So in March I downloaded the app Coinbase and installed it onto my iPhone.
Having read countless articles about Cryptocurrency, the rise of Bitcoin and the areas surrounding its regulation, or lack of, I figured I’d have a bit of a light flutter.
Now I’ll be honest I have no experience of investing in any kind of market or currency, so this was completely out of my normal areas.
Free Crypto
Now when you sign up to Coinbase there are a few videos you can watch which earn you some free crypto, and me being the person I am, watched all of them and held currency in a variety of Crypto formats.
At the beginning I popped £5 over just to have a bit of fun, the rest I thought I’ll try and make through the market, yeah right.
Each video I watched gave me a few dollars which I then withdrew, some I converted to XLM or Stellar Lumens.
Quick lesson I learned was that the Coinbase app charges you for withdrawals, and when you’re dealing with small change £1.00 is quite a big portion of a £2 withdrawal.
No idea what I’m doing
Seriously, I have no idea what I’m doing.
Having quickly learned not to convert crypto back to pounds so soon, I’ve left it and just watched the markets go up and down.
Each weekend, over the past 4 weeks I’ve played around with the currencies and have invested an additional £10.00.
So my total investment has been around £15-£20.
I’ve swapped currencies XLM for Bitcoin, swapped Graph for Algorand and so on and so forth.
As I say I’ve no idea what I’m doing and I’m fairly confident any growth is more down to beginners luck than it is to do with accurate investment know how.
A quick check of my balance this morning and its just under £30.
Crypto Learning Points
- Investments can go up, but they can also go down, and I mean right down.
- It can get very addictive
- Bitcoin is definitely worth a flutter on – even if its just a few pennies
- Invest small, and let it grow
- Weekends seem to be the perfect time to sell XLM for Bitcoin – as XLM goes up. – scrap that the of the 16th of April has seen just over £5 wiped off my investments.
- Its not a get rich quick scheme.
Since March I have also looked at a couple of other Crypto applications including Swissborg and Binance.
Both applications appear to provide the same functionality as Coinbase, the only major difference is there are more Crypto currencies on the other 2 applications.