Podcast: Getting rich from $200, my year in crypto (Week 12/52)
I’m in deep.
The much-publicised November 2020 rocketing of Bitcoin (and other) cryptocurrencies means my $200 is now worth $325, a +62.5% profit in three months.
What I’ve done now is fallen into the classic trader’s trap — taking $80 of my ‘profit’ and reinvesting it in more cryptocurrency. This time I’ve gone for fledging currencies that may, or most likely may not, make it. I chose them all after reading upon them, and my money bought me:
- 300 Cardano (ADA) — Good tech, enthusiastic crowd.
- 500 Tron (TRX) — Personal interest in entertainment (not very investor savvy move by me though!).
- 54,713 BitTorrent (BTT) — Insanely cheap. Those coins cost me $20. It feels like a fun gamble.
The good news is I’m already +10% up on these as they ride the Bitcoin wave.
As you know, I want to see if a crypto novice like me can earn more money via my $200 invested in crypto trading than the 0.1% (20 cents) interest I could make from my bank in a year.
My methods are not exactly scientific; I am learning as I go along and using small amounts I can afford to lose. Industry expert Jeff Hancock of coinpass.com offers more professional advice to newcomers on how to invest in cryptocurrency in my latest podcast.
You can listen to his thoughts in my short (7 min) podcast (takes you to my own website).
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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.