Bitcoin - My Story

So I first heard of Bitcoin back in early 2011.......

Back then I was learning about our economic problems and why our financial systems were in ruins. I was poor but I was buying silver coins as insurance, and I had convinced myself that gold and silver was the ultimate money solution...

Then some chap on YouTube was talking about gold and mentioned Bitcoin. He didn't explain what it was, just called it digital currency for the internet, which got me curious. 

I googled bitcoin, which lead me to Mt.Gox and I discovered bitcoins were priced at $15. I remember looking at the website thinking this looks dodgy, and Bitcoin is too expensive. I didn't fully understand the Bitcoin technology, so I downloaded the bitcoin software to have a go. I intended to mine some bitcoins, but before I installed the software I watched a video on YouTube by Rawdog. He called Bitcoin a scam and world of Warcraft money. He put doubts in my mind, which convinced me to not get involved...

Some time after, I heard the Bitcoin price had crashed. I looked at the chart, and bitcoin was now $3. I was relieved about not getting involved, and the chart confirmed my initial thoughts that bitcoin was a scam and a waste of time.

That was the biggest financial mistake of my life. I should've been buying as much Bitcoin as I could get!!!!!

I lost interest for a long time. It was Christmas 2012, when I became curious about bitcoin again. I looked at the chart and it was $10. I remember thinking, that's weird, I thought bitcoin was dead. I downloaded Electrum, and had a look around. A man on YouTube sent me 0.01btc and I was impressed with how smooth it worked. I started using faucets which helped me understand the transaction process better.

At this point I seriously considered buying Bitcoin. I googled, but got frustrated with how difficult it was to buy, and once again I put it off. The next time I heard about Bitcoin was at the peak of the March 2013 bubble. The price was over $150 and going higher. I sat there watching the charts in complete disbelief. I seriously couldn't believe what was happening. Then regret struck, and I got depressed. 

I studied the chart and realised Bitcoin was in a bubble again, and would probably collapse. The next day it did collapse and this time I was definitely going to buy once the price had stabilised. I opened an account on Mt.Gox and setup my bank details. It wasn't easy transferring the money over, but eventually it was there and I bought some bitcoin at $80. Not knowing what to do next, my Bitcoin stayed in Mark Karpeles possession for a few months, before I transferred it to Electrum.

I was still unhappy about missing the previous bubble, and I was anxious about what would happen next. But I kept reading everything I could about bitcoin, which became an obsession. I decided to hold my Bitcoins as a long term investment, because I figured the Bitcoin price would appreciate much more in the future. So, I became a hodler. 

Then in Nov 2013 the next Bitcoin bubble started... Price was going parabolic. It was amazing to be apart of the drama and excitement this time. The online Bitcoin communities were so pumped it was ridiculous. Crazy ideas, altcoin pumps, crazy expectations, it was insane. Some guy on BitcoinTalk sent me a huge amount of shitcoin, which appreciated 20 times, so I dumped it on Cryptsy for bitcoin. As you do.....

It's hard to describe the situation, but there was so much excitement and energy... People were getting rich, and others pissed because they sold too soon. But, for me it was euphoric. I was tempted to sell some Bitcoin at the peak, but didn't. I thought we would see much higher prices in the future...

After the Bitcoin bubble popped, I waited for a new bubble to start. The price speculations on BitcoinTalk were crazy, and ranged from $10,000 to $1Million. I've always wanted to buy a nice modest house, and dreamt Bitcoin would gift me that opportunity. I did the maths, got bored, and bought more bitcoins in may 2014 at $650. I seriously thought bitcoin had bottomed. 

Months went by, and Mt.Gox collapsed. This made me realise the importance of cold storage, and re-realise why Bitcoin exists... I was happy I didn't lose any Bitcoin in the Mt.Gox collapse. Everyday I checked the price, and everyday it went down. My dreams of getting rich were gone. I decided to continue holding my Bitcoins, as a long term investment. I believed in the technology and thought it would change the world.

Other things have happened in my life to take my mind of Bitcoin, but many times I have doubted this investment. When the price was in the low $200's, I seriously considered throwing in the towel. But, I didn't. 

I still have all my Bitcoins in cold storage, and I did buy some more Bitcoin at $250. I also bought some Monero at $1. Missed out in Ethereum. And I'm currently interested in Steem. I would love to own a Trezor, and I promised myself I would buy one after the Bitcoin price hit $5000. I'm still waiting.

I still regret not buying bitcoin in 2011. And I'm still waiting for the next bubble to start...