Hello Steemit,
As planned, I transferred in $1000 into my Coinbase USD Wallet on Friday, August 4, 2017, at 6:01 am EST. Now I just have to wait for my transaction to clear before I can start purchasing some Crypto Currency.
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Please note my thought behind transferring funds into my Coinbase USD Wallet first, is so I could purchase and then immediately start trading. Since the Crypto market is so volatile I wanted to have that immediate flexibility opposed to buying $1,000 of Bitcoin and them have to wait a few days for it to clear.
Hindsight is always 20/20, If you have looked at the markets recently I would have been in really good shape if I would have just bought in on 8.4.17. At this time BTC was at $2,843.04 and at the time of this article it is just shy of $3,400 mark ($3,380.) At a $1,000 investment, I would have seen $158.86 (15.8%) profit in only a few days. If I would have bought Ethereum ETH @ $223.33 on Friday it too showed great gains over the weekend. It is now at $270.97. That would have equated to $175.81 (17.5%) in profit.
Looking at everything currently, I would say that I misjudged the market. But only time will tell I still think that we are going to see a correction from after the Bitcoin Cash (BCH) hard fork. I think that we are in a bit of a hype bubble right now and hopefully, once my funds fully transfer into Coinbase I will be ready to capitalize on it when it dips back down.
I hope that these posts and data can help provide some insight into this market for those of you who have not jumped into this volatile world yet. I’m sure we will have plenty of exciting times ahead.
Cheers,
Ben
You should have used your debit card, that way you would have access to use those funds instantly! Hopefully the price drops by the time it clears so you can get a great entry point!
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@itsshowtime007
Thanks for the suggestion!
The reason I originally decided to transfer in funds so I did not have to pay the convenience fee of using a card.
In the future, I will keep it in mind and weigh the opportunity cost of that option.
As I keep watching https://coinmarketcap.com I wish I would have approached the market a little differently... Regardless, this is all good data for myself in the future.
I started off with a plan and conservative approach and try to minimize transaction fees I am going to stick to it and keep my FOMO at bay.
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@scubatron
Great content!
Thanks for sharing!
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