9th March 2021: Cryptocurrency
In the past couple of months, I have become increasingly interested in cryptocurrency as a means to make money 'on the side' as well as investing in stocks and shares.
Today I am thinking about... Cryptocurrency. In the past couple of months I have become increasingly interested in cryptocurrency as a means to make money 'on the side' as well as investing in stocks and shares.
Cryptocurrency
"a digital currency in which transactions are verified and records maintained by a decentralised system use cryptography, rather than by a centralised authority"
On 21st February 2021 I took the plunge; downloading and creating an account on bitcoin.com. I bought some Bitcoin and immediately realised that I wanted to instead use Binance as my exchange. This instantly resulted in a slide to the loss end of the profit/loss spectrum since you pay fees to transfer Bitcoin from one wallet to another. With Binance installed I put a little more money in and investigated some other coins to see what I could find that interested me.
Disclaimer: I have nowhere near enough expertise to offer any financial advice so although I will mention what coins I have put money into in the past this may no longer be the case and the fact I put money in them should not be seen as advice for you to do so. It is important to do your own research if you are looking to invest in Cryptocurrencies or Stocks.
I have put money into Bitcoin (BTC), Cardano (ADA), Binance Coin (BNB), Ethereum (ETH) and Enjin Coin (ENJ) and at the weekend I had a loss; I had put more money in than my wallet was valued at. This sent me into a bit of a panic. While I could afford to 'lose' the money I had put in, I didn't want to (surprisingly). So, I started investigating; watched some YouTube videos, did some (very rudimental) technical analysis and I am currently sitting with a profit double what I was previously losing at the weekend. Obviously where I'm sitting right now I feel really positive about Cryptocurrencies but there are risks and you should never put more money into it than you can afford to lose.
I'm looking forward to learning more about Cryptocurrencies and seeing what the future brings. If you are interested in starting in the Cryptocurrency world you can sign up to Binance using this link.
Disclaimer: If you sign up through the link I get commission (20%) on the fees from your transactions. You don't pay anything more per transaction than you would if you set up an account without my referral.
Photo by André François McKenzie on Unsplash
