My personal reflections after being in the crypto markets for 2 weeks.
So I jumped on the bandwagon a bit late(okay maybe a lot late), but I think it's important to share my perspective, since I'm not an expert and just new at this. I think it will help some people who are also on the fence or considering trying it out. Most of the discussion out there is at a higher level and just made me feel it's too complicated to try. If any of the experts are reading though, please don't hesitate to drop me any advice as well.
If I can do it, anyone can!
If it's something you want to do. I'm certainly not giving any advice or telling you, you should. Personally I think there are still huge growth to occur in the cryptocurency and blockchain technology so hopefully I can make some money off it all. I do also think steem will rise so I continue to keep alot on the platform as well.
I'm in Canada so when I wanted to buy bitcoins I've been using Canadian Bitcoins. They don't have a very sophistical site or anything, but I've been assured they are secure and reputable. It was easy to sign up. I did like long ago, and bought a few Steem long ago when I had some extra money. Sending coins around really isn't that bad. I always find it easiest to just scan QR codes whenever you can. I feel most confident that the key are correct when I do this.
Anyways if you can send BTC to steem, or BTC to someone else then you can send in to an exchange to do some trading. I don't know why I felt this was going to be so hard. It really isn't, it's the same thing. The exchange just gives you a wallet code transfer whatever coins to it. It was just as easy. When I sent steem/sbd to an exchange its as easy as sending coins to a vote bot or your buddy. They give you a special code to use as you memo and they give you name of the account to send them steem/sbd too, Then is just shows up on the exchange. This seamed so damn scary for so long and I still don't know why.
I've been using Bittrex and is seams fine, I do like it, since it has a good variety of other coins I can buy once my Steem is there. Selling it there was just as easy as using the market on steemit, to change steem/sbd. Then making buys to other coins was just the same steps really. Pick you other coin and just sell your newly exchange BTC for that one.
I've also been using Binance quite a bit. It has a larger variety of some of the coins I've been really interested in purchasing. Sending between exchanges was easy, so transfer across. A great piece of advice was to transfer some other coin then BTC. Send LTC or ETH between exchanges its faster and less fees. (I don't know if one coin in the best to use and actually if someone knows please let me/everyone know in the comments.) Anyways back to Binance it's pretty good, it has really low fees(0.1%) and you don't need to get verified or do any extra steps, the only limitation is you can't withdraw more then 2BTC/day. Anyways I'm telling you this because I want you to sign up using my referral code. You get nothing special, but I think its important to be upfront. I get 50% of whatever trading fees you pay when trading on the exchange. Your fees are still the same as if you sign up normally. Anyways if you looking for another exchange to use or just starting out consider using this code. https://www.binance.com/?ref=12075252
Anyways my idea wasn't to provide any advice or instructions
I really planned to reflect on what it feels like to be in the crypto markets as a newbie.If you've read any of my posts before you know of course I went on the tangent above. And now I'm about to over analysis my thought about the first week.
First it's not the hard to get into it, that's one of the main points I want to get across.
If you interested, just do it! For real it's not that hard. If you can blog on steemit, or even log in with your key, you can give it a try.
Second it's damn exciting and nerve racking.
Yeah sometimes watching the markets I feel like this kid, Then 10 minutes later I feel like this guy!
The market is even more volatile then I even expected, but I am speculating on super cheap alt coins. It's nothing to see these coins double to quadruple in value in a day or even a couple hours. And then drop back down the very next day. It's crazy, but it's exciting, exhilarating and addicting all at the same time. Just be prepared for the roller coaster when you get in, and decide on your approach first.
For me I'm a poor gambler, I know it. I'm the guy the rides it up all the way till I lose it all. I've never walked out a casino with money I won. I keep reinvesting my winnings till it's huge, but it never gets there, I always loose it. You'd think I'd learn by my plan here is the same. Jump on a few new, cheap alts and ride them to moon. I do accept it's a gamble, but hopefully it has better odds then the casino and hopefully I decided to walk away at the right time. Anyways I'm going in accepting that, and at the same time I'm only putting it as much as I can afford to walk away from. I'm still buying silver and making RRSP contributions. This is another big thing I really wanted to share.
