $7000 at the start of this year and it's approaching $100,000 now just by holding. I got in at just the right time. I built a portfolio of about 9 diversified coins that are leaders in their fields, like FCT, BTC, XRP, ETH..... Some coins go up and some down in the week, but every week I've seen overall gain.

Do your research first. There's tons of crap and scam coins. Shoot, you can make your own crypto coin for free in less than an hour. How about a Nik coin?

I'd stay away from cloud mining though (unless you're talking about pointing your miner towards a mining pool). The cloud mining realm is chocked full of ponzies and the real ones like Genesis Mining, well, let's just say you will get much better returns just buying and holding.

As far as trading, I don't have the emotional control to be successful. Oh well.

Want to see the top coins? Try out coingecko.com

My goal is to wait a little longer and then cash out for some mining equipment. Make sure you do your homework first. Your return diminishes quickly over time and the power costs can make it not worth while. Might be better to mine scrypt coins than bitcoin.

Good luck
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BeauAndNik Premium
@MoneyIdeas11
Wow cheers for sharing that man. You got in at the right time! I don't have those kind of results yet but I am determined to get there. I'm still pretty new to be honest (started trading 28th of may) but naturally I have learned a lot in that time.

I'm a HODL type guy for the most part. A small part of me wants the rush of day trading lol.

Genesis mining, hashing24 and hashflare are the only cloud mining sites i'm considering. I know cloud mining is not the best but I see it as a way I can diversify my resources.

I am currently considering going for funding to lease an industrial warehouse and filling it with mining rigs. Mining BTC and a few other alt coins.
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MoneyIdeas11 Premium
@BeauAndNik
If you're wanting to diversify your resources, I would recommend diversifying across uses of blockchains instead of cloud mining. 2 of 3 contracts at GM for me broke even and one of them made me a little. WAY BETTER to buy and HODL in my opinion.

As far as you buying mining rigs, I think it is good to also diversify with the coins you mine. I have no actual experience here but looked into different rigs. Remember that the amount of bitcoin you mine will probably drop in half or more by the end of the year because of difficulty increases. If bitcoin doubles in price you are fine. If not, you will have trouble breaking even. Lot of variables here.

Most profitable at this moment seems to be the antminer L3+ mining Litecoin, though that one could mine any script coin. If you are mining bitcoin, do merged mining which should give you a 10% extra profit.
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MoneyIdeas11 Premium
@BeauAndNik
You're talking large scale which means lots of noise and heat. I'm currently looking at submerging all the machines for liquid cooled (they do this in data centers) and possibly running the oil through a stirling engine to make some power to dump back in and cut costs and noise.

Just an idea at this point since I'm just starting to look into it. But may give you more options rather than rent industrial building. Also looking at buying some land and building hydro....

Lots of ideas I've been looking at but won't be implementing till next year when my holdings are enough to use to set up large scale (shooting for 150 industrial rigs) without using all my coins up to get started.

