First experience investing in Cryptocurrencies

by fireninja

One way to invest money is to invest it in cryptos or cryptocurrencies. Investing in this is a lot more difficult than investing in more traditional assets, such as in shares that you can easily purchase through the large banks and brokers. You have to purchase them through special brokers, such as Kraken.com, Binance, etc … These are platforms that enable you to exchange euros (Fiat) into digital coins, such as Bitcoin, Ethereum or other digital coins.

“Cryptocurrency are digital payment methods, often decentralized and intended as an alternative to existing currencies such as the Euro (€) and Dollar ($). Cryptocurrencies have predetermined rules around the maximum number of coins (coins) that can exist within the specific currency. Security is guaranteed thanks to the use of cryptography. ”

Actually, investing in cryptos (if we are to believe the various blogs and books) does not fit well with the approach of becoming financially independent and possibly early retirement (i.e. becoming FI / RE). The market is very volatile and therefore risky, the value can fall or rise explosively in a very short time.

Since we have only just started the trip to FI / RE, we do not mind using part of our savings (see it more as gambling) with the hope that this will soon become much more valuable. The most famous crypto coin is Bitcoin, in addition to bitcoin there is a laundry list of other coins, these are called altcoins. We currently have invested in the following cryptos:

Bitcoin (XBT)

At the beginning of this year we bought a part of a Bitcoin, since we thought it would rise even further. Luckely this happend. Since we bought them, they are up about 213%. Now we are considering selling them and reinvesting them in a coin that we feel is still low, such as the CARDANO (ADA).

Ethereum (ETH)

Simultaneously with the purchase of the Bitcoin, we bought Ethereum. This has also risen nicely. Unlike Bitcoin, we want to keep it longer. Ethereum is up 242% since our purchase date.

VeChain (VET)

We bought Bitcoin with the hope of achieving some increase. We bought VeChain (VET) because it was very low and this has a lot of potential. Some analysts even claim that VET can be worth 1 – 10 euros. If it does not happen, we will not eat less, if it does we will be FI / RE in one go. What also gives confidence is that the VeChain is not only a coin with virtual value, but that VeChain is actually used in today’s business applications for tracing products through the distribution chain.

Zilliqa (ZIL)

After VeChain had risen so fast, we started looking at other altcoins that are relatively low. We wanted to invest in these with the same thought / hope: If that goes times a thousand, we are rich, if it will be divided by a thousand, we will not eat less. Of course we can do the same in the casino, with the difference that we have studied the coins / platforms a bit.

We would not quickly recommend the above investments to others and you should really do with money that you can spare, but it may help you on your way as it did with us. Unfortunately, we are still talking about relatively low amounts when you consider what we ultimately need to be FI / RE. Do you have any tips or ideas? Leave a comment and we’ll consider them for the future.

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