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.
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Tom Shearman | Writer 