Steemit Crypto Academy Contest / S3W2 – My Experience Investing in the Crypto Market by @patjewell

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Crypto Currencies!

These two first was completely foreign to me. Yes, I heard about it on the news, I read about it in the newspaper and for sure saw it flashing online.

Best of all I was told to invest in Bitcoin just after they launched but like million other all over the globe I did not listen.
If only…

After my return to Steemit I showed no interest in any of the crypto posts. Two and a half months later the picture changed.
We were introduced to the Engagement Challenges and with that a new world opened for me. I stepped into the world of crypto currencies, blockchains etc.

My first experience in the crypto market

On 05 May 2022 , just the other day, I entered the world of the crypto market to test the water. Why?

1. I had to test and practised what I have learned so far through Steemit
2. I also didn’t want to draw any of my earnings from Steemit. I want to “grow” them.

^Bittrex

I decide to take the TRX I had in my Tron wallet and buy some crypto currency.

➠ From Tron I transferred my TRX to Bittrex and baught some Bitcoin

➠ I kept on doing this until I could no longer do it through Bittrex. “Wallet under maintenance”

➠ 29 May 2022 was my last transaction on Bittrex

➠ 18 June 2022 and I started to transfer my TRX to Binance to buy Bitcoin and this I’ve been doing ever since.

^Binance

Was this a learning curve for my?

For sure! Not only did I get to test the water but I have learned how it all fits together in the real world and not just on posts.

What drives me to invest in the crypto market?

Good question.

I would like to say curiosity. I’ve always wanted to know how things work. Unfortunately curiosity is not the main reason.

Now that I think of it this can be a great reason. I’ve always believed not to put all your eggs in one basket. I did it once with a share trading in South Africa and I lost a lot of money.

I thought it would be but with prices falling overall it might not seem that there is going to be a high return. Then again, good things comes to those who wait and I have no intention to sell my cryto currencies in the short term.

Easy access, easy payments, relatively safe and low costs are some of the benefits which wanted me to have crypto currencies. I call it “freedom of transaction”.

It is important to be part of the ever changing world of technology and if you do not adapt some it you are for sure going to stay behind. You also have to practise what you preach.

In answer to the other questions

➠ Have you ever encountered any loss as a result of the instabilities in the crypto market?

Nope, I haven’t been in the market long enough

➠ What crypto assets are you currently holding? Why did you invest in them? Please take a screenshot of your portfolio.

I only have Bitcoin. Why? I do believe that for someone who is still learning the best bet is to learn with the biggest and that is for sure Bitcoin.

As for sharing a screenshot of my portfolio. For me it is like sharing my bank statement and for that reason I am unfortunately not going to do it. Business has taught me over the years that you never reveal your investment portfolio how small it might be.

➠ As an experienced cryptocurrency investor, Do you believe in Holding or Trading cryptocurrencies?

Oops! I fail as I cannot answer this question.
I am for sure no expert. Ask me in a years’ time and I might just be able to answer this question with ease.

What's your advice to a newbie investing in the cryptocurrency market.

As a newbie to another newbie:

• Read and learn
• Do your homework
• Put what you have learned to practise
• Never borrow to test the water
• Start small and think small
• Get the timing right and
• Don’t expect to become an expert and millionaire overnight

Good luck!