Retirement Spot

In the shallow end (Part Two)

By LearninDisciple | LearninDisciple21 | 14 Feb 2021

As prieviously mentioned, the best advice I can give relating to crypto or any other investments, is to start.

DYOR (Do Your Own Research) is critical. One can take other people's research and opinions into account but the fundamental reason why any decision is made should be one's own opinion based one one's own research. 

Although I will not tell you where to go and who to trust I can tell you how I've delved in the shallow end so far in my crypto experience. At first I thought I understood what Bitcoin is and what it was used for. I didn't. Not by a long shot, I don't think I actually understand it fully now. I'm sure Google can help you out but basically I researched what Bitcoin is and where did it come from. It appears the world's first cryptocurrency is very mysterious. No one knows who its creator Satoshi Nakamoto is but a new article I've read today seems to point out the fact that "Satoshi" means wisdom and "Nakamoto" means "one who lives in the middle". As if the original story wasn't strange enough, this new spin implies it was created by someone within the famed Enlightened Group. I am not saying I believe it, meerly that there is apparently new information to add to the original story or maybe someone just snapped under the current evolution of Bitcoin and well you can read further here. It started as a decentralised currency that did not have to abide by the standard rules, it was a faster, better encrypted and innovative way of exchanging goods.

Once I kind of understood how Bitcoin works I researched the alternative coins, ethereum, litecoin, compound, maker. Although these are not meerly coins but whole systems I will not go into detail here, again, I believe Google can help out. 

Once I assessed I had enough information to make an attempt, I did. I will say here that one can never know too much, one is always learning and depending on how much time and money you can invest there is no reason why you can't succeed faster and better than anyone. I made my first attempt with Coinbase based on the reviews and the fact that it did not charge a monthly fee, at least not for the basic account (which is great for starting up). As I mentioned earlier I invested 50£ at first, which with some luck and timing, several weeks later tripled. The best thing about the crypto market is that it is 24/7 and decentralised. With the right amount of luck, perseverence and research, the sky really is the limit. I know it sounds cheesy, I know most will be skeptical. I was too until I tried and be it luck or timing I am currently up by more than 200%. One downside of the market that I have noticed is that even though it is 24/7, the assets are a lot more volatile than the stock market. 

After dambling with the app I branched out and started looking for oppprtunities everywhere. One can receive free BAT just by using Brave and visiting sites that reward you with BAT through the use of the browser. Considering at the moment of writing the Basic Attention Token is worth 0.41£ I'd say it is not a bad deal to surf the web and get paid while at the same time support those websites you want. 

Another good find was the NEXO wallet where your assets earn interest in the same currency. Sounds to good to be true, I though the same, I tried it and it is true. You receive a percentage(even with a basic account) of a list of crypto coins just to hold them. Bare in mind I have done this with a small number of coins, low values. I have not tried with thousands of £s worth, mostly because I don't have that kind of money to invest. That, can obviously be a temporary issue, it all depends on the time and effort I put in. As I've said before, I am trying to create a passive income, so far I am on the right track but there is room for improvement. 

(To be continued)

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This is a blog about my own experiences and opinions. Everyone should do their own research and if you do take my advice, know that I am not sponsored nor do I represent any brand. Enjoy

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