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A Journey in Crypto - My Fresh Start

This is my blog detailing my journey in cryptocurrency

An Introduction to My Crypto Journey

ETH BTC and XRP tokens

An Introduction to My Crypto Journey

In human history 2020 was a terrible year for many reasons, and it will be remembered for a being a year of pandemic and panic, but for me personally it was also a tough year. I suffered an unexpected marriage breakdown, I was suddenly homeless and my life was turned upside down. I won’t go into the personal details here, but I decided it was time for a fresh start. I picked myself up, found a place to live and decided to dip my toe into the world of cryptocurrency with the funds from my divorce settlement. This blog will be about my journey into this world, with a completely open and honest discussion of my successes, failures and facepalms.

A False Start

I almost entered the market relatively early on. I almost pulled the trigger on a $1000 order for Bitcoin when it was worth $11, but pulled out of it. I also had a $1000 order when Bitcoin hit $300, but didn’t end up going to the bank to deposit the funds (at the time this was the only way to safely buy bitcoin in my jurisdiction). Feel free to call me an idiot in the comments!! For some reason I didn’t consider crypto again for many more years. Unfortunately, I grew up in a household where we were encouraged to be ultra conservative with money and investing, and I took on this attitude myself without realising.

Starting Out with Cryptocurrency

After my marriage breakdown I became far less concerned about risk and more focused on investing in assets that could help set me up for the future. The first thing I did was buy a new gaming PC and used it to mine with Nicehash (I wish I’d started mining earlier too). I looked into quite a few options and decided my strategy would be finding coins that I could invest or stake for 8-12%, and also had potential growth upside as well. I chose DOT, MATIC and SNX to begin with and bought a few hundred dollars of each. I also picked up a few hundred dollars worth of BTC and ETH at (what I thought was) the bottom of the market. I was lucky enough that most of these had small increases over the next few days and I ended up selling about half of the small coins and all of the BTC and ETH (which I’d come to regret). A small profit had me hooked, but the market crash a few days later had me running scared. Instead of buying the dip I sat on my profits and then watched almost all cryptocurrencies rise over the next two weeks.

My Current Crypto Strategy

My strategy at the moment is a two pronged approach. I’m looking for coins with value or upside and buying the dips. I’m quite excited about HBAR and it’s potential in the crypto space. I’m also getting into staking and I have some stablecoins staked for a (relatively) safe return, and I have also discovered Pancakeswap. Pancakeswap took me a while to get my head around, but I consider the yields to be worth learning about the Binance Smart Chain and staking a few CAKE tokens or similar.

Future Plans for my Crypto Trading

I’m waiting for a BTC and ETH dip (which may never come) to put a few thousand into each coin. I’m slowly using the dollar cost averaging method to put a bit more into CAKE to stake on Pancakeswap. Also increasing my alt coin watchlist so I’m ready to buy the coins I like when the next dip occurs. I’m also looking into companies like Celsius which offer interest on current holdings so that I can make a little bit extra on what I currently hold.

So you might be thinking why you should listen to me? This blog isn’t about providing financial advice or pushing certain cryptocurrencies. It’s about sharing my journey into crypto investing and having you all along for the ride. I encourage comments, debate, discussion and constructive criticism. You’re all welcome to join me on this fresh start.