My first week into cryptos
I was very late into the crypto space and when I wanted to invest, bitcoin was at an all time high of 20k dollars. As I aimed to some quick money out of cryptos, I decided to explore the space of altcoins. Since I am from India, it’s a pain in the ass to buy altcoins directly using INR. There were only a very few exchanges where you can trade altcoins(that too not all) and the prices were pretty high compared to the global market as the trading volume is very low in India.
So, I began my ride by looking at some youtube videos. I had registered to some Indian exchanges like Koinex and Zebpay. It was a weekend and it looked like it was going to take 3–4 days for their KYC verification to take place. I was highly impatient and wanted to invest immediately. Foreign exchanges like Binance and Cryptopia allowed me to trade immediately but the problem is that they allow trading only using bitcoins and they have no option of buying bitcoins using USD/INR. So, I got some bitcoins from zebpay using my friend’s account and started trading.
First, I thought I would buy safe altcoins like Ripple, Litecoin, etc. I bought some ripples and litecoins for around 28k. Then I came across Electroneum the same night and it was selling at around 7 cents. It was an exciting project with a good USP and great marketing but it had some security issues some time back. That’s why it was very cheap. Then I came across the quote “Be Fearful When Others Are Greedy and Greedy When Others Are Fearful” by Warren Buffett. This motivated me to take the risk of buying Electroneum. I knew that I wouldn’t get it cheaper than that and pumped 28k into that. Then I became more greedy and converted my Litecoins also into Electroneum. So, by Sunday night, I had invested around 56k into cryptos with around 40k into Electroneum which was a very risky portfolio.
Then during the week the BTC prices crashed by 30% and all the coins were available very cheap except Electroneum(because of John Mcafee’s tweet). I pumped 28k more into Quantstamp, Lisk and Cardano. And the next day I sold my Quantstamp to get Icon (more of an impulsive decision).
So, to sum it up, it was one hell of a week (10 days, to be precise). I learnt a lot this week. The blockchain technology is amazing and it’s going to be the future. But I have doubts in the way these cryptos are being traded. It’s just crazy FOMO going on right now. Being a smart guy, I didn’t want to lose out on this opportunity to make some money. I know that I’ve made risky investments and that doesn’t look that smart. But when the risk is high, the returns are high too. All my hopes are on Electroneum and I expect it to boom in the coming months. Other coins like Ripple and Lisk seem to be sure shot winners (of course, only if the bubble doesn’t burst). Icon which I bought a few hours back is my only crypto in loss and the rest are doing fine. I’ve made a profit of 0.03 BTC (15k in INR) this week. Not bad for a noob in this field. I hope that the bubble doesn’t burst soon and I make a lot of profits in the coming months.
Kicking ass and collecting cryptos,
Arjun
