Choosing a Cryptocurrency is a Challenge
Over the past 3 weeks I have immersed myself in the world of cryptocurrency and have tried Choosing a Cryptocurrency. I’ve read up on the technology, individual coins, and tested out different platforms. And let me just say, while there is a lot of information out there, it still feels like trial by fire. As we speak I’m currently on 3 different exchanges and have 3 digital wallets. My initial $500 dollar investment has now turned into a $3,000 dollar investment in what feels like an overnight craze. Even writing that I have to admit it sounds slightly insane, but I seriously got sucked in quick. Keep in mind though that if this sounds exciting or glamorous, cryptocurrency is stressful.
So before this I’ve been throwing down larger bets on stocks, $UA was the last one I specifically mentioned. I understand that’s a gamble and a change in company direction will tank my dreams. However when choosing a cryptocurrency I’m struggling to latch on to any solid data. Don’t get me wrong there are news articles and individual coin websites detailing the vision, but that’s mostly where it stops. My bets are mainly based off the long term vision that this is the way the world is going to move. Buttttt….that still doesn’t help me put a $$$ validation on every single currency. And to be honest that is still the part I am struggling with today, choosing a cryptocurrency. How you gauge the grow of this trend or on the trends of individual coins?
As of today I’ve made roughly $500 dollars on my bets, which I have to say is good considering I’m a novice. I basically doubled my first investment before accidentally cashing out. And yes…I know accidentally cashing out sounds ridiculous, but that is a true story. It took me a little bit to navigate this world trying to figure out how all this worked. To my good fortune though the market went down after that anyway so I lucked out. With that being said before I close this out below is where I stand. Stay tuned for additional updates more madness is coming.
Choosing a Cryptocurrency – Current Status
- Ripple XRP – own 3,500 coins
- Ethereum – $1K in progress via wire transfer
- Litecoin – $1K in progress via wire transfer
