Newbie to Crypto- This is My Perspective

in crypto •  7 years ago 

I figure it is helpful to know how new investors view the market and who better to hear from than me. I would love to hear advice in the comments so that I can learn and help this community/new technology grow.

I've been invested in bitcoin for 4 months (minus 2 days in 2016) and started in alt-coins this week. Here is a timeline of how I learned about cryptos and what I was/am thinking.

Nov. 2016- First heard of bitcoin through a gambling site.

Dec. 6th 2016 (BTC=$769): Cashed out $450 from the gambling site into Coinbase.

Dec. 8th 2016 (BTC= $767): Transferred $447 to my bank account from Coinbase because I didn't like that my money was going down in value.

... Forgot about Bitcoin for 8 months

August 24th 2017 (BTC $4,390) Watched "Banking on Bitcoin" on Netflix and realized my $450 that I originally had would have been worth around $2,000. Realizing Bitcoin might be the real deal, I decided to re-download Coinbase and put some money back into Bitcoin. My goal at this time was to acquire 1 BTC within the next year.

November 2nd 2017(BTC=$7,010)- Started to realize that It was going to be very hard to reach my goal of 1 BTC. Changed my goal to half a BTC. I bought what I could afford, while still having emergency money in my bank account. Told myself I wasn't going to buy anymore after it reached $10,000. This is when I really started reading/learning about the technology.

BTC hit above $10,000 late November. I was having an internal fight of whether I was going to keep my promise or invest more.

November 30th 2017 (BTC $9,942)- The price dipped and I saw my chance. I took the money out of my emergency fund and purchased enough to have just under half a bitcoin. (I know this was stupid)

December - I've been telling my friends and family about my success, but cautioning them of the risks. I connected with a friend of mine who seemed much more knowledgable than I am and he started talking about these things called alt-coins. Our talks caused me to believe that the ceiling on alt-coins was much larger than the ceiling on bitcoin in the short future. I had also been reading about the .com bubble and fears have started to come in.

I have this hypothesis that bitcoin is going to have a decent sized fall before the futures expire January 17th and have decided that I'm moving all my bitcoin into Alt-coins.

This week I cashed out half of my bitcoin and invested the other half in altcoins.

I know that time is of the essence and admit that I might have a little FOMO. I spent my entire Sunday researching alt-coins and basically narrowed it down to the coins that I thought had the best chance of being added to coinbase. I split my money between 9 alts I thought had the best chance, but also had decent followings on reddit and then I bought some FUN because of the gambling aspect and how the team has a business background.

I've been very lucky so far and have really enjoyed the ride. I plan to get back into bitcoin but want to see what happens after this first round of futures. I don't want to upset anyone with how naive I may or may not be, but just want people to understand where my mind is as a newcomer.

I would really appreciate some steem, as I don't have any because this account was created yesterday.

Thanks for your time!!!

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Brilliant post and a great story about your journey into the crypto world. I came much later than you, buying my first BTC (A physical Casascius coin) when it was over $2000.

I have written alot about BTC and very recently about steem.

It's a good idea to hold several alt coins. If you are doing it seriously you should read each white paper and write down why you think the alt-coin will rise in price. Here is an example:

"I think bitcoin will rise because it is the king-daddy of crypto and has the brand name. More people are going to want it in the future."

Here's another example

"I think the price of steem will rise as many more people will join steemit and will want to buy steem to get steempower which is a vanity asset that more curators will want to own."

Thank you! I have 12-15 altcoins and have picked them for certain reasons. I have read most white papers, but admit that I haven't read them all.

you just received some steem mr. blackwell
feel free to play around with it

Thank you so much!

Since this post I bought more BTC at $11,500