Rollercoaster: Getting rich from $200, my year in crypto (Week 18/52)

Well, what a start to the new year.

I took time away from writing to help family and enjoy the holidays. There is no way to describe what has happened to the crypto world in six weeks.

Resumen: profitable chaos (for now).

Bitcoin broke through $40,000 per coin and has wobbled like the jet stream ever since. Ethereum went for the moon and came back down again. After months of steady gains, I now understand why cryptocurrency is:

  • Addictive — I am buying more
  • Profitable — I’ve made money
  • Dangerous — such rapid gains could easily be losses

And above all, crypto trading needs to come with a health warning.

In short, my $200 invested via coinpass.com in Bitcoin, Ethereum, Ripple, and Litecoin in August 2020 is now worth $637 (Jan 18, 2020). That’s more than three times return, and in another few months, it could be much more or much less.

The extra $80 ‘profit’ I invested via Binance in Cardano, Tron and BitTorrent is now worth $135, almost doubling in six weeks.

So, I have taken that $55 and bought some Dogecoin. It’s true; once you get into cryptocurrency, it hooks you.

What started as a $200 investment has broadened into a (low-cost) portfolio of $335 investment over eight cryptocurrencies.

Next time, I’ll write about some of the scams I’ve encountered, and why I chose Binance for my extra crypto investments.

Background

As you know, I want to see if a crypto novice like me can earn more money via my $200 invested in crypto trading than the 0.1% (20 cents) interest I could make from my bank in a year.

My methods are not strictly scientific; I am learning as I go along and using small amounts I can afford to lose.

Disclaimer: I am a crypto investment novice, and this blog offers no advice. Mistakes I make will be my own. Be very careful with your money — crypto is a risky investment — and never part with your cash if you are unsure or feel coerced.

Follow me on Medium.com

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