The Learning Curve & The Roller Coaster 🎢

in #busy3 years ago (edited)

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I remember reading about Bitcoin around 2012 or 2013. It seemed interesting but it didn't peak my interest and at that point I was still working in sales and was not looking at technology the way I do. The idea behind the blockchain and the impact it can have would have been lost on me.

Fast forward a year or so and I started getting on Coinbase and slowly figuring out how to purchase small amounts of Bitcoin, and at one point I even grabbed a little Litecoin. I had no idea of public keys and private keys and the risk involved with simply moving these coins around. I just assumed (as I am sure a lot of people do) that Coinbase is like a bank. 🏦

The more you learn the more you realize that you MUST own the private keys to truly own the cryptocurrency.

After that, I looked up how to move my coins to a paper wallet and proceeded to transfer them over. I put a paper wallet with Litecoin in our safe and forgot about it until things started to really move. Crazy how LTC and others have grown!! 📈

I decided to get it out and checked the public address only to find out it was ZERO. NOTHING. Somewhere along the road of moving it over I messed something up. Looking back on it now it doesn't seem that hard to get coins over but when you are new to this stuff every part is a potentially huge learning curve.

I know I should have checked and tested with a small amount first. I know I should have confirmed it was in the address before storing the paper wallet. I guess at the time I didn't realize I even needed to make sure the transaction went through. I honestly can't remember.

As I discovered this it made me realize that every blockchain or Bitcoin expert out there has a story about where they messed up or didn't get it. Sure, some are just for a few minutes but for most of us it was a few weeks or months or even years.

What about you. Do you have any stories or experiences as you found your way through cryptocurrency?

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The immutability of the transactions in the blockchain make it attractive or valuable but also dangerous for mistakes especially if you are not used to it... Just like our Steemit password, never, ever lose it!

Yep. We definitely need to make sure we keep up with those things.

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