I recently took Mark Cuban’s advice on Bitcoin. “Only buy what you can afford to lose”. So I researched for a few minutes and decided to open an account at www.coinbase.com. I invested $400 and paid them a 4% transaction fee because I used my debit card instead of a direct bank transfer which would have only cost me 1.5%. Well one month later, my $400 investment is worth $670 which is up 89% in just one month. Today I transferred an additional $1000 to my bitcoin wallet “holding” account. I’ll buy again when we get a dip in the price. So far today, 1 Bitcoin is valued at $13,400 so who knows when I’ll get that chance to buy. I don’t understand much about block-chain technology or cryptocurrency, but I’m still a player.
Wish me luck!
12/12/17 FOLLOW UP
So I dropped the $1000 into my account making my total investment $1,400. I got a little lucky and the $1400 traded in my Litecoin and Ethereum investment is worth $2,650 today. So I decided to pull out my original $1400 and start playing with their money.
I’m now investing the $1250 (all profit) so my risk has definitely paid off. I’ll put the original $1400 in my Robinhood brokerage account where I’m doing a little day trading. I’ll explain that account which is up 64.21% in my next post.
12/22/17 FOLLOW UP
Seeing some strange behavior going on that just might be insider trading at coinbase.com. Bitcoin has dropped 30% this week and I believe it has more room to go down. I pulled completely out of crypto with a decent $848.00 profit and will stay out of the market until I see more stabilization. Was it worth it? Well, $848 is a nice profit and I feel fortunate that I got out when I did.