Last July was the first full month I opted to invest in crypto currencies, the idea come after a brief conversation with a friend over Facebook, while I was enjoying mild Summer night in Crete, Greece.
As I had already investments and even investment strategy, since the start of 2017. Desire or FOMO (fears of missing out) to acquire crypto currencies was so huge, that I quickly developed, so called, Dollar Cost Averaging strategy to buy and hold crypto currencies. I plan to buy 3-5 crypto currencies each month, no matter the price, by the end of 2020.
I opened an account on Coinbase, (it was easy to open an account there, but it took some time to actually get verified account and start trading) I bought ETH first, then bought additional litecoins and bitcoins, additionally I bough (exchanged) additional ripple (XRP) coins, again - FOMO. See: Why I Rushed to Buy Ripple (XRP) Cryptocurrency at $0.19
My first month in crypto currencies have been like a roller coaster, a complete new world have emerged for me. At one stage last month, my portfolio shrunk by more than 50%. Yes, crypto currencies are volatile as hell.
As I'm investing in peer to peer lending loans, I started to explore my options are there some offer for bitcoins and altcoins (altcoin - alternative coins, a new term I learnt last month), and found Poloniex.com, at one point I was lending there at 30% rate annually, but soon another "shock" came - Bitcoin split or fork, and I removed all my bitcoins from exchanges and stored into a wallet, as I had another FOMO, not to miss a possibility to get free Bitcoin Cash (BCC). For that I opened a free wallet on btc.com.
I paid in fees a lot more than I earned from loans or value gains (In fact, at the end of month the total gain for my crypto adventures were with a negative sign - 17.35%) - but that was a fun ride.
Interest rate on bitcoin earned me astonishing 0.29 euro cents (I lent just for a few days both BTC and LTC in July). During the last days of August BTC interest rate climber well above 1000%, come on - it even started to look like a ponzi scheme for me. But still I feel very bullish. My BTC coins were kept away from lending during last days of August, and I actually missed to cash in at those crazy interest rates. Frankly speaking I doubt we will see such huge interest rates for a while, but seems that's pretty real in crypto world. (Sounds like Ponzi, I know)
During my discoveries with bitcoin lending I learnt there are even robo investors available, see CoinLend.org Review - Automating Cryptocurrency Lending Free Bot Investor
In July I invested in total EUR 200, at the end of month value for my coins was just EUR 165. I lost EUR 35. Do I feel sad? Nope. Do I recommend to invest in crypto currencies? It depends.
My personal approach to investments in crypto currencies is simple - Dollar cost averaging t by the end of 2020 trying to limit my overall investments in crypto currencies at around 5% from total portfolio.
Remember - investments are risky, never invest more you can afford to loose.
Can I afford to loose EUR 35? Turns out I can. What if price would go down to 0? I would be sad, but most probably would buy a lot more coins with EUR 200. It's relative guys. For now it looks like a game to me.
During the month of August I've plans to order bitpay VISA card.
Also I;m going to Kiev, Ukraine next week - it would be cool to find some store to pay with bitcoins (or altcoins)
