CRYPTO CURRENT....THE NEXT BIG WAVE
I'm a "casual' investor in crypto..."casual" meaning I only check my balances about 50 times per day...read three different blogs more than a couple times each day...check my balances while sitting in meetings....receive email updates from various links I signed up on...have purchased multiple newsletters...."only" own 26 different coins...and "only" utilize 5 different exchanges....
Well...maybe not "casual' but not a day trader....yet.
Regardless... it scares and shocks me to see how much of a balance I have accumulated over the three plus years I've been involved with this...really knowing nothing....just willing to take a chance...not give up...make the mistakes needed to learn...and enjoy the process....
Over the three years I could have cashed out at any time...lord knows my wife certainly wanted me to take that option...would have been nice...pat myself on the back and get on with life...however... I didn't get involved with this just to make a few extra dollars...I did it as a dream...what if...a real life lottery... and having survived the highs and lows to date...see it continue to develop...catch on...grow in value...I know I was on to something...and lets face it...it always feels good to feel "right" about a choice we make...
But...I can't take what I have lightly....and as so often happens in investing...once you have something worth having...it becomes something you worry about losing...So...in an effort to convince myself to hang in there...I have come up with these additional reasons on why I should hang on...
First...taxes...it already shocks me what kind of tax I will owe next year when I file based on what I have done to date...its so easy to lose track of all the trading one does whether cashing some out or just re positioning what you own for coins...trading coins for coins...and as it stands...my profit is tied up in coins and as of now...and the government doesn't accept bitcoin payment.
Secondly and perhaps most importantly...from my perspective..its only getting started...the masses are not yet truly involved...I know so many people...who have "heard" about "bitcoin"...but wouldn't consider it as an investment...too risky...not real...too confusing...sure...I get it...its what separates the entrepreneurs from the worker bees...the gamblers from the sideline fans...but...it is evolving into the mainstream...ready or not here it comes...all it will need is one "legitimate" investment house to allow it to trade in it or market it to its customers as an alternative investment...and BAM...these things take off beyond what's happened to date...
Therefore...in preparation of this next big wave...I am trying to decide what coins make the most sense to own for this purpose...I definitely think early on...the "bigger and better" known coins will be the most invested...like bitcoin...ether...litecoin...monero...dash...steem of course....which come to mind immediately...not to say other coins won't be part of the trading pool...
So with that thought in mind...part of me would like to commit to just those coins which would simplify my life greatly....However...one of the reasons I spread out to other coins was to try and catch the next big thing and make a small killing on a coin that seems to have good technology potential and is talked a lot about....its so hard to sell off those type coins that have done well and continue to do well just in the current trading space...
Would love to hear what others in the Steemit community think about this concept and how they are making their coin investment choices...as "casual" investors of course...perhaps also looking to simplify their lives and end up only owning a dozen or so coins on three exchanges and only glancing at their portfolio and blogs a handful of times each day...
Ha ha, you have no idea how much I can relate to being a 'casual investor'.
Not alone at all!
I know I'm not alone!
Indeed
link to Google!
Can totally relate to this post and really enjoyed it. For me, a few months ago I took out a small amount to pay off my car. There is definitely an element of risk in crypto, so I was saying to myself if this all goes south with the upcoming fork at least I have gotten something worthwhile from the time and money I've spent in crypto. Like you, no regrets just enjoying the experience and the learning. When I first learned about crypto about 2 years ago I saw it as an alternate future. Cheers
Great to hear...I have pulled some out as well...first goal was to pay off mortgage...haven't done that yet but put a some in a good ol' bank CD...
I also was intrigued by the whole idea as well...saw it as a potential game changer...being older...I definitely see how the younger generations who grow up "connected" won't think twice about this concept...
It also blows me away that its a world wide phenomenon....
Honestly all the coins in the top 20 have their use cases and I've picked up a little of everything. I wouldn't sweat it - were at the beginning of a long road and I'll just enjoy the ride.
I am...but as said...trying to be "smart" about my coin choices if such a thing exists...thanks.
Do you sell off at all if one comes up a bunch?
Great post! Resteemed. I am only in 5 coins but planning to expand soon!
We all start somewhere...thanks for comments...
Two questions if don't mind...how does one resteem....and how do you get on home page?
I found home page answer...resteem process?
Near the reply button there is a rectangular arrow pointing to the right.
Appreciate it.
thx for sharing
Here's what I love about this post. You mentioned taxes. Let me say one thing about the difference between cryptocurrencies, the blockchain and government. Government would not survive because the blockchain is totally transparent and there is no such thing with the government. This arena and type of investing is what is going to get rid of government. The reason why? Your voice as an investor is heard, recognized and has value. There is no such thing in government. If you think you have a voice, government is deaf and you don't realize it, or at least realize it yet. Most of us want to live our lives without being raped by overarching, over-regulating demons who don't give a sitoshi about their constituents or the people that put them into the positions they hold. Personally, I don't give one rip or sitoshi about government. If they were honest, and they are not, that would be a different ballgame. Here, I don't feel I will be raped or over-regulated into oblivion by someone who doesn't give a rip about me, and how much they can steal from me. Kudos and keep up the great work!
Thanks for your thoughts.
I started on steem three days ago and want to get rich and famous. I wanna buy and spend bit coins.
Look forward to your being famous...be ready for a few bumps along the way...
i have just 17 coins, but i will keep them for 1-2 years atleast to see how many times they will multiply ;)
We are at 1% of crypto's potential!
17 is a lot...especially trying to keep track...good luck investing...
i use android app "blockfolio" for monitoring all of them :)
I've heard that app mentioned a lot.
Pre-newbie crypto addict here. Still researching, no purchases as yet, though I'm feeling the urge. Wondering if I'll need a 12-Step program soon? Thanks for your post - enlightening and humorous.
The first step is BUY....
good
Thank you.