First week buying cryptocurrencies and I already caught the bug. Hard! Thanks everyone...
So just last week I made a post asking for a bit of beginner advice about where to research and an app to use to track the prices of some coins. I want to thank everyone for the amazing advice and blockfolio is amazing and totally addictive by the way, but that's another point.
I started very small with about 500 USD and made a couple buys. I was hoping to pick up a couple really cheap coins trading around a couple cents and hold them(wait I have to spell it "hodl" like this now right) for a few years and hope one of them is the next big thing. I pretty much see it as gambling and would be fine if they disappeared but I also feel the potential benefits would be huge.
This is were the bug really caught me. On of the coins I bought Verge (XVG) is up 650% since I bough it 1 week ago! I'm well aware of my own addictive personality and trying to be cautious and mindful to continue to take is slow, but these gains are ridiculous. I started with an investment of $85 and now it's market value is $631. I understand I didn't sell it yet and I can't count my chickens before they hatch and all that stuff too but I don't know what to expect, and like I said my plan is for the long term so I think I'm just going to wait. (PS thanks to @juniusmaltby for that little tip, and old trusted friend from the silver community)
I also bough Ripple which gained a bit but certainly not as exciting, but I was slow with getting some BTC from Bittrex to Binance since the next coin on my list in PO.ET (POE) but looks like it's already starting to take off.
Like I said this is my first week and I'm sure every week isn't like this, and please for goodness sakes don't take any crypto advice from me. It would probably be good for someone to give me a bit of reality check in the comments, but I do wonder if this is the reality and maybe that's why everyone around here is so evangelical about promoting cryptocurrencies.
Anyways now I'm already thinking of my next steps.
I also made a trade for some of my Steem Silver Rounds to get some EOS, since it seamed to be all the buzz around here. In fact if anyone else is interested I'd be willing to move another batch of 10 for another 100 EOS. You can check out this post that was all about it.. I'd be willing to add a coupe extra ounces of silver too so you can find me on discord, Phelimint #3565
I think my next step once I have a bit more to invested and better understanding I'd be interested in trading between a few coins and moving some small profits around try to make it self-sustainable, and maybe be able to cash a bit out back into my true passion of silver.
I'm also already scouring my house to find a few more boxes of junk I'd be willing to part with. I'm unwilling to move much more silver, but I do have some old Magic the Gathering Cards and huge stockpiles of Canadian Pennies (including over 500 mint sealed rolls) if anyone interested let me know. Otherwise I am going to set myself a small monthly budget of a few hundred dollars to contribute to further cryptocurrency investments.
My other big debate right now is do I send any STEEM/SBD off platform to do some trading with. I mean I do really believe in steem's long term potential as a currency and think it will also definitely rise in value eventually, everyone seams sure it will be double digits next year, but will it ever go to triple digits. Should I speculate in another few small coins.
These are all the new questions that keep me up at night recently...
For real though a big thanks to everyone who gave me advice and confidence along the way give this a try. It's a wild ride and I'm only a week in!
I've also recently received a small donation of EOS and want to say a super big thanks, and it was suggested to drop a few wallet codes once in a while in case anyone else wants to help feed my new addiction and get my feet wet in a few other coins.
1DYLU5jd5zt1GTA6yPdEdQCLA9v6jstPvS
0xdD69bE0239B701F45558B359a6551B1f27D80E21
LXxzvMJnbGYdfSqMDBcMkjbqknvuYWeyRg
0xdD69bE0239B701F45558B359a6551B1f27D80E21
XywiJuQbEQKAWr2HMuppFsfbDWrmQAG13U
I really caught this bug! Feel free to leave any other advice or things you wish you knew starting out!
Footer by @bearone
The Crypto Bug is in Full Force! I have some EOS I'm looking to trade... If you have a 2016 Temptation of the Succubus - BU lying around and are interested in a trade let me know... Stack and Crypto On...:)
Yeah man, let me know if your interesting in anything from the site and we can do a trade for some EOS. Go ahead and email me at [email protected]
If you are going to transfer steem or SBD do not use poloniex. You might get them hodling your transfer until the price drops, then they'll transfer into your account.
Yeah, I've heard alot of warnings about them. I've been using bittrex, but really like binance too. I hope they start accepting steem, would save me a step and lots of fees.
You have made some good trades! I like to take a little profits every now and then with some of the coins, but I don't do much trading. I mostly just HODL! haha I would take some SBD off the table and diversify!!
I think it's dumb luck, we'll see what next week brings...lol. And thanks for giving me the push to take off a bit of SBD. I think i'm going to remove my payouts/week to diversify, but otherwise power up here. I think it'll help feed my new crypto addiction for now.
The addiction is real though! I was talking to a buddy this weekend about it! He watches 24/7!
(you hear an engine rev and horn honk)
MEEP! MEEP!
(the window on the humvee rolls down to reveal a warm smiling face)
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Comment by @killerwhale. This is a opt-in bot.
Congratulations! I'm trying to diversify my cryptocurrency assets outside of bitcoins, ethereum, and litecoins. But have a little trouble getting into other cryptocurrency exchanges outside of coinbase. Hope I can get in and not miss the craze!
thanks a lot for your post. and very useful for me and also hopefully useful for other steemit friends. very good post you @phelimint
Well I'm happy that you are doing well, but be careful where your money is going. I can't afford to gamble with what little I have. Sometimes I'd like to buy something and take a chance also, but I just can't justify it right now.
Amazing post.i liked it 👏👏👏💕🐦
Keep lovely posting...
I am new at steemit.
It is good.in future you will a king of bitcoin
I'm also hodling for a few years. Good luck!