- This is NOT financial advice. I’m describing exactly what I’m investing in and if you lose money doing what I’m doing, so did I.
- If you can’t control your emotions, you shouldn’t invest in cryptocurrencies.
- Especially if you can’t handle volatility. Crypto is way more volatile than the stock market
Well my friends, a few weeks ago, I decided to get into cryptocurrencies. Now, I’m by no means a technical person. I’m an artist/musician/writer.
I’m also not young either. For those of you who grew up with computers and cell phones, your journey may be considerably easier.
I had instructions on what coins to buy – Bitcoin, Ethereum, Celsius, Kusama, Uniswap, Aave, and Energi. But without details. I just knew what I had to buy.
So off I went into the world of cryptocurrencies.
I ended up watching dozens of videos and reading dozens more blog posts by various people, from people who do this as an investor like yours truly or folks who actually do this stuff for a living.
Let me start off by saying, do not skimp on the research. It’s hard work but the more you know, the better.
You can also do a lot of damage. Don’t lose your passwords. Don’t lose your wallets. And definitely don’t put the wrong coin address in the wrong place.
These aren’t like banks where you can get your money back if you make an oopsie. Also, nothing is FDIC insured.
Then why do it?
Personal opinion – some cryptocurrencies are going to take off. I’m not going to miss this boat.
Yes, stocks, precious metals, ammo, and paintings are all great investments. I still have plenty of all of those.
Notice I didn’t say real estate. If real estate is your thing, more power to you but I’ll never deal with a tenant again for as long as I live.
Like I said, I’m not going to miss this boat. I had the chance to buy Bitcoin at $11 each and passed on it. I thought it was a stupid idea that will never get anywhere.
I also had the chance to totally unload on Pinterest a little over a year ago. I bought a few shares at $17 each, knowing full well it would go up at least 3x. I should have bought a thousand shares but I fell asleep at the wheel.
I missed several more boats but Pinterest is the most recent and cryptocurrency at the absolute beginning is the most significant.
Not beating myself up of course. You’ll find the older you get, the more opportunities you’ll miss. You’ll need to learn from mistakes rather than regret mistakes. That mindset will help you become a much more successful person. Regretting mistakes will just lead to depression.
So this is one of those things that I’m not going to miss out on. Cryptocurrencies are still in their early days.
I have no idea what NFTs will do though. I may or may not try to sell some of my art as NFTs. I still haven’t decided yet.
Lots of work
You’ll find yourself doing a ton of work in the beginning. You’ll find that this exchange doesn’t offer that coin so you’ll have to go to another exchange. You’ll find that your wallet supports these coins but not those coins.
You’ll end up with multiple exchanges and multiple wallets. You’ll either have to remember what goes where or you might want to write it all down. Or maybe you’re that guy or gal with a superb memory. (Unfortunately, that’s not me).
I’m starting to have wallet preferences. Some offer pretty good APRs if you want to buy and hold in their wallets and/or exchanges. But like I mentioned earlier, not FDIC insured so invest knowing that.
All in all, great learning experience. I still have much more stock than cryptocurrency but at least, I got my foot in the water this time around.
A few weeks in though, I still consider myself a noob so don’t ask me for advice just yet. Maybe a year from now…
Click on Allie’s nose and listen to “Princess for the Night” for free. If you like it, please buy it. Only $5 and the money goes to wonderful session musicians and sound engineers. Yes, those strings and woodwinds you hear are 100% real, not synths.