I Invested in Bitcoin for 31 Days and Here’s What Happened
I did it. I’m cool. I own Bitcoin.
.0062035 Bitcoin to be exact. Or $100 at the time of purchase, December 2017.
Interest in Bitcoin
I just need to start things off by saying that Bitcoin has a reputation of being the currency of “techies” and I am not that girl.
I’m just a regular, moderately tech-savvy millennial with an Instagram account and a blog. No exposure to the in’s and out’s of the Bitcoin world in any way whatsoever. For that matter, I have no real exposure to buying any type of investments, stocks etc. (Other than cashing out my mutual fund of Baptism money at age 22 to rent an apartment. Should I count that?)
So as everyone is chatting about this being the next get rich quick scheme, I said ya know what, I’m just gullible enough to buy into this. But just poor enough to keep my investment at $100.
I figured I’d give it the old college try and invested in Bitcoin for exactly One Month and see what happened.
The Purchase Process
My 31-Day Bitcoin experiment started in December 2017 after about an hour of research — and when I say research, I’m talking about Googling “What is Bitcoin and How Do You Buy It.” So yeah, square one.
Simply enough, I was able to download an app called Coinbase. This is basically just a platform for buying and selling, and the app holds all my Bitcoin (yep, all .0062035 of my Bitcoin).
NEWBIE FAIL: The Coinbase app gives 2 options to purchase Bitcoin, either using a credit/debit card or linking bank account. I chose the latter because it meant I didn’t have to get up and go find my wallet. That was a mistake, since the bank account option takes 8 DAYS to release funds to purchase Bitcoin. How rude!
So after my one hour of diligent research and spending my first $100, I found an alert feature in Coinbase that sends a notification when Bitcoin was above or below a certain price. Hindsight, I probably should have spend I don’t know… A minimum of 5 day watching Bitcoin before I dove in and purchased. Maybe that would have given me better insight on what a fair price was.
But, impulsiveness got the best of me this time and I clicked purchase.
From there, while waiting patiently (because I was forced to) for my 8 days to expire so I could actually own Bitcoin, I started watching the other 2 cryptocurrencies that were in the Coinbase app: Eretheum and Litecoin (and now there’s a 3rd called Bitcoin Cash but whatever…)
I set an alert for Litecoin (because now I’m smart!) and when it dipped below a certain Dollar amount, BAM, I bought it! Bye, $100!! I’m now double cool because I also own a lesser known cryptocurrency.
Talking about Bitcoin
The best part of throwing my $200 away to Cryptocurrencies in the matter of days is that people now think I’m wildly interesting. Bitcoin dominated my family Christmas conversations and I got to avoid all the awkward “so what’s up with you?” chatter. That in itself was worth the money and by far the sweetest surprise of owning this slice of techie heaven.
But most importantly, I’ve now impressed Google with my well-rounded interests, seeing as now all my suggested articles are about super in-depth crypto discussions (sprinkled between photos of whatever Meghan Markle wore to a party that weekend). I appreciate this because, let’s be real, I have a lot to learn if I want to maintain my reputation.
This is my Google Feed like, every day now:
Jokes aside, I now try to read an article a day just to stay up-to-date. And lemme tell you, it’s fucking DENSE. Crypto is a whole world where things change daily. Here’s an example:
A few weeks ago, a CEO of a certain large cryptocurrency company started selling ALL their investment in their own coin. Just think, how would the world react if Mark Zuckerberg just sold off Facebook one day and invested in a competitor? My jaw dropped like, OH SHIT here we go! End of that crypto, forever!
But the next day, not much changed. Cryptocurrencies lived on. Hey, what do I know? Maybe these things are common in the crypto world? I’ve only been paying attention for 31 days.
The results? Obviously I’m rich now, it’s Bitcoin!
Well.. not so much. I jumped on the Bitcoin and Litecoin bandwagon on the upswing, and prices soared to record highs just days after my purchase. I gained about $20 on my $200. I was thrilled!
But, it’s been a pretty rapid decline ever since. I had 4 days of gains of the 31 days, and I’ve been in the negative ever since.
My intention was to hold these coins for 31 days and “see what happened” when I invested in Bitcoin. My conclusion is that these currencies are so volatile, every day their value is dramatically different than yesterday. Meaning, 31 days is just not enough time since literally anything could happen.
While I’ve been diligently refreshing the app every day for the past 31 days, I’m going to hold on to my $200 investment a little longer — though with less attention — to see where things go. I’m particularly excited about Litecoin long term, which started 2017 at $3.00 and is now selling in the $200’s — of course, I bought in the $300’s so we’ve got some ground to cover there, haha.
I Invested in Bitcoin and Here’s What Happened
If this review has taught you anything, I hope you would choose to be a little more selective and not so, shall I say… Volatile?! I jumped in and invested in Bitcoin after literally no research and “learned as I went.”
It’s not for the faint of heart, because Coinbase allows you to watch your investment in Real Time and that’s sometimes a little scary. But, it’s also a total adrenaline rush.
The “Elephant in the Room” question is do I think it’s a good investment to get into? Honestly, that’s hard to answer. I myself haven’t fully bought into the idea that Bitcoin is actually money, since I’ve just let it sit in my Coinbase wallet. Without having faith in the currency to hold value, I don’t know the purpose of owning the coin other than for a little excitement.
The reality is, the fact that even I have now invested in Bitcoin is probably the writing on the wall that it’s ship has sailed.
I’m hoping I’m wrong, because I really want to make my $200 back.
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