Re-introducing Myself: My History with Cryptocoins
Happy Monday everyone!
You may have noticed I've been focusing mainly on cryptocurrencies lately on my blog. However I don't think I've given any introduction regarding my interests on these coins. I've decided to use this post to share my story.
Being a Computer Science graduate with a fair amount of interest in tech and gadgets, I must admit being a bit disappointed in myself for not having caught on the cryptocurrencies bug from the very beginning. By the time I learned about the potential of cryptocoins, Bitcoin was already too expensive to mine using ordinary resources.
It was then that I turned to Litecoin. Litecoin was the first cryptocoin I mined back in late 2013. During that time, cryptocoins was a talking point as well in almost every social gathering. Much of the attention was only on Bitcoin as nobody at that time could fathom Bitcoin trading as high as $1,200.
As the frenzied mood on cryptocoins continued, all sorts of altcoins likewise crept up almost everyday (doesn't this sound familiar?) But as quickly as Bitcoin's rise to fame, the collapse of the whole cryptoverse likewise happened in the blink of an eye. As power costs eventually became too expensive for mining, I had to put all mining operations to a halt in early-2014, a mere 3-4 months since I started.
Needless to say, I wasn't one of the lucky few who managed to obtain a large amount of any coins. Still I'm quite happy for the experience and the exposure.
Fast forward 3 years later, the resurgence of cryptocoins last year has enabled me to resurrect this old hobby of mine. I'd like to think the cryptoworld has matured since then, but with the enormous number of altcoins surfacing by the day, it's hard to be convinced we retailers and consumers have learned our lesson.
Hence it always pays to err on the side of caution. I've made mistakes time and time again to know. And to be honest, I don't think I've shielded myself from any crashes that may happen again in the future. It just seems impossible to do so. The most I can do is take heed on 2 advise that I've heard time and time again:
- Never put all your eggs in one basket, and
- If you must invest, then bet on what you've researched to be proven established coins.
Cryptocurrencies, at the end of the day, still represent one of the riskiest financial asset today. If you have a passion like me on cryptocoins, it may be unavoidable to invest and dip your feet in it. However, be sure that you can still pull yourself out of the water should some catastrophic event occur in the future.
Interesting story. Thanks for sharing.
You're welcome, and thanks so much for taking time to read. :)
Really interesting story! Here is my latest one: https://steemit.com/blockchain/@williamcrypt97/one-year-a-thousand-lessons
Thanks for sharing your story. I've read it, and you've got some very helpful points!
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