
Last November, I did a Hackathon as a recent graduate at my local university in the blockchain space. Together with 3 other undergraduate students and 1 graduate student, I delved deep into the world of blockchain technology in 36 near-sleepless, caffeine-fueled hours. I regret nothing.
As a result, I developed some basic blockchain smart contracts in Solidity and a proprietary service called BlockApps. I have lost some of the specifics of what I learned, but the burning desire to learn more and do something great in the blockchain space remains.
Today was a momentous day in the cryptocurrency space: Bitcoin split into two branches-the main Bitcoin branch and another branch called the Bitcoin Cash.
Surprisingly, such a momentous event did not significantly affect bitcoin’s price (it remains stable at around $2700). The new currency ended at over $400, reiterating investors’ belief in the new cryptocurrency’s ability to carve a new niche in the blockchain and cryptocurrency space.
Here are 6 concrete steps that I took today as a result of the BitCoin split, which I got from professional advice from Jeff Kirdeikis, the mentor behind the Etherium investing Facebook group. Look him up — he’s great! During our one-hour Skype session, he recommended most of the steps listed below, as well as gave me many invaluable tips on how to perform technical analysis.
0. Leave all of my Bitcoin as it is: with the huge fluctuations in BTC in the days before and after August 1st, I’m leaving my wallet as it is to make sure that nothing too bad happens to it. I’m following the Warren Buffett and Charlie Munger philosophy of buying and holding for the long run.
1. Move all of my Ethereum off of Coinbase (a well-known Bitcoin, Ethereum, and Litecoin digital asset exchange and storage website) and GDAX (a Bitcoin, Ethereum, and Litecoin trading platform) and into MyEtherWallet — a much more secure digital wallet service.
2. Preorder Ledger Nano X: The Ledger Nano X is a hardware device that stores private keys, addresses, and encrypted data in a far more secure way that all online and paper wallets.
3. Set up a cex.io account in order to buy a few hundred dollars of the following up-and-coming alt-coins: Golem (~200), Stratas (~200), Iota (~200), Eos (~100), and Osimego (~100) on Bittrex.com. The last two, Eos and Osimego, are more speculative, so that’s why I’m putting a bit less into these cryptocurrencies. After I figure out how to place a stop-limit order, I’ll store some coins on MyEtherWallet, and store the rest that are incompatible on JAXX.com, an offline app.
4. Sign up for the Poloniex (a similar service to Coinbase) Whale private service. It’s 45$ and gives detailed portfolio recommendations for the current crypto markets and a private Slack channel. I’ll keep you all updated on how this service goes! I have my doubts on these types of subscription services, so a cancelation might be in the works.
Steps that I will take in the next few days:
1. Figure out how to place stop-limit orders on Bittrex to purchase the alt-coins and then place those orders.
2. Wait until the Bitcoin fork settles, and then buy more. I will apply dollar cost averaging to buy and hold 90% of my assets in the all cryptocurrencies, with a roughly 40/40/20 split between Bitcoin, Ethereum, and other altcoins.
Wish me luck, and leave a comment below! See you all soon, friends.
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