Having a poker background, of course I invested in cryptos, just like every other poker player and gambler.
What are cryptocurrencies you ask?
A cryptocurrency (or crypto currency) is a digital asset designed to work as a medium of exchange using cryptographyto secure the transactions and to control the creation of additional units of the currency. The private key(s) to ‘use’ the cryptocurrency can be stored in a cryptocurrency wallet. Cryptocurrencies are classified as a subset of digital currencies and are also classified as a subset of alternative currencies and virtual currencies.
Several years ago I bought 10 bitcoin when the price was still only in triple digits. I think my average price point was about $195. I sold all 10 for $395 each and made a small profit. Since then I have purchased bitcoins and have mainly been trading them for some alternative coins. $NEO being my most profitable and my longest hold.
How do I buy bitcoins?
Buying coins is very easy. I recommend setting up a Coinbase account and then linking your bank account to that. If you have any questions, please let me know!
My thoughts on the cryptocurrency market
As of October 21, 2017 the total cryptocurrency market cap sits at a whopping $171 billion dollars. I meant to say, As of October 21, 2017 the total cryptocurrency market cap sits at a minuscule $171 billion dollars.
Just 7 weeks ago, on September 4, the market took a hit dropping from $98B to $75B overnight. My portfolio dropped around $6k (USD equivalent). It was a pretty sick feeling and I had no idea what to do, just as I didn’t know what to do back in August, the day I saw $NEO go from $7 to $50 in a very short amount of time. It is very tempting to sell a large portion of my portfolio for USD and payoff debt, but I’m very bullish on the cryptocurrency market. I think the ceiling is very high, and if all my coins went to $0, it wouldn’t change what I can and cannot buy, but it would be very mentally taxing.
I predict the total market capitalization to reach $1T by this time next year. That is a 6x increase! Yes, there will be huge swings along the way, but this is still in it’s infancy as has yet to be mass adopted yet. Regulation in China are going to be very beneficial I think. More and more people I talk to now know what a bitcoin is.
I have invested $4,650 UDS in 2017 and have rode quite the roller coaster this year, but I fully expected it. Below is a graph of the last 3 months.
*Please note that I am bullish and long on cryptocurrencies. I am not a financial adviser or professional in any area that I write about. Please only invest money that you can afford to lose. This is a very volatile market.