Log#2: My Experience...Investing with Cryptocurrency

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Disclaimer: I have no intention to reference any specific online services for the sake of not giving any negative feedback but to provide some guidance, on what to look out for when using online crypto-currency exchanges and services, based on my own experience.

What better way to convince yourself, than to actually invest some trickle amounts to test the various exchanges and the cloud mining services out there.

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So I've search high and low to convince myself wether to take the leap of faith and start putting in some of my hard earned fiat money into cryptocurrency. But according to my findings, the popular online exchanges I have tried, have seem to charge a rather significant charge ranging from 5%-10% off your total transfer amount. Or basically, they charge you every chance they get when you exchange cryptos or when you buy their products.

I have categorized my search in two parts, and will share my experience with this products and services as guidance only, and therefore must not be taken as any form of financial advise on investment options or such.

1. Types of Cloud mining

There are obviously a lot of sites that have cloud mining as part of their products on offer, but little does the in-experienced know, the time and costs involved with using this services.

From what I have experienced and seen so far, is that, the primary cloud mining product offered is usually that the hosting site provides the Hardware (computer resources) to mine, while the investor (you) only pay for hash rates.

The thing to be weary about this offers, is that some sites take up to 2-5 years to get your return on investment. Which means, your money can be locked up relative to which length of time per product you purchased. Products offered can be monthly, others 1-5 years.

The other cloud mining product on offer has the option for utilizing your own hardware when you purchase this products, but again as long as you have the resources and time, then this may be the option for you.

After having trialed at least 3 sites offering cloud mining, I have concluded to skip cloud mining altogether, as I can make relatively more money overtime on steemit posting stuff than I would investing in cloud mining. I personally think cloud mining is not even worth the time and money to invest in.

2. Faucets and freebies

At first this was exciting, but then you realize overtime, you need to go back to these sites religiously to make your claims, just killed the idea for me after 2 weeks claiming freebies. Almost feels like I got robbed my time. hehe

Anyway, at the end of the day you probably, earned less than a dollar after hours of investment of your time, where as you could have made a significant amount, had you put that time in posting some quality content on here.

So to conclude, I didn't realize, even before writing this up, that I'd end up recommending to use steemit more often and just get creative and be blessed with steem, which at this point in time, remains the better option for ROI than spending hours with this online wasteship, for lack of a better term, of products out there.

Upvote and follow for more exciting shares! Steem on!