A Year of Cryptocurrency Dabbling
Back Story
This is my first post, but it's less about me than about a project I'm undertaking. If you're looking for information about me, it's sprinkled throughout.
Like most folks on the margins of the tech and investment worlds, I've been watching cryptocurrencies for a couple of years, thinking that I should get into the market without actually pushing the button. Most of the time it was because I didn't really feel like I had the money or time to spare.
This week, I received a small Christmas bonus from my employer, and I'm about to take a couple of days off for the Christmas holiday, and it felt like the moment was right to dip a toe into this world.
Rationale
I'm a young, busy person of modest means. I want to see how a tiny investment in cryptocurrencies works out for someone who can't invest a ton of time or money into it.
I also could use a little extra money. I have some fairly expensive hobbies. I like traveling, I like composing music on my computer, I like playing music, I like watching soccer, and I like playing soccer. The costs add up.
Set Up
Sometime this weekend, I'm going to make the following investments:
*$50 of BitCoin
*$50 of Ethereum
*$50 of Litecoin
*This blog on steemit
My plan (presently) is to leave the money in each of those currencies for an entire year. I also plan to post and curate content regularly on steemit. I'll be tracking and evaluating my investments regularly.
Next Steps
The next steps are:
- Choose an exchange and/or wallet
- Purchase the currencies
- Continue to post
I'll attempt to post at least once a week. Coming up, I'll try to explain the rationale behind my choices of currency, exchange, wallet, format, and steemit strategy (or intentional lack thereof).
You
I don't have any followers, but if you're reading this, and you have opinions--I haven't chosen an exchange/wallet yet, and I haven't completed my currency purchases, so I'm open to any suggestions you have. If you have general ideas about the project, I'm open to hearing those as well. If the whole thing is a bad idea, or illegal for some reason--I definitely need to hear that. Let me know!
Welcome to the community @juanersatzman. I'm also new to the steem community but not new to digital currency. As a crypto currency trader I'll throw in a few advice
Never buy any digital currency at an all time high price
Do your own personal research on any coin your about to purchase
This is from my own point of view. since your looking to invest with as little as 50 bucks go for currency that are still less than $5 for one
Let me share my experience on this one I bought steem and ripple when both were less than a dollar steem was $0.82 while ripple was $0.25 you can see the percentage increase now is more than 100%. Check coinmarketcap for the list of all the coins in the market look out for the the first 15coins. Hope this is helpful in your decision making.
Thanks for the advice, @iammicl, I do think that the route you’re suggesting is a way to maximize possible returns—I’ll explain in an upcoming post why I decided to go about it this way instead of that, and I’d love to hear your thoughts on that longer explanation of my thought process. Out of curiosity, is there a particular low-cap currency you’re excited about, right now?
Welcome to Steem @juanersatzman. Feel free to follow me @kanasite and upvote. Cheers :)
Welcome to Steemit, friend ! Its a good decision on your behalf to invest and keep them for a full year. I just wrote a post on BTC, it might help you decide when to enter BTC.
https://steemit.com/bitcoin/@ervinneb/bitcoin-buy-opportunity-or-market-sentiment-change
Hope it helps ! Enjoy :)
Thanks for the input, I actually wrote this this morning before checking back in on prices. I may end up giving all three currencies a day or two, especially BTC.
Welcome to Steem Community @juanersatzman! As a gentle reminder, please keep your master password safe. The best practise is to use your private posting key to login to Steemit when posting; and the private active key for wallet related transactions.
In the New Steemians project, we help new members of steem by education and resteeeming their articles. Get your articles resteemed too for maximum exposure. You can learn more about it here: https://steemit.com/introduceyourself/@gaman/new-steemians-project-launch