Let me preface this with who/ how I am: I do not have a financial background and I have little patience and cryptocurrency and blockchains was...and actually still is...a whole new world for me.
This is a blog about my travels in this new world, so join me to learn from my experiences or just to have a laugh about my mistakes :)
You hear about crypto at the weirdest places and for me it started in the office during Friday afternoon drinks. This was pre-pandemic time and the Bitcoin was slowly rising again from a steep drop.
The CFO asked who had crypto and a few colleagues had invested in them. The profits ranged from a few hundred euros to thousands of euros and no one lost their investment. When I asked them how they started with crypto and what their strategy was to earning profit, none of them were willing to share their stories. They all directed me to Google and YouTube.
So my journey started on page 1 of Google and the top 3 videos on YouTube about cryptocurrency. Like I mentioned before I have little patience and with my lack of financial background I didn't understand half of what was said, so I decided I just want to get into it and see how it is in practice. How hard could it be, right...
I started on a Bitvavo. A great trading platform that is easy for a beginner, but also has a lot of features for the more experienced trader. Recommended to look at their site for more information.
After having signed up, I transferred 50 euros and was excited to see how fast I could earn a profit, but overwhelmed with all the graphics and numbers, I decided to go the Safe route and only invest in the crypto that are rising and of which I have heard of. So I invested in Bitcoin, Ripple and Ethereum.
The first few days went fine, slowly rising and on occasion dropping, but it always sprang back up so my invest was slowly earning profit.
Too slow for my liking so I decided to add an additional 50 euros and do some more daring investments. I had just watched a YouTube video about the candle stick charts and like the video said a sure way to earn profit, so I was confident I could make some good investments.
I don't remember in which crypto I invested, but in short... it didn't work. I lost about 50 euros and before losing it all, I wanted to cash out and get at least 50% of my money back, but then the fees of Bitvavo hit me and I lost more than I expected. This put me off from trading for a while. I actually don't trade now at all, but that is for later.
Lesson 1 I learned: there are always fees and the only real winner are the trading sites.
So before trying to earn profit from cryptocurrencies, I looked into ways to earn free crypto. My train of thought then was that if I have free crypto it is not my own money that I'm losing and everything is a profit. How small it is.
My next trip on Google brought me to Coinbase. I think it is a well known site, but for the people that don't know, you can earn free crypto on Coinbase by watching short videos and doing a short questionnaire about it.
I started doing this about half a year ago and I've been able to earn about 70 euros worth of crypto.
If anyone wants to start earning as well, please check out the links below. You'll also help me with it. Thanks !
Lesson 2 I learned: earning free crypto (with little hard work) is possible so you don't have to invest your own hard earned money.
I wanted to cash out so I could get some (free) Christmas gifts, but then Lesson 1 hit me again. The fees of Coinbase are pretty high, but since it wasn't my money in the first place it is acceptable. Luckily before I cashed out I found out that you can transfer your crypto to Coinbase pro.
This is the trading platform of Coinbase and it has lower fees than Coinbase (not Pro).
So now I am in doubt; should I try to trade on Coinbase Pro or just use it to cash out with little fees to maximise my earnings...
Leave your comments if you like this blog and want me to post more about my travels.
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Thanks,
Calvin.
