Are you a cryptocurrency investor and want to earn money?
If yes, then reading my story help you in this journey. You get some valuable lessons from my practical investing experience in Bitcoin for one year. I also share my failures you can avoid through the journey.
At the start of 2017, I learned about Bitcoin from a YouTube channel. The owner of that channel used to upload regular videos about the online crypto investing sites that pay a profit if you invest in their ads schemes.
The idea seems very interesting to me because Bitcoin was not so famous irrespective of that it was launched back in 2009. Only a few of the YouTubers who were practically trading bitcoin was known to this concept.
I searched about Bitcoin on Google while considering it as another learning opportunity in my life. Because I was a student of finance that’s why I love investing. And this idea was so unique to me to get some know-how.
In February 2017, I found another YouTuber who was providing a Bitcoin exchange service. He was also educating his viewers about different ad schemes for investing your crypto because he was also an investor in these schemes.
At that time, Bitcoin was booming, and the only cryptocurrency that deserves to be purchased. The major portion of crypto trading used to occur in Bitcoin, unlike today, where so many other coins are available.
When I analyzed the Bitcoin price behavior and studied what other crypto investors say, then one thing became apparent to me. And that was Bitcoin will hit a $10,000 price in a few months.
I phoned call to the crypto broker and told him that I want to buy Bitcoin. He provided me his bank account number, and I deposited RS.6000 in his bank account that was around $53 at that time. The broker asked me to make a Coinbase wallet. When I have done that, he sent $53 worth of Bitcoin that is 0.0475, to my wallet.
I was so happy to become a part of the crypto investor’s community. But here is the wrong thing that happened.
I get stuck in the greed of earning lots of profit from ad schemes. I started investing in the biggest ones at that time, The Adsteam. They gave me some profit from my investment in their $10 and $25 packages. For 2 to three months, I invested in those ad packages and earned profits while transferring some amount back to my Coinbase wallet.
One day, I logged into my Adsteam account and tried to transfer some amount to my wallet, but they didn’t transfer. When I searched to solve the problem, I found out that The Adsteam is a scam.
So I decided that good is only in forgiving thinking about this money. I have already transferred $31 to my wallet and lost only $25 in the scheme, including some profit. After that, I scammed another time and lost $10 worth of Bitcoin in another scheme.
Now I have only $21 left in my wallet, worth 0.01178 Bitcoin. But when I analyzed the price of Bitcoin, I decided to hold that money in the hope of earning profit in the future. I was just concerned about covering my loss.
At this point, luck became in favor of me. The Bitcoin price started booming towards $20000 from $2000 in May 2017. I became confident in holding my wallet for 6 to 9 months to cover losses and earn a little profit.
The Bitcoin hit the $19,783 mark by December 2017. I was considering that it will go up and up, so I earn a huge profit, but I was wrong. Bitcoin suddenly started falling in price and came to $6000. I maintained my patience.
After a few months, it started increasing in its price. When Bitcoin crossed $13000, I contacted my broker and sold out my Bitcoin. At this point, I was able to withdraw RS.14000 and with RS.8000 profit over my one-year investment.
You read my story of how I go through my cryptocurrency investing process and strategies. Here are three critical lessons for you from my wins and failures you can implement.
- Don’t invest your coins in ad schemes. They are crook and scam most of the time. Instead, trade your coins on online crypto trading platforms like Binance to earn good money.
- If you want to earn profit from an increase in a particular digital currency price, then think long term. The value of coins shows ups and downs along the way up to a point where you want to sell. Keep patience if you see a sudden decrease in the price.
- When you see a peak time in Bitcoin price for which you’re waiting to sell it. Just sell your Bitcoins because due to the large price, Bitcoin suddenly hits the bottom points where you can’t make a profit. Don’t expect the price to be too high for the sake of earning a big margin.
These were the three lessons that I learned from a small Bitcoin investment. To become a proper investor in digital currency, you need to learn more from experts and yourself. So take some good courses from experts and practically trade to gain more experience in this field.