This is a new series I plan on writing. I was inspired to start this series due to my new found love for Bitcoin and other crypto currencies. Through this new series, I hope my adventures with digital currencies may inspire other people to become a part of this wonderful community. I also hope that the readers of these posts do not make the same mistakes that I had made.
On August 22nd, 2015, I was introduced to the concept of bitcoins after I got 0.02 BTC (in physical form, kind of like a paper wallet) as a prize at a hackathon. Before that, I had only heard of the word bitcoin and had thought of it as some kind of asset like gold or shares (which, by the way is still how I define it). At that time 0.02 BTC was about 4 USD. Due to my lack of knowledge in this field of technology and economics, I never really bothered doing anything with those bitcoins.
It was only when Bitcoin reached ATH (All Time High) towards the end of 2016, did I gain interest in crypto currencies. So started researching about bitcoin and different crypto currencies (altcoins), subscribing to various news websites that are dedicated to digital currencies and assets. For the two months I was researching and following the prices of BTC, ETH, DASH, and XMR on coinmarketcap.com
Around March 2017, I finally took the decision to put my bitcoins in an exchange called poloniex. I had looked at several other exchanges, but I found that this one had a good reputation and community, both of which you should consider as a beginner. Now this is when I made one of my first mistakes, not researching about wallets.It wasn't a blunder or anything serious, rather it was a waste of an account. I had initially installed the Coinbase wallet on my phone, only to realise that it cannot import paper wallets. So then, I made an account on Blockchain.info and imported my paper wallet. I only imported one of the two wallets I had ( 2 X 0.01 BTC paper wallets was my prize). I felt that I should not put all of my bitcoins on one exchange or that I should not even invest all of my bitcoins.
Transactions:
The price of 0.01 BTC around mid - march 2017 was 11 dollars. That was my base price, I knew that I should not go below that when investing in other currencies. My first transaction on poloniex was buying 0.21 ETH for 0.00499 BTC (Price/Share was 0.023). My second transaction was buying 0.05 DASH for 0.004 BTC (Price/Share was 0.08). This was my second mistake. This happened when DASH reached 100 USD (0.1 BTC) for the first time. I think I bought it too late because it was almost 0.05 Price/Share the previous day.
I was hoping DASH would go up in price and decided to hold, but unfortunately it fell sharply to around 0.06 BTC/DASH. So far DASH has not gotten back to the price where I can profit by selling it.
Today's Scenario:
1) I have 0.091 DASH which I usually lend out to earn some interest however, DASH rates had fallen pretty bad and is currently anywhere between 0.003 to 0.007 % per day.
2) I sold all my ETH for 0.088 BTC (almost double the buy price) at 0.042 BTC/ETH. I kinda regret this decision because ETH is ATH at around 0.06 BTC/ETH.
3) I also bought (0.00322 BTC/ETC) and sold (0.00326 BTC/ETC) a small amount of ETC for a small profit because as soon as I bought some, the price fell by 4% and I was scared that I may not get back my investment and did not even wait for a day before making a sell order. Again, I regret not holding because ETC reached ATH at around 0.0044 BTC/ETC.
4) I am currently holding onto Monero and Dogecoin because I think they will go up in a few weeks.
5) BTC is ATH at 1400 USD.
6) I started with my account having 11 USD of BTC, now I have almost 13 USD of BTC and altcoins and I also withdrew 5 USD of BTC to take part in an ICO which I will talk about in my next post.
On August 22nd, 2015, I was introduced to the concept of bitcoins after I got 0.02 BTC (in physical form, kind of like a paper wallet) as a prize at a hackathon. Before that, I had only heard of the word bitcoin and had thought of it as some kind of asset like gold or shares (which, by the way is still how I define it). At that time 0.02 BTC was about 4 USD. Due to my lack of knowledge in this field of technology and economics, I never really bothered doing anything with those bitcoins.
It was only when Bitcoin reached ATH (All Time High) towards the end of 2016, did I gain interest in crypto currencies. So started researching about bitcoin and different crypto currencies (altcoins), subscribing to various news websites that are dedicated to digital currencies and assets. For the two months I was researching and following the prices of BTC, ETH, DASH, and XMR on coinmarketcap.com
Around March 2017, I finally took the decision to put my bitcoins in an exchange called poloniex. I had looked at several other exchanges, but I found that this one had a good reputation and community, both of which you should consider as a beginner. Now this is when I made one of my first mistakes, not researching about wallets.It wasn't a blunder or anything serious, rather it was a waste of an account. I had initially installed the Coinbase wallet on my phone, only to realise that it cannot import paper wallets. So then, I made an account on Blockchain.info and imported my paper wallet. I only imported one of the two wallets I had ( 2 X 0.01 BTC paper wallets was my prize). I felt that I should not put all of my bitcoins on one exchange or that I should not even invest all of my bitcoins.
Transactions:
The price of 0.01 BTC around mid - march 2017 was 11 dollars. That was my base price, I knew that I should not go below that when investing in other currencies. My first transaction on poloniex was buying 0.21 ETH for 0.00499 BTC (Price/Share was 0.023). My second transaction was buying 0.05 DASH for 0.004 BTC (Price/Share was 0.08). This was my second mistake. This happened when DASH reached 100 USD (0.1 BTC) for the first time. I think I bought it too late because it was almost 0.05 Price/Share the previous day.
I was hoping DASH would go up in price and decided to hold, but unfortunately it fell sharply to around 0.06 BTC/DASH. So far DASH has not gotten back to the price where I can profit by selling it.
Today's Scenario:
1) I have 0.091 DASH which I usually lend out to earn some interest however, DASH rates had fallen pretty bad and is currently anywhere between 0.003 to 0.007 % per day.
2) I sold all my ETH for 0.088 BTC (almost double the buy price) at 0.042 BTC/ETH. I kinda regret this decision because ETH is ATH at around 0.06 BTC/ETH.
3) I also bought (0.00322 BTC/ETC) and sold (0.00326 BTC/ETC) a small amount of ETC for a small profit because as soon as I bought some, the price fell by 4% and I was scared that I may not get back my investment and did not even wait for a day before making a sell order. Again, I regret not holding because ETC reached ATH at around 0.0044 BTC/ETC.
4) I am currently holding onto Monero and Dogecoin because I think they will go up in a few weeks.
5) BTC is ATH at 1400 USD.
6) I started with my account having 11 USD of BTC, now I have almost 13 USD of BTC and altcoins and I also withdrew 5 USD of BTC to take part in an ICO which I will talk about in my next post.
