This is the most common topic that everyone in the crypto world discuss. Everyone would have a special story as to how they got introduced to the Crypto world and we all know how it would have been the very first day to understand what Crypto is all about. Nobody would believe that money is digital and we can earn them.
It was indeed a similar experience for me as well. When I first came to know about Bitcoin, I did not understand anything. People started explaining about the technology, smart contracts and everything but I couldn't get anything from what they were telling. Later only when I started exploring it by myself, I started learning thing one by one. I would like to share my first crypto and blockchain experience in this article.
How I got here?
This all started over 2 years back. I never knew anything in depth about blockchain or cryptocurrencies two months before joining Steem. Like everyone else I was also first introduced to Bitcoin and how people were investing so much on Bitcoin and got great benefits. Someone told me that these are digital assets and once we buy these, it can give great returns compared to the stock market. The only explanation that was understandable was that Bicoin trading was also similar to the regular trading we do in the stock market. That was my starting point.
I was fascinated by what they told and started a new account on Zebpay. Those days there was no ban on cryptocurrencies in many part of the world and we had many exchanges for Indian crypto traders. I decided to invest 50,000 Rs (Around 700 dollars) to purchase Bitcoin. Everyone told me that it was a great opportunity. I knew nothing about Bitcoin but still I wanted to give it a try so, I bought it when the price was 5000 $ per coin. I was waiting for a month and saw the price slowly increasing. After nearly 2 months, the price hit 10,000 $.
My investment doubled and I reaped a good profit out of this. But as soon as the price hit 10,000 $, many people started saying that there will be a bubble burst and it was not safe to stay invested anymore. Some of my friends also sold their holdings and got their money back. I also decided to quit and I sold my holdings when the price was around 10,000 $. My investment of Rs 50,000 became Rs 1,00,000. That's how it all started.
Exposure to Alts
I was thinking that Bitcoin was the only cryptocurrency and when we read articles all around the internet, many articles talked about mining and how it all started and how Bitcoin was the first cryptocurrency. I did not have any exposure to alts. But then some of my friends started investing on other cryptocurrencies.
After seeing a great profit on Bitcoin, I wanted to give other coins a try. I also thought that it would be a good idea to diversify my portfolio. I pooled some extra money from the real world and started investing on some of the below coins.
These were the alt coins that I purchased during the early days. I still hold most of these coins but my portfolio value is horrible. When Bitcoin bubble broke, all the alt coins got a great hit and I invested when the price of these coins were at its peak. It is now more likely that these coins will never reach that price again and I'm stuck here. Let's see what happens in the future.
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Posted Using LeoFinance