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Get Bitcoins? – My Advice Before Doing Anything!

Get Bitcoins? – My Advice Before Doing Anything!

Get Bitcoins? – My Advice Before Doing Anything!

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In this article, I will explain my time as a bitcoin investor in early autumn 2017. Investing is a part of the right side of the cash flow quadrant, and is a way to earn cash flow.

Things were looking good, right until it sank like a rock.

Should you get bitcoins? First I recommend you to read this article.

 

 

The Facebook Add – Bitcoin

I was scrolling down the Facebook feed when I discovered Bitcoin. Bitcoin caught my attention because I love everything which is a part of the future. A digital currency sounded amazing and thought to myself why we didn’t have that yet. At least from what I knew.

I started to study Bitcoin and tried to figure if it was legit and not some scam. After sitting looking at the screen and thinking. I sent a message to my brother, Erik.

I asked him. ”Bro. What’s your thought on this digital currency called bitcoin?”.

His answer surprised me.

Erik replied. ”Bro. I’m making a bitcoin wallet right now!”.

A bitcoin wallet is a digital wallet that allows you to purchase bitcoin and other cryptocurrencies. The portfolio also enables you to send bitcoin or other cryptocurrencies to others.

Because of the blockchain technology, the transactions cant become tracked because of that; the governments referred it as the crooks coin.

I asked him what I need to do.

Make a wallet on Coinbase and take it from there. He said.

At that time. The bitcoin had a market value of 3000 dollars, and it was rising.

 

I asked some friends of mine, and they told me to stay far away from it. I sure wanted their opinions why.

Here are the following answers I got:

  1. I can’t buy my cheese with bitcoins, so it’s useless
  2. Became too expensive
  3. It’s just another scam
  4. My money is safer in the bank

After listening to my friend’s opinions just proved they had no clue, and I continued to dig for more information.

 

 

Our First Bitcoin Investment

While the price increased for each day, I still found my self too scared to buy yet. Erik, my brother, had already bought some and made sure to let me know that he was already in plus even he had to pay a fee.

I went for it and purchased for 200 dollars. I was excited. I looked at the market while it went up and down.

Erik bought at 3500 dollars, while I purchased at 4000 dollars. I felt I had lost something since I didn’t buy at the time he did.

I was excited. At this point, it was the first time I had invested in anything.

I started to tell my friends and family about bitcoin, but they were still very skeptical. Especially my parents.

Months passed, and the price was rising. It even came on the news frequently that the cost was rising.

I was currently working on a cruise ship as a navigator apprentice. People at the ship were talking about bitcoin as well and were surprised when I told then I got some.

They pointed fingers, called it a scam, called me a criminal, and some other guy invested 2000 dollar in the stock market.

 

 

Expanding The Investment

While watching the currency grow, Erik and I decided to buy more bitcoins, and maybe buy some other coins.

He purchased some Ethereum and Litecoin as well since that was the currency at Coinbase. I, on the other hand, played a safe game and bought more bitcoin.

ETH (Ethereum) and LTC (Litecoin) Was still relatively low when he bought.

One LTC was worth 45 dollars, and one ETH was worth 250 dollars

I didn’t think it would ever rise, but it surely did. In percentage, it rose much more than BTC. The winner was Ripple which rose with 36%!

At this point, I had invested around 1000 dollars in bitcoin.

 

When Bitcoin peaked 10 000 dollars, one of my friends started to invest as well. I made sure that he remember he told me 3000 dollars was too expensive. Now it’s over three times expensive.

 

 

Bitcoin almost peaked at 20 000

At late December Bitcoin had nearly reached 20 000 which was unrealistic. Nobody had seen that coming. Even the experts had estimated the currency to be at 10 000 at Christmas.

But now, the cryptocurrency went down like throwing a rock into the sea. It dumped down to 10 000 dollars in record time. At that point, I decided to get rid of the bitcoin, so I became even.

Erik did it as well, but much earlier. He sold when it was passing 10 000 upwards.

 

 

Should You Become An Investor?

In my opinion, everyone should become an investor. People in the poor and middle class complain that the rich get richer and pay fewer taxes, which is true. Complaining doesn’t help anyone, so the only solution is to become an investor yourself.

