My Adventure in Crypto Currency Bitcoin
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.
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...
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!
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.
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.