Hi peeps!
This is my first post about cryptocurrencies! Something I've been involved in since late October.
Many people told me already that I'm late to the game but I really believe this is just beginning. Most people don't even know what cryptocurrencies are all about and there is still a lot of chaos and excitement in all this. Everyone looking for the fastest way to become a millionaire.
One of the cryptocurrencies I've invested in was FoldingCoin (FLDC). Why FoldingCoin you might ask?
The reason is very simple. I've used a piece of software called Folding@Home I think more than ten years ago, in which you help to fold proteins and you send the results to the University of Stanford to help find cures for diseases. So basically, you're paying with your electricity by using your computing power when your computer is idle to help fold these proteins.
After the cryptocurrency concept started to spread, the concept was applied to pay you to help fold these proteins to somehow give you a bigger incentive since some people only care about money and not curing diseases. This payment, instead of being done in fiat currency, is done with FLDC tokens.
The percentage of FLDC in my portfolio was 0.33%. Not much, but still something that could be invested in something better. Why better?
Only after all my investment in the currencies that I thought had massive potential I found Udemy courses from @suppoman. I was actually looking for courses on video production to improve my YouTube channel and came across his cryptocurrency courses.
I learned a lot and learned about the concept of pump & dump and this looked like a pump and dump token. You fold your proteins, get your tokens and then trade them for BTC. Of course you don't even need to fold the proteins, you can just buy the tokens on an exchange, that's what I did actually.
So, since I invested in around 30 cryptocurrencies and I've found it really hard to manage and always paying attention to it having a full-time job, I decided to sell my position in this one, which I don't consider so good anymore.
But, the interesting thing about this trade was that a friend of mine, which I've introduced to the cryptocurrency world and gave him a paper wallet inside a postcard with 500 TRX for Christmas, he asked me how many Euros I've made with this trade. Once again I was finding the fiat currency mindset which should never be used and I had to explain him that you should never use Euros.
I explained him that I actually didn't make any Euros because I didn't trade to Euros, I've traded FLDC into BTC.
We can never talk about Euros unless we're cashing out because the money I made with the trade, since the only thing I got was BTC, will always depend on the BTC value.
I told him that if I would cash out now, I would have X€ but it's better if I tell you that I bought FLDC when it was at 200 stats and I sold when it was at 475. The real profit I will only know after I cash out and I compare how much in Euros I paid and how much I got back. It's very important to understand this.
And that's it for my first cryptocurrency post! I hope you enjoyed and don't forget to upvote if you liked it and follow me if you're interested in my future posts.