My journey into the world of cryptos and blockchain.

in Project HOPE2 years ago

Greetings friends!

Money plays very important role in human life. Without money we are helpless in this world. Nobody cares for a poor person. That's why it is very important to earn money. One can be a wealthy person if one receives wealth in inheritance or one can earn it through various means. Investment is one of the thing that can increase our wealth and make us rich.

Keeping in mind all the things above, I started my journey on Steem blockchain in March 2018. At that time I had no idea how to invest on cryptos and even in stocks. Steemit helped me to learn about it. Later I invested $500 on buying Steem tokens and power up with it. I was planning for more but, unfortunately in India, Indian central bank RBI banned all the crypto transactions in India in 2018. Later in March 2020 that ban was lifted by the order of the Supreme Court of India. So, it become possible for me to invest again on crypto.

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However, the situation has become worse again. From July 2022, Government of India has put heavy taxation on crypto transactions and it is also deducting tax on every transactions. No matter how much loss one may sustain, that person has to pay taxes on every earning from crypto In India. This is very discouraging for a new player like me.

Despite of all these odds, I am slowly and steadily increasing my share of cryptos. As I have already mentioned above, I started my journey with steemit. When that blockchain splitted after hard fork, I got Hive account automatically created for me. So, without any effort of mine the value of my investment doubled. Hive performed well and it is doing great. I am also active on steem as that was the first thing that introduced me the crypto world. I also invested on #splinterlands cards and now I have cards with total value of $7000.

I again invested on steem and hive and powered up my accounts with over 1500 Steem and 3000 Hive. This investment is going to increase in the future. I will grab every opportunity to increase my assets and re-invest it on crytos. However, there is a matter of concern as well. Government may ban cryptos in future and can ruined my dreams any time. Apart from it the value of my splintelands cards is decreasing. I have 1166 cards which value if almost 7k USD. But, some months ago when I had only 1000 cards, their value was 7.5k. And many months ago when I had just 800 cards, their value was almost 25k. Again in my Bitcoin and other crypto investment, so far I have lost over 50 percent value. This is insane. I should have gained more wealth with increase in my assets. But, opposite is happening. Value of my assets is decreasing despite increase in my investment. I am afraid that this is going to be a very bad thing for me.

I am little worried but not dejected. I hope things will change in the future. I am also hoping that this post will earn some good reward for me.
Hoping for the best for all of you!
Thank you!

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We've found Crypto in your hashtags, reshared to @crypto.defrag

Just keep pushing and I am very optimistic that things will change. Don't give up the cryptocurreny dream and chase

 2 years ago 

Hi @akdx

Thanks for sharing your experience in the world of crypto. I'm glad to see you again in PH.

Nobody cares for a poor person.

Im not sure if I would agree. From my experience, poor people often are surrounded by more people who care about them than rich people. If you rich - you often cannot even tell who is your real friend.

Starting in 2018 must be quite challenging. You had a long "crypto winter" ahead of you. Respect for sticking around and not giving up.

ps.
do you need to calculate and pay taxes from every single transaction? no matter how small it is? even what you earn here on Steemit - you need to pay some taxes from it? even if you don't cash out steem to your fiat currency? just if you simply hold and stake it?

Have a great new week :)
Cheers, Piotr

Thank you so much dear! At present I have decided not to exchange cryptos into fiats as it takes lots of taxes in India. So, I am holding and staking as far as possible.

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