Podcast: Getting rich from $200, my year in crypto (Week 6/52)
I fell asleep at the wheel and missed a week. I woke up a fortnight later, and my ten per cent losses have turned into a five per cent overall gain!
All my cryptocurrencies took a massive upswing, including Bitcoin, which at the time of checking was trading at $12,800 (Oct 22, 2020).
Bitcoin, Ethereum, Litecoin, and Bitcoin Cash (a spin-off from Bitcoin) have been buoyed by news that Paypal will allow customers to buy and sell selected cryptocurrencies using their PayPal accounts. Full rollout is expected in early 2021, with the US coming online in the next few weeks.
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% ($2) interest I could make from my bank in a year ($2).
If I cash out now, I will have made a ten dollar profit, five times the bank’s bonus and in a quarter of the time. Imagine if I were to deal in thousands, tens of thousands or hundreds of thousands of dollars — five per cent return in three months is pretty healthy. Of course, I was ten per cent down not a fortnight ago.
I’m playing it pretty safe so far, as I learn about these volatile markets. Jeff Hancock is Co-Founder & Chief Executive Officer at coinpass.com, and he shares his thoughts on why newbies like me should use a crypto exchange like coinpass.
You can listen to his thoughts in my short (5 min) podcast by clicking here (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.