While we probably won’t do Money Monday every week, we do intend to post about all things money-related on a regular basis, whether that’s spending, saving, investing, trading or cryptocurrency (digital currency)! On this occasion, we’re discussing lessons learned the hard way!😉
Do you want to learn about cryptocurrency? We’ll explain where to start shortly!
I (Gill) started to learn about cryptocurrency several years ago. I admit that it took me a while to grasp the concept of it, because for me it was a bit like learning about science: it’s something “out there” that you can’t physically see or touch, so does it really exist? Science has, and always will, baffle me (but don’t tell Prof Brian Cox that, I can still watch him for hours).
Well, I began dabbling in bits of buying and selling here and there, mostly in what were considered the big three crypto coins at the time: Bitcoin, Ethereum and Litecoin. I started saving my spare change (just small amounts at a time: amounts I was prepared to lose) in one of the digital currency exchanges – I used Coinbase. While I never reached thousands, I did end up with a few hundred pounds in there. Money I considered ‘play money’. If I lost it, yes, I’d be a little upset, but because I’d intended it for the purpose of buying cryptocurrency and nothing else, I knew I could live with that.
What happened next?
Roll on about eighteen months and Bitcoin in particular was doing really well. So well, in fact, that I had more than doubled my money! I was thrilled! However, doom and gloom was being spread all over the internet about how cryptocurrencies couldn’t last and how they would soon be regulated by the big financial institutions. And how everyone would lose their money.
As an example of its value, Bitcoin was trading at around $600 (per coin) in the middle of July 2014. It almost halved to around $315 at the beginning of 2015, but it has always had a history of fluctuating.
Big Mistake. Huge Mistake. (Sorry, Pretty Woman …)
I got a case of the wobbles and decided that I could make good use of the money I’d built up, so I withdrew it. Turns out that was one of the biggest mistakes I’ve ever made in my online working life! Why? Because as of 08 February 2021, the price of Bitcoin was – are you ready for this? £32,182! THIRTY-TWO THOUSAND POUNDS! 😳
Oh my word! I could have been an awful lot better off now if I hadn’t taken the cowardly route a few years ago! We live and learn, don’t we? (No, saying that doesn’t make me feel better.🤪 )
The moral of the story is …
Actually, I don’t know what it is! I’ve always carried out my own due diligence before joining programmes or investing hard-earned cash into anything. We all need to do this. Never just listen to the person trying to recruit you into a business or programme. They’ll be hoping to earn money from your efforts, nine times out of ten.
I guess with cryptocurrency I was just a little too cautious, and in the end, fear won.🤷🏻♀️
Where to Learn More About Crypto
Are you a complete beginner? If you are but you still want to learn about cryptocurrency, I would highly recommend beginning your research on a site like Coindesk where you’ll be walked through the basics.
You could also join an online forum, something like Bitcoin Talk. Here you can learn from people who are already involved in cryptocurrencies.
And if you decide to start investing in cryptocurrency, there are dozens of online platforms where you can buy/sell the coins. Coinbase* is a pretty good place to start. You can actually earn a few dollars on this site, just for watching videos and answering simple questions about them. You’ll be learning and earning at the same time, completely free – and you know how we like free money!
* Join Coinbase using my link and go on to buy some digital currency such as Bitcoin, and for every $100 you add, we will both earn $10 for free! (NB if you don’t wish to use my affiliate link, rather than clicking on it, just search for Coinbase online or read our instructions.)
*Please note, this post contains affiliate links*
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