Getting rich from cryptocurrencies?

Getting rich from $200; my year in crypto (Week 1/52)

Thomas Shearman
Sep 14, 2020 · 3 min read

Some crypto traders promise to make you $1,000 in a week, $5,000 or more, if only you send them your hard-earned cash right now.

There is a lot of noise about cryptocurrency: my LinkedIn profile and Twitter feed boom with crypto declarations and market predictions. I heard the virtual drums calling me after becoming interested in Blockchain, the technology that underpins the most famous crypto of all, Bitcoin.

It became clear during my short time writing about these concepts I needed to experience crypto ‘for real’. I’ll be sending weekly updates about my ups and downs in the crypto world.

Cryptocurrency has colossal potential. It accounts for around $350 billion in market capitalisation. That sounds a lot, but it is just 1 per cent of the global equity market, which was worth $71 trillion at the end of 2019. That’s without mentioning the debt market or real estate.

Disclaimer: I am a crypto investment novice, and this blog offers no advice. Mistakes I make will be my own. Be very careful with your money — crypto is a risky investment — and never part with your cash if you are unsure or feel coerced.

My investment

I had GBP 154.84 sitting in an account offering 0.1% interest. I was putting a fiver a month into the account, in theory, to give to my mate Terry when I die, so he can have a party.

At the time of setting this up, my GBP 154.84 was worth fifty cents short of USD 200.

Trust is a massive part of everyone’s internet experience, and I am no different. I prefer word-of-mouth / my mate can help you recommendations. And so, two friends and a few emails later I invested that GBP 154.84 with coinpass.

I am not clever or sure enough to invest in crypto directly, so, sorry Terry, I invested the party money with a crypto intermediary.

I’ll refer to everything in here in USD from now on, for clarity.

My riches

Here’s what my USD 200 bought:

Bitcoin (BTC) 0.01 coins

Etheruem (ETH) 0.1 coins

Litecoin (LTC) 0.5 coins

Ripple (XRP) 38.99 coins

I just missed buying bitcoin at its USD 9,500 per coin rate. It surged past USD 11,500, and that’s the approximate price I bought bitcoin. In the last few weeks, it has crashed back to USD 10,000–10,500, and where it fluctuates still, at the time of writing.

These are the ups and downs I hope to experience. By the end of one year, I want to see if I can beat the 0.1% interest rate on the standard bank.

I’ll be using CoinMarketCap rates to calculate my earnings, and Coinpass for my transactions.

About coinpass

Coinpass wants to become a global leader in digital finance, bridging the gap between traditional finance, banking, trading and digital assets.

Jeff Hancock, CEO at coinpass, said: “We believe immensely in this profound technology. We are pro-regulation and understand the importance of regulated endpoints between traditional finance and crypto.

“Without intermediaries doing what coinpass does in a safe, secure way, there is no future for crypto.

“We all must take a step forward in educating ourselves about cryptocurrency. It’s the future of finance, there’s no doubt about it.”

So, there we have it. Wish me luck, and crypto speed.

And if you have any top currency tips, contact me or leave them here.

blockchainwriter

Making Blockchain and Cryptocurrency Understandable

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