Since about 2012 I’ve looked at Bitcoin and crypto currency and thought “I don’t get it…but I wish I had the spare cash to dabble in it.”
I’ve watched as a Bit Coin was worth a couple of hundred quid, thinking I wish I got some when it was a tenner.
I mentioned it in a lesson to my year 13s once and we were looking at the ‘crash’ where a coin was worth £70 and saying ‘Wow imagine getting them at a pound!”
Within 4 weeks we were looking at them going for £300+ and saying “if only!” even now they’re going at £15,000 and i’m thinking why didn’t I invest at any other point in the past?
I’m pretty sure this is the peak for that lot, I don’t think it’ll drop miles or anything now, but buying a Bitcoin at £15,000 isn’t going to make you a big margin.
Like everyone who ever looks at this type of thing and thinks they missed out, I started reading about alternatives and what this week’s fad was.
I came across XRP which is a currency that has been around a short while, but in recent times it has become the chosen currency for a firm called Ripple who are trying to create a platform for moving large amounts of cash from person to person.
There’s all this talk about the banking systems in Japan, Korea and so forth using Ripple as their chosen platform for transfers and this week is meant to be the big decision that sees the coin climb in value.
I was trying to decide what to spend because I didn’t want to risk any money really, like a coward, so I spoke to my wife and said instead of getting Christmas presents, just get me some crypto currency and I’ll enjoy riding the waves and messing around with that for a bit, if I do well then it’ll be great, if I fail at least I have some stories to talk about in future.
Last Friday I got involved as it was 75 cents a coin, I got about 97 of them in total and they went down to 70 cents overnight, I was laughing at how typical this all seemed, as I’d spent a tenner to get that far (edit, I now know I should have used Ethereum as it is 1.50 to transfer that!), but it soon shot straight back up and I’m in profit almost straight away.
I’ve been asked about how to buy Bitcoin and how to buy Ripple, so I did a quick update here:
From there your wallet should show that you have XRP and probably a fraction of Bitcoin left. If you decide to spend that fraction on another coin like I did, make sure you get one that has a value of 1 or more so you can trade it again in future.
Binance seems quick and easy to use, I can chop and change what coins I’m invested in pretty quickly and if I want to withdraw, it looks like I convert into Bitcoin and send that back to Coin Base for cashing out.
Within a day I watched Ripple XRP go up by 42% to $1.08 per coin so I made a gain quite quickly, nothing ground breaking, I can’t retire, but it is mad how much it has jumped in less than 8 hours.
I keep an eye on the news constantly now, waiting to see what it says, whether decisions are any closer to being made, and so forth. I also noticed I had some tiny amounts of bitcoin left in my wallet (as you have to buy bitcoin first and then transfer it into the other currencies you want) so I’ve moved that into a pretty defunct currency called Amber.
I’m thinking that all the speculation at the moment is that Bitcoin (BTC) is about to drop massively.
So I have 1 Amber coin that is worth 0.00002 of a bit coin. (I think that’s the number of zeros…) if Bitcoin halved in value ever I’d move my Amber back in and have 0.00004+ of a bitcoin, if I leave it there for a bit I imagine that everyone will leap on the BTC while its low in the hope it goes back up in value.
If it does I can move back when the price is high, doing that repeatedly should see that pathetic amount of coin grow into enough to buy different coins as I go along. I’m hoping that I can start playing around with the tiny bits that keep dropping off and start a second pot alongside my XRP.
I know this is risky stuff, and I’m not going to start chasing the dragon to try to cover any losses or make bigger gains. I’m seeing this as a singular bit of fun that I am hopeful will fluke into more money than I put in.
If it goes to lucrative levels I plan on cashing out half. If it ever reaches the $10 a coin folk are predicting it’ll reach by March I can buy what I actually wanted for Christmas (a Nintendo Switch with games) and keep half in there still to see how much further it can go.
My aim with this is either to say ‘I managed to buy a Nintendo Switch for less than $40 (I stuck in about $75 after fees).
At best I want to say I paid off my credit card long-term, at worst I want to write an update here saying I blew $75 on nothing at all.
I don’t really care if I lose.
Have you got any coins you invest in regularly or hot tips? I don’t want to recommend anything to anyone because I don’t know your personal situation or what you can afford to lose, but it is fun following it.
I traded the cost of a few comics and games for following this nonsense and living in a bit of hope, which seems fair enough to me, don’t do it if you’re skint! I wish I was rich enough to have put 10k in it as I’d have seen a rise of 4k this morning!
I’ve stuck this update in my cycle so it will pop up from time to time for people to respond to, ask me where it is that day as it’d be fun for me to review it vs this update, the next time I comment I could have nothing, or it could be the same, or it could be twice as much, I’m excited to see which it is. All 3 options are fun.
Update 27/12/2017 – My buy price was around 75c and now they are worth $1.27 each. Not the biggest leap on the planet, but 23c more and i’ve doubled my money!
Update 29/12/2017 – XRP now sells at $1.63 at time of writing. That’s more than double what I put in. I’ll update again if it tops $2.25.