It's quite the damn roller coaster
The last thing I need to remind myself and others is to stick to the plan and be committed
The first few coins I wanted, I compiled a bunch of tips then did some more research. I felt pretty confident they were good buys and the prices we still pretty cheap. And I was only buying like $100 worth. But I'm a cheapskate, so I bid like 5-10% under the current prices. Especially if the 24 hr low was much lower and it was near the 24hr high. I did this for a few coins, but they never dipped. I rebid the same way every 2-4 hrs and followed them up while they double or tripled in value. I missed those gains trying to save a couple cents. This has been my biggest lesson the last 2 weeks. If I feel comfortable about the coin, I did my background/research. I think there's long term potential, then I just bid the current price and lock in the buy. Things move damn fast and your going to miss out, trying to shave a few cents.
Anyways these are my thoughts and reflections in my first 2 weeks here in crypto wold, it's mostly my advice to myself and heck I don't even know if it's good advice for others.
I think it need to put some official disclaimed that this is for entertainment purposes only and not financial advice. I would certainly welcome any good advice or further discussions.
PS if you want to feed my addiction I've love to hop on the LTC roller coaster too.
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For what it's worth I think you've found crypto the right way. STEEM is a great place to start. Lots to learn here and getting used to transacting small amounts of crypto fast and with no fees.
Then graduating to an alt-coin exchange is the next step. Of course some kind of fiat exchange is needed if you ever want to use real hard cash.
My advice if you are speculating on super cheap alt-coins is to sell half your coins every time they double. So if you buy at $1 then sell half at $2 you recover your initial investment. Sell half again at $4. If you pick a few duds then ok, but the good ones hopefully make up for it. If the market tanks you atleast will have something to show for it at the end.
Good advice any time = KISS. Keep It Simple.....
Learn to crawl before you try to run, but keep learning! :)
Thanks man, that's probably very sounds advice. I think I said I'm more of a gambler and starting with such small amounts I'm comfortable sitting on it long term. But I do think it's probably wise to do this and I'll likely be regretting not doing it one day.
Maybe I should buy double on the next one, and do this with 50% and compare the results after a while.
Haha, yeah looks about right eh? Those guys are holding strong...
(you hear an engine rev and horn honk)
MEEP! MEEP!
(the window on the humvee rolls down to reveal a warm smiling face)
"Hello! I'm @shadow3scalpel and with the help of my protege, @chairborne, we are actively assisting veterans, retirees and active servicemen and women here on Steemit. We feel it is our 'duty' to support each other. Any questions or comments you may have, simply respond to this comment, thank you!"
(the window rolls up and the engine roars as it drives to the next person on the list)
Comment by @killerwhale. This is a opt-in bot.
I agree about the roller coaster! I felt overwhelmed at first but realize I can do it.
Yeah, It seams so difficult but once I finally took the leap it's not so bad.
Today certainly is one of those time that I am biting my nails watching the market like that guy.
Yeah, today was the first down of the roller coaster. I was planning to post this reflection about "is this really what crypto investing is" just strapping on a rocket and raising like crazy. Today was honestly the first dip in my holdings.
Welcome to the crazy train! I think you have the mindset right!
When I entered I threw $200 at bittrex and just bought all the cheapest coins. No research, no looking into the background of what the coin is and what it does. I had no idea that for many of them, the price I purchased at on August 6th ( my day of entry) was the highest that coin would ever get.
Boy have I learned a lot since then!!! I will occasionally follow the lead of some "crypto analyst" who says coin X is going to double in y timeframe and set up hopeful day trades, but honestly, I'm more interested in the coins that have long term potential. Why buy a bunch of penny coins that MIGHT double in a week, when I can buy something for $5 that could be $1000 next year? Plus, like you, I am terrible at knowing when to take my winnings and leave the table.
Crypto is a diversification of your portfolio. Played right, hopefully it advances how early we can retire if we play our cards right!
Yeah, that's my goal for sure man. Play the long game, hopefully do well in a few years and be able to pay off the mortgage, work part time, finally take up some more homesteading and sustainability and spend more time with the family. It pretty much seams possible these days.
Paying off the mortgage.... That's the dream right there! If I can pay off all of our debt (CC, Cars, House) then I could retire to full time crypto. My wife will always work, it's in her blood. So we would have her decent income and insurance benefits to take care of the bills, and I could worry about paying for vacations and fun. hahaha
Looking forward to raising a cold drink on the beach one day celebrating our escape from the debt circle and freedom to live the way we want!
I use Bittrex. I had trouble moving my BTC to XRP yesterday, but got it moved just in time. High volume yesterday.
Also, I added you to my follow list. I thought you were on there already.
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