A raft of US dollar bills
Not what I’m earning

Getting rich from $200; my year in crypto (Week 4/52)

Thomas Shearman
Oct 6, 2020 · 2 min read

A month in, and I’m a whacking ten per cent down on my crypto investment experiment.

My real losses of $20 are small because of my small outlay, but that would be a serious chunk to lose if I were playing with large sums.

As you know, I want to see if it’s possible for a crypto novice like me to earn more money via crypto trading then the 0.1% interest I could earn from my bank in a year.

A lot of people have been asking me how cryptocurrencies work and how you can make money. So far, I have to admit, I don’t know. I’m HODLing, which feels like investing in stocks and shares, but there’s an itch that I’m tempted to scratch.

Gambling?

I used coinpass to buy my crypto and they offer a service called ‘auto trade’. Essentially I’ll need to invest a certain amount of my own cash each week/month to build up my crypto assets. Coinpass only offers a few different cryptos and not the full flush.

Looking at coinmarketcap, I can see some weekly gains of 20–60% for some cryptocurrencies. To access those, I’ll need to look at Binance or Coinbase or another trading platform.

What is telling is that, even though I am losing money, I feel the urge to invest more, to try something else? What’s interesting to me is simply…why? I’m losing money. It’s not started the way I wished, I’m interested and yet I am suggesting spending more.

This sounds suspiciously like gambling behaviour. A lot of social media frenzy around cryptocurrencies is couched in displayed in similar ways to gambling promotions — make money quick, get rich quick. Why can’t I?

Everywhere warns you to read up before you invest, to know what you are doing, yet the whole industry is screaming at you to dive into swimming pools of giveaway dollars.

This is an experiment, and I might just see what else is on offer, to see if it is possible to make a quicker buck than a year.

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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.

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