Can You Really Make Money With Bitcoin Cryptocurrency?
Several years ago, I bought some Bitcoin and did a little trading when Bitcoin was only $139 and today it is at $8000. It is very real, but needs to be entered into with caution.
At the same time that I bought some Bitcoin and then traded it for GCR crypto, my son also bought some GCR crypto. He however, had created his offline wallet and had several thousand cons secured.
I had my crypto in a wallet ONLINE that was hacked by an "in house" GCR partner and I lost it all. It wasn't much, but I hadn't secured mine in an offline wallet, like mt son did, and I lost what I had to the theif.
The Upside Of This StoryHowever, I had left $10 Bitcoin in Coinbase where I did my exchanges. When Bitcoin soared up to $20K USD I had forgotten all about my little $10, dismissing it as tho it were nothing. Finally I did the math and realized my $10 was now worth $1400 to me. I only had 7% of one Bitcoin. Oh, did I wish I had $100 worth instead of only $10.!
By the time I was able to connect with Coinbase, the value of Bitcoin had diminished to only $800/my share. Since then I have traded a little, but not like some are saying you can do.
The BIG question is
Which coin do I buy?From what I understand, if you sell high and buy low that is how you make a fortune. But what to buy, when to buy and what to sell, & when to sell is the question. A lot of people have lost a lot of money with crypto's but then a lot of people, including my son, have made their fortune with Cryptocurrency.
That's my story and I'm stickin' to it.
What's yours?
Recent Comments
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Good on you! and thank you for sharing your experience with us, all that I know is that even after the fall of 75% that Cryptocurrency had in 2018 is still the best-performing asset class in the last 5 years, and as in any other investment there's a risk to be taken.
good luck!:o)
And now the blockchain is proving to be the safest and quickest way to transfer documents. I don't see it going away anytime soon.
not at all!
it's the way of moving and making Money
of the future as it's been build for the internet to stay and....follow the Code:o)
have a good day
Good evening my friend, everytime I think about this I get disgusted, let me tell you why. Two of my friends got Into it in 2015, they done everything in the world to convince me to get involved, and of course I wouldn't listen. They both invested $1, 000 each, my one friend made over a hundred thousand, took his money and ran away. My other friend hung out he was well over 200, 000, be held on, then it went down, family he sold everything he he still has 140,000, which paid for a new home for him. And me I was left in tears. Thank you for your blog, it reminds me how outrageously dumb I was. May you have a very wonderful night and a successful week.
Thank you for the comment. It is so true, Just a $100 investment would have been $14,000 for me. At least I had $10 tho.
Yeah, I believe Bitcoin will thrive in the long term. It's the most stable cryptocurrency.
Well, you cannot get closer to the future of money than cryptocurrency. This has created a bandwagon of wealth chasers due to the gains that you mentioned, turning $10 to $1400.
They create their own cryptocurrency using those numbers and are selling investment products like new coins offering monthly 7% gains for US$5,000 investment in their coin.
Sure, make sense if we use your example because you got 140X returns for your $10. So, the $5,000 investment will get 84% returns within 12 months, so if your are getting more than double, you can fund the payout.
The BIG question is, will history repeat itself in the next 12 or 24 months giving that type of returns?
Will it be straight line upward growth?
If there is a hiccup, and short term reversal of say 25%, will the initial investors panic and offload the coins causing people to dump their investment?
History has shown us in other forms, tech boom, commodity booms etc. that these schemes existed and many more lost than made money.
Am I investing or gambling?
Don’t get me wrong. I am happy for all who made money with cryptocurrency. I am happy when anyone makes money, whether it is cryptocurrency or selling a used book on Amazon.
However, we need to understand the opportunity, the risks, the returns and how can we trust the people and organizations behind it.
Just like we ask of WA, do we trust the people and organization behind WA? Does the product delivers what it promises? Can I trust the community I engage with?
Thank you for your superb comments. We do need to understand the risks. And yes, do we trust the people behind the product.? At least we know that WA delivers what it says. That and then some. If we follow the plan we can expect success.
A typical "shiny object". For every one person that has made money, thousands have lost more. If you have to gamble, take the underdog and the points in any professional sport.
72% of all bets are placed on the favorite. The general public are morons when it comes to betting.
They built a mega-city in the middle of a desert off these losers called Las Vegas.
My uncle was one of the very first "oddsmakers" in New Jersey when Vegas was but a truck stop in the middle of a desert. He told me to always bet 72% of your bets on the underdogs.
I have been a successful bookie and have been cut off by every bookie in town. They refuse to take my bets. My uncle was right.
Bet $50 bucks on a game and if you lose at least you got entertained for 3 hours.
Now that's an interesting way to look at it. I'm sure many of us would have loved to have put money on Google, or Apple when they first started. Just don't mortgage the farm to do it!
I don't trust cryptocurrency. There's too little history and the difficulties are worse than the stock market. I've had two friends that lost a lot.
I've never understood how it all works.
To me it sounds like money where there is nothing to back it up.
I mean look at the numbers you mention - how exactly did that happen?
Baffles my brain and I used to work in the financial field
How do you explain how a credit card works? Where's the money? What is backing it up? It's all digital. I don't understand it, but I know I have taken cash out by converting Bitcoin to cash, so it is recognized as having value.. I don't argue with that.
It's like, how is America the richest country in the world and the biggest debtor country in the world at the same time?
Well the "world" is confined to this world (earth) whereas the debt is to mars?
Just guessing of course ...
Credit card is easy to explain.
Someone has money on fixed deposit.
Bank pays for you using that money (albeit 10 or more times over) and you pay them back at month's end with fees and interest.
There is an underlying value.
The way I understand Crypto currency there is no underlying value.
Poof and it was created - but then what do I know?
I was recently introduced to a literal gold-backed cryptocurrency that is quite interesting, They actually produce gold coins in small denominations and have a very interesting array of products, crypto just being one of them. In this age of valueless paper fiat currency and banks on the verge of collapse, I figure it doesn't hurt to protect myself with a little gold.
Sound a bit like "women are from Venus and men are from Mars" Haha, but true of course. I guess time will prove everything out in the end.
Thanks for sharing your personal experience with us. It is really hard to predict market. I wish your continued success!
You're welcome Anthony. I totally agree with you. I have been watching Bitcoin decline for a couple of months now. Hoping it will rally again, but doesn't seem to be happening.
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Interesting blog, however I know absolutely nothing about Cryptocurrency. I know nothing about the stock market or anything like that, but I would like to learn about it, just for the knowledge.
Charlotte
Hi Charlotte, Thanks for reading my blog. When I first heard about cryptocurrency, I too knew nothing, but after listening to a few videos I knew I would like to know more. I played around with a few dollars in the one crypto arena mentioned in my blog, until that shyster stole my coins (as they referred to them.) I am now working with a literal gold-backed crypto. It has some interesting things supposed to happen soon in Nov and hopefully will start growing in value then. It's risky but I don't invest more than I can afford to lose.
Blessings
Linda