What鈥檚 up boss?
Though my last post was the introduction to my cryptocurrency investment case study that I will be documenting over these next 52 weeks, I had already made a $150 investment in Bitcoin Cash last month. For your knowledge, Bitcoin Cash is not Bitcoin. Bitcoin Cash is a new cryptocurrency that is a hard fork (copy) of Bitcoin鈥檚 block chain (the public record book that all cryptos run on). Please research what that means if you want to know 馃檪
So when Bitcoin Cash split off from the original Bitcoin and came into the crypto game on August 1st, 2017 it came in with a BANG with the price of the coin starting at over $200.
I remember watching the price hit $400 on my birthday (Aug 4th) this is around the time period I started reading more articles about crypto and talking to people about it.
I watched the price of Bitcoin Cash go from $400 to $800 over a span of 15 days.
With the increase largest growth happening within about 3 days.
Once it hit that peak of $800 I felt I had learned enough about crypto and the ways to purchase coins that I was confident enough to make my first investment. I jumped in at this time because I was cringing every time I would check and notice the price had increased again.So,
I went on Coinbase (easiest way to buy the top 3 coins), purchased $150 worth of Ether (the silver to Bitcoin鈥檚 gold) then went on Bittrex (a popular coin exchange) and transferred the Ether from my Coinbase wallet into the Bittrex exchange to trade my Ether for Bitcoin Cash.
It was great watching my little chick-ling $150 grow into $170, but that didn鈥檛 last. With my limited knowledge of the crypto game, I assumed it was just going to keep going higher and higher at its previous rate, but no Bitcoin Cash kept falling by $10 every few hours. I saw it go from $800 to $700 to $650 (geezus, fuck..) but eventually stabilized and reached a comfort zone of $600
I learned a lot from jumping into that investment and still believe that this coin has potential to increase higher than its past all time high, but I鈥檓 curious whether that will be within weeks or months. Nonetheless, I will leave it there and focus on more stable coins that have been around for a while and have proven their usefulness. Jumping into a ICO (Inital Coin Offering, like IPO) or jumping on the bandwagon of a popular at the moment can be lucrative, but is also very risky. I will still do research and invest in ICO鈥檚 (new coin鈥檚 worth less than $1 per coin) which have shown to have higher gain percentage over a shorter period of time than stable coins like Ether, Bitcoin, and Litecoin. However, they are known to be high risk (scary market volatility)=high reward(huge % increase over 3 months) coins. As we know, not every new coin that goes into the market ends up gaining substantially like Stratis.
Given all this, I will try to balance my portfolio in a way that I am not investing too much into those risky coins, but still enough to not have FOMO.
The updates that follow will not be as long as this post. The next update I鈥檒l be doing will give you information about another coin I invested in Friday (9/8/17) that I am confident will show real growth within the coming months.
I have great optimism about the rate that I am going about learning about tech for work in the office, as well as my future crypto portfolio and want to thank you all for reading and I鈥檒l see you in the next update!
