• Ben

I gained Ten Thousand Dollars in Bitcoin...and then lost it all.

Updated: Sep 24, 2019

Unless you live somewhere like Simpson, MN (don’t blink or you’ll miss it) you’ve likely added the words “bitcoin” and maybe if you’re a little more savvy “ crypto currency” to your vocabulary. Most of the general public became aware of this mysterious internet currency in 2017 when bitcoin and other currency’s referred to as “alt coins” had a massive boom growing over 100x. This was a short lived boom that was fueled by a global news hype that birthed a self sustaining community greed hype-train with everyone within thinking they had found the holy grail of financial freedom and everyone was an expert on markets suddenly. \

Well unfortunately things corrected and the community was devastated. Well, at least those who hopped on the hype train also known as FOMO (fear of missing out), which is not a new term. This actually originates within the stock market and Wall Street crowd when a particular stock or industry is booming.

The good news is that although the market corrected the infrastructure is so vast it will not go away and is integrated into so many things with lots of potential for the future. If you have not yet bought into Bitcoin or maybe you never ventured into other alt coins I would suggest you do so ASAP!

Here’s why:

Quick gains

The market is picking up again and there’s lot of potential to realize short term gains while the price is still low. Historically speaking every time Bitcoin has had a run up it drops and then rises to even higher high and will continue this cycle, much like the stock market. Just at a much faster and more volatile rate.

Long term gains

The fate of currency is unknown and especially with all the international conflict it may be good idea to protect yourself with an unorthodox asset. If you just make a one time investment or better yet make a reoccurring investment overtime as bitcoin rises and falls you’ll have nothing to worry about being in it for the next 10 to 20 years at which point if we’re not using it by then you’ll at least have the gains to withdraw with a huge upside potential.

Getting started:

Okay so there are lots a different ways you could go about trading your fiat money into BTC, however the way I would recommend is for you to go through an exchange and purchase BTC from them. There are lots of exchanges out there for trading currencies, however most of them don’t trade USD or other fiats into BTC or alt coins.

1. Coinbase

Coinbase is the largest exchange and it’s based in the USA. Coinbase was how I first acquired BTC. They make it very easy to link bank accounts and cards and transfer in and out. Plus they’ve been adding more coins for trade which is great because that saves you the transfer fees of going to another exchange to obtain those other coins.

My personal experience has been great and I have no complaints, however the folks over at r/coinbase often times have something else to say. This is mostly because Coinbase doesn’t have a huge workforce and if you’re moving large amounts of money things get flagged. This is a great way to reach out to them as the moderators of this subreddit are Coinbase employees and I’ve read lots of article being solved by them.

Sign up here and earn an extra $10 when you buy $100 of BTC https://www.coinbase.com/join/caflis_4?src=ios-link

2. Gemini

This exchange came on the market a little later and is not nearly as big, however people seem to like them more and have more trust for them. They don’t have as many coins, but what they focus on they do quite well and I have yet to hear really bad things about them.

The thing about Bitcoin is that while scale is being worked out it is very flexible it really truly is in your possession and you can access your money at anytime. You can send it to anyone at anytime without waiting for business hours.

Check back later for part two were we'll talk about different exchanges, resources and getting more into altcoins.

Sign up here and earn an extra $10 when you buy $100 of BTC (I recommend you use this one) https://gemini.com/share/a6ka93