Do you think Warren Buffet care about other peoples opinion? He is just glad they are complaining so that he can become more affluent. If more people started to feel like investors, then the wealth has been distributed more evenly.

The rich own 95% of the world wealth. The poor and middle class own 5%.

If you want to buy bitcoin or other cryptocurrencies, then you can make a free Coinbase account here at www.Coinbase.com.

 

 

8 Skills To Know Before Getting Into Investing and trading

  1. Be Patient
  2. Invest a small amount
  3. Don’t let your emotions make your decisions
  4. Trade with profit
  5. Learn the market
  6. Train with virtual cash
  7. Don’t allow social media to control your actions
  8. Learn from your mistakes, and move on

 

Skill #1: Be Patient

To be a successful investor, you can’t be a day trader, or freak out when the market drops. It’s a horrible feeling after it immediately falls by 10% after you invested, but it will eventually go up, and go beyond the amount you paid. Don’t sell when it drops!

Skill #2 Invest a small amount

Don’t spend all your savings on your first investment. Spending your savings feels tempting and calculating how much you can earn if it goes up 60% of its value. Invest a small amount, and take it from there. You will eventually find it easier to trade.

 

Skill #3 Don’t let your emotions make your decisions

After an investment, your feelings will take over your actions. Even if you want it or not, it’s going to happen. To succeed you need to practice and train. You will make mistakes, no matter what. Even Warren Buffet make mistakes, and he is the wealthiest investor in the world.

 

Skill #4 Trade with profit

Of course, I’m going to trade with the advantage. Who sells with loss? Most investors sell with injuries because they let their emotions control their action. If the market drops, hold it. If it goes up, hold. If it passes the price, you bought it for, sell. You won.

 

Skill #5 Learn the market

It is essential you learn the structure and the pattern of the investment you are doing. Cryptocurrency will have a different model than for example investing in oil.

 

Skills #6 Train with virtual cash

There are several places you can learn to trade for free with virtual money. Remember, this isn’t a real market, but an illusion. Virtual money is to help you how to buy, sell and be comfortable at the trading and investing part.

 

Skills #7 Don’t let social media control your actions

The news is here to influence us and talk about what we want to hear. Their job isn’t to educate us to make the correct decisions, but to sell. Take it with a pinch of salt, but keep it in the back of your head.

 

Skills #8 Learn from your mistakes and move on

We’re all human beings, and we will all eventually make mistakes. Even the wealthiest investors make mistakes, but that makes us stronger and wiser than long as we don’t give up.

You don’t need to have a lot to start as an investor. Experience is worth more than the money. Warren Buffet said:

“When a person with money meets a person with experience, the one with experience ends up with the money, and the one with money leaves with experience.”

Like school, you need to invest in your abilities first. You can’t expect to earn a lot of money right away just because you told yourself you become an investor.

 

 

Bitcoin Mining

Bitcoin mining is another way to earn bitcoin. Miners use software to solve math problems that are issued a certain number of bitcoins in exchange. Mining provides a better way to release the coin and also creates an incentive for people to mine the currency.

I was looking into what was needed to mine bitcoin.

The requirements were to spend around 6000 – 12000 dollars on graphics cards, to go even in a decent time.

I saw this as too risky, and I would earn more by trading.

Bitcoin also requires a lot of electricity. It is so expensive that it might not be profitable in some countries.

I was watching a youtube video where a guy spent 3000 dollars on a graphics card to mine bitcoin. When he started to mine, he began to calculate long it took him to go even. It would take him about three years, to go yet.

 

You can read more about bitcoin mining here.

 

 

My final thoughts

Money is just a currency which has been printed by the government. The value focused on how we see the value on it. Cryptocurrency is limited, of something called Blockchain. You can read more about blockchain here.

Since the rich are getting richer, this is why it is so important to secure ownership whether it’s cryptocurrency or stocks.

We can either accept the wealthiest on this planet get richer. Or we can do something about it by securing the assets which will give great benefits for the future.

 

If you want to get some bitcoins, you can purchase it through Coinbase which is one of the safest platforms

Øystein