Really interested in sharing knowledge and experience. Keep me informed of how it goes :)
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Bloom1 Premium
@MoneyIdeas11
How is this going for you. I'm interested in this area.
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MoneyIdeas11 Premium
@Bloom1
It's going well. as far as mining, I have 2 rigs, an antminer L3+ and a gpu rig just to get familiar with things. My crypto has continued to grow. right now I'm all in fiat as it's about to crash, but I'll buy at the bottom and cash it out to start my mining farm the beginning of next year.
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Bloom1 Premium
@MoneyIdeas11
Nice one, and which currencies do you mainly mine?
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Bloom1 Premium
@MoneyIdeas11
I'm quite new to this, so my questions will be quite basic.
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MoneyIdeas11 Premium
@Bloom1
The L3 is a scrypt miner so it could mine any thing that uses the Scrypt algorithm, like Litecoin and dozens of others. Right now though, I'm just selling the hash power on nicehash. The gpu miner uses amd gpu's so I'm mining xmr. If it was nvidia gpu's, they would do better mining zcash.
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MoneyIdeas11 Premium
@Bloom1
No problem on the basic questions :) I was totally new myself once.
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Bloom1 Premium
@MoneyIdeas11
For someone just looking to venture into the world of cryptocurrencies, where do you say is the best place to start? Thanks.
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MoneyIdeas11 Premium
@Bloom1
You have to realize that crypto is extremely volatile and 30% moves are not uncommon. If that makes you queezy and inducing you to panic sell, it probably isn't for you. Be careful trying to trade because most people see it running up and jump in at the top only to have it go down and then panic sell at the bottom. Emotions are a great way to clean out your balance.
The easiest place to start is what tons of people are doing, signing up at coinbase to be able to turn fiat into crypto. You only have 3 options to buy there though and the fees are high which is why some people end up at coinbase's exchange - gdax. You could start by spreading your money between those three.
Another option is an exchange like Bittrex where you could buy other coins. Stay away from the small ones and only get the bigger ones (like the top coins on coingecko.com) unless you really know what you're doing.
Now is a decent time to start because it just had a huge runup and its pulling back.
It's generally believed that it isn't safe to store your crypto on an exchange since so many of them have been hacked or even failed (heard of Mt Gox?) A hardware wallet is best if you plan to hold them long term and not worry about trading. Hardware wallets like ledger or trezor, but only buy those from trezor and ledger themselves. Those can't be hacked and cleaned out. Just remember to write down your pass phrase somewhere where it won't be compromised or lost. Otherwise you could lose all your coins. Educate yourself.
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SoBold Premium
Just followed you..... I do not know anything about Bitcoin... but have always been interested in short term trading ... i dabbled in FX for a short period but was not very successful ... then got stung with binary option scams galore .

Would love to know more about trading crpyto currencies and what's involved ... and also the mining part you speak of
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des1963 Premium
Thank you for clarifying that. You would be a wonderful person to do reviews on such companies because of your knowledge. Also if you fully understand these systems have you considered joining the launch sites that let you know ahead of time when these systems are coming out? If not let me know and I'll give your those sites. Also, another good deal is penny stocks--if you can pick the right one at the right time and Agora Financial has a lot of good information about penny stocks and how they work. Those stocks can be just as profitable as bitcoin. Take Care.
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BeauAndNik Premium
@des1963
Thank you for the praise!

Now that I have finished building my long term portfolio I am now looking at day trading and investing in ICO's

In an ICO campaign, a percentage of the cryptocurrency is sold to early backers of the project in exchange for legal tender or other cryptocurrencies, but usually for Bitcoin.

I also need to learn some Technical Analysis so I can chart coins more accurately.

I have wondered about penny stocks! Let me get my head around this and i'm sure I'll take a look lol.

I am considering creating a YT channel about my crypto journey. reviewing these opportunities and showing normal people like you and I, how to get started.
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des1963 Premium
@BeauAndNik
YT is an awesome idea! I feel you would do very well on that platform because of your knowledge. You would definitely give your competition a run for their money lol.

Penny stocks are something I'm considering for the future as well. I need to do a lot more research on them though. Here's wishing you much success!
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otikoroASH Premium
Hi there!

I stumbled on WA by trying to look up information on Bitcoin. I don't know much about it but do want to look into investing about 20$ a week into it. My RRSP with my bank seems to be doing not much for me and I hear this is a good side thing to invest in.

I would love to learn more about it and the best route I can go to get started. You seem to be the right person to ask!
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BeauAndNik Premium
@otikoroASH
Hey there!

I would be more than happy to help you get started. I have been through a lot of exchanges and different programs etc to begin this journey.

Yes this is an amazing thing to invest in as a side project and if you just buy and hold like I advise then it can be very passive!

Feel free to pm me any time
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otikoroASH Premium
@BeauAndNik
sounds good, will do. I have no idea what website to go to or anything. I don't play the stock market so hope its easy to figure out.
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