It’s all over. A year after investing $200 into cryptocurrencies, it’s the time of reckoning.
Let’s look at the bottom lines first, based on August 30, 2021, prices.
The initial spread of $200 (Bitcoin, Ethereum, Litecoin, Ripple) is now worth $808, a $608 return (+404%).
A second investment of $75 (Cardano, Tron, BitTorrent) is now worth $1,119, a $1,044 return (+1,492%).
A third speculative splurge of $210 (Dogecoin, Holo, Pundi X) is now worth $2,826, a $2,616 return (+1,345%).
I’ve since added around $300 to buy some Pancake Swap, more Litecoin and Ethereum, Stellar, and Shibu Inu.
TOTAL INVESTMENT: $785
TOTAL VALUE (Aug 30) : $4,900
TOTAL PROFIT: $4,115
Review of returns
These returns represent much more than my bank’s 0.01% interest rate. My original $200 investment is worth FOUR times as much.
The extras I’ve invested have rocketed, too, mainly thanks to me buying Dogecoin just before Elon Musk’s endorsement.
It’s not all plain sailing, though. I’ve seen the overall portfolio value rise and crash rapidly, from a high of around $9,000 to a recent low (July 2021) of $2,700. I must admit to feeling that I was going to lose all my money in that downward phase.
Next steps for me
As luck would have it, Binance announced last week the reactivation of GBP sterling withdrawals to Visa cards. I’m going to grab some FIAT currency and buy myself some new hiking boots as my reward.
Once I get to +$1,000 invested, that is quite a severe financial risk, in my mind.
So, assuming there is profit, I will draw some money down and HODL the rest every year. I know most people will say HODL indefinitely. Still, I want to use cryptocurrency profits to better my day-to-day life.
It’s been a fascinating year-long experiment. I have learned about different currencies, done well on many, and not so well on others — Shibu Inu! I have no idea how it will end, but it’s been fun.
I don’t necessarily want to go to the moon, but I want to see cryptocurrency success and everyday adoption. They offer an excellent and alternative financial future.
I wanted to see if a crypto novice like me could earn more money via $200 invested in crypto trading than the 0.1% (20 cents) interest I could make from my bank in a year.
My methods were not strictly scientific; I made it up as I went along and used 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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