How I am learning Steem is the Right Investment
Steem and the Steemit platform have been wonderful for me over the past year and a half or so. I was not someone who got into cryptocurrencies in the very early stages, but I would say early than many. I bought my first fraction of bitcoin when it was around $3,000 per Bitcoin. I also got got some Litecoin and Ethereum at the time as well because I like to be diversified. On all three of those investments I made money. I sold way too early (I have discussed that in a prior post), but profit is profit so I'll take it.
image courtesy of google images
Having tasted the success and rush you can get buying and selling crypto I wanted more. I started reading into all these ICO's and newer alt-coins. I was dropping decent money buying fractions of a Bitcoin that may fluctuate between 5-25% in a day or over a longer stretch, but I could buy thousands of alt-coins for pennies or fraction of pennies and if the went up a couple cents make a ton of money! The greedy side and get rich quick that we are all told to avoid took hold. I sold 100 steem and bought some alt-coins I did very little research on. I sold 36 more steem and bought more alt-coins.
Here I am heavily invested in Steem. A crypto I am very familiar with and know a lot about. It is connected to the steemit platform a form of social media that I really enjoy. Yet I sell a nice chunk of an investment I know well for basically gambling purposes. Now to be completely honest some of the alt-coins I bought made a good jump right away, but I am a believer in hodling. Over time those alt-coins have come back down to earth and I am even or down a bit. I have no plans in scrapping them. The more I read up on some of them the more confident I become that they will eventually pan out.
My biggest regret is on the money lost in the value gained in Steem since I made these poor trades. Steem has a very bright future in the cryptocurrency world. I lost sight of that in a moment of personal greed and excitement.
Moral of the story: Know what you are buying and investing in. Steem has a proven track record with some very solid technology behind it. It is my opinion that it is cryptos version of a blue chip stock. Learn from me and don't make the same mistakes.
I hope you enjoyed this post.
Have you had any similar experiences?
Please Upvote, Re-Steem and Follow me @roundoar03
Steem On!!!
Good post, good advice. I just posted today about a similar topic, talking about understanding the difference between Price vs. Value. Check it out.
Also, if you have been on Steemit for a year and a half you are an OG!
I started a few months ago and love it, active every day, talking about crypto, future, tech, religion, family and life. Check me out.
Upvoted, followed and resteemed.
Thanks for checking out my post and comment! I am heading over to your page now.
I am doing my best to catch up on the world of Steemit and cryptocurrency. I am proud of myself for it too, for to me it is a foreign language not easily learned, and I really had no intention of studying this type of thing. However, from what I can tell you are exactly correct, and as you say you have the personal experience to prove it. I believe you - but don't worry - no matter what happens I won't hold it against you (just kidding). Steem On!
I too have made similar choices with regrets not knowing the result of my actions chasing those altcoins. A bit burned in the end but lesson learned. Be true to steem.
Thanks for the comment! I think I am done "gambling" and will be smarter at investing. Steem will no longer be a means to invest elsewhere anymore.
I plan to float the same boat.
Thanks for a great post. I am always trying to learn more. It helps to hear about your adventures here and what you’ve learned. Steem on!
Thanks for your response! Always great to see other Minnesotans on Steemit!
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