Crypto Update: Further down the Rabbit Hole...

in LeoFinance8 months ago

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Welcome back. Its been a couple of weeks since the last update on my 'journey' into the world of crypto (check the Intro Post) and the biggest change is in the title image: I took the plunge and bought a hardware wallet! Very exciting. Upon opening it the initial impression was how 'respectable' it looked.

For all the media bullshit about the shady world of crypto and how its used only by criminals and con artists... this looks very well made and neatly packaged piece of kit.

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In short, it looks 'professional'. I'm very impressed.

[I am also very easily pleased, but lets ignore that for now ;-) ]

The next step was to download the ledger app and set-up the device. I had read some reviews and watched some of the videos from Ledger, and it looked reasonably complicated. Because of that I waited until I had a day off before trying it out. This way I had time to go through the process slowly, and not make mistakes etc...

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I needn't have worried, the whole process from downloading the app, connecting the hardware wallet, creating the pin and writing down my 'secret words' took just 30 minutes. I then needed to test it out so I just had to buy some bitcoin and transfer it across.

Nice and easy!

The following day the price of Bitcoin promptly collapsed (not my fault, honest!) so I bought some more at the lower rate. The second purchase was still part of testing it out, but also the cheaper rate off-set the first (more expensive) purchase.

So there you have it, I'm on my way to being a proper Hodler of Bitcoin. Certainly didn't see this happening at the start of this year, but then this year has been a bit fucking weird for lots of people. I suspect there are many more changes afoot as we move into the predicted economic crisis next year.

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Anyway, putting all that to one side for now, lets have a quick summary of my current portfolio as it stands. This would have looked a lot more exciting a few days ago when the prices were higher but nevermind.

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25th October 2020

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12th November 2020

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28th November 2020

Here is the most recent graph, it looks different to the other 2 as I wanted to make it easier to read... but it still looks a bit 'amateurish' I guess. What about a Pie Chart...?

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12th November 2020

That looks a bit better I guess... it does show that Bitcoin now makes up over 25% of my portfolio: 'Bitcoin HODL' is kept on the Hardware wallet, 'Bitcoin' is in the Interest account from Blockfi.

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Numbers used for the Pie Chart

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Table showing how the numbers have changed over the past month - USD

I was surprised to see how much I had 'invested' considering I only really put in £20 at a time. Most of that has gon into hive, but I suspect for the next couple of months it will be aimed at Bitcoin, I'll be trying to grow Hive organically with posting and delegating etc instead.

If anyone has suggestions on what I should do with the BAT then please let me know!

In the meantime, I will carry on saving and blogging and curating, and I'll be back with a progress report in a few weeks time

Hopefully this shouldn't need saying as I am obviously VERY new to this 'investing in crypto' stuff. This is not financial advice, and I strongly encourage you to do your own research to decide what is best for you etc etc.

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Thank you for reading, I hope you found it interesting.

If you have any thoughts or opinions on this article then I'd love to see your comments.
And if you really like the content then maybe you would like to upvote or re-hive it.

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All Photos taken by @dannewton unless otherwise stated.
Check out my website for more of my work.

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creating the pin and writing down my 'secret words' took just 30 minutes

Be really careful to make a note of these, esp. the words. I almost lost all mine due to a scribbled word wrote down that I couldn't read.

Noted, I am fully aware that if I cock it up then it will be very hard or even impossible to retrieve it. I'm also taking the opportunity to sift through all the various accounts and passwords I have acquired recently and writing them down somewhere properly (instead on several pieces of scrap paper which I am currently using).

Guess thats the whole point of being de-centralised. I am in control of my money (not the bank or big corporations) but that means I am responsible for it, and if anything goes wrong then I will suffer the consequences.

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I am in control of my money (not the bank or big corporations) but that means I am responsible for it, and if anything goes wrong then I will suffer the consequences.

Exactly, there are no password resets.

i am thinking about getting a wallet. trezor is most accessible here and trezor one does not look that nice as Ledger but i think it will do the job

To be honest... when researching the hardware options they are both very similarly rated, it almost went down to a coin flip in the end.

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I have the same one. They are great to keep some dollars safely off the exchanges and easy to use.
I kkep some on the exchanges like BAT because a lot of them have saving programs where you can earn interest on the tokens. It carries a risk but with the larger exchanges like binance that risk is small. Then just keep stacking hive.