Making Money with Cryptocurrency: the Journey of a Beginner
When it comes to cryptocurrencies, I am a complete noob. Until a few months ago, I thought that there is just one cryptocurrency: Bitcoin.
Later on, I’ve learned that there’s more. Stuff like Etherium, Litecoin, Dogecoin and Dash. Strange things, I said, after doing a bit of research on Google and feeling like a complete idiot. Really, now, I could barely understand what these cryptocurrencies are. Not worth my time. Pass!
But a month ago, I stumbled upon an article on Investopedia: apparently, if you had bought $100 worth of Bitcoin back in 2011, and sold it in May 2017, you would’ve earned $482,666 – you little devil! If you sold it today – at the moment of writing this article, you would’ve made $1,274,633.
One. Million. Dollars.
All coming from an initial investment of $100.
So I want to start investing in cryptocurrency
I’ve always missed out on a ton of things during my life as a location independent guy and wannabe digital nomad, all of them mostly related to me being afraid to risk or considering that “it can’t really be true” or something along this lines…
Some of the things that almost make me scream for missing out include:
– making a ton of money from advertising and affiliate sales back when creating 5-article niche sites and sending tons of spammy links their way worked. I thought it won’t last forever – and it didn’t – but people made hundreds of thousands of dollars out of this. I made NOTHING.
– Back in 2008 I was launching my computer and video gaming blog. A good friend kept telling me that the future is mobile and I should do a mobile gaming blog instead. I laughed at him. I am crying now.
– Selling online courses was a big thing as well a short while ago. When Udemy was first launched, people made tens of thousands of dollars with their courses. I had a few ideas, but decided it’s not worth trying because it’s too much work. I actually thought that spending 40 hours or a bit more for some tens of thousands of dollars is not worth it! I was stupid.
Well, not anymore! This time, I’m not planning to miss any other trains and, even if I get burned, at least I know I gave it my best!
I’m going to invest in Cryptocurrencies!
I did a lot of research during the past month and I am still a little way behind starting my journey, but now I know a ton more. For example, there are over 850 currencies you can invest in and around 200 Assets (I still don’t know what these are but they seem to work about the same).
1050 digital currencies with a combined market cap of 140 Billion dollars. That’s a ton of money and, except for those who lose a ton, most people seem to be making a ton. Still.
Of course, even though extremely optimistic about this, I don’t believe that it’s still possible to invest $100 and make a million in a few years. (But I wouldn’t mind if I were to be proven wrong!)
Then again, nobody thought it was going to be possible back when Bitcoin was launched. Nobody thought that it would grow any more after it reached $1,000 per coin. It’s now at over $4,000 and, even though it drops sometimes, it’s still growing overall.
It’s pretty obvious that the bubble will burst at a given point. It’s pretty obvious that I might end up losing all the money and this could be nothing but a scheme used by some to make tons of money. That something terrible will happen at a given point and it won’t work anymore.
But you know what? I’m still going to do it! I’m not gong to miss out on this anymore!
And I am going to share my journey with you here, on my blog. Hopefully other digital nomads will have something to learn from my cryptocurrency adventure. Or at least laugh their behinds off at my huge failures!
How do I plan to do it?
Since I don’t have a lot of money saved up – and I know even less about trading in general, I won’t throw a ton of money at this from the beginning. Most likely, I will lose everything and I’ll get back to waiting for the next big thing. But I will give it a try with the huge amount of…
My plan is to buy $100 and buy one or two types of cryptocurrencies to test the waters. See how it all works. See how fast I lose all the money… or how long it takes for me to become a millionaire.
And I will share my journey with you, detailing all the steps that I take. Hopefully it will be a long and interesting journey to follow!
The truth is that, over the years, I’ve wasted $100 or even more without even thinking about it. If I try to look back at all the things that I have bought without needing them, at all the products and courses and workshops and programs and “next big things” I’ve invested in – all of them proving to be wrong, this hundred dollars seems like the best thing I could spend my money on right now.
Of course, all the money I have invested in the past seemed amazing back then and proved to be nothing but a way for me to lose money… but the point is that I’m not throwing away all my savings, just a very small portion of them. If I’ll lose them, I’ll keep my head up and carry on, knowing that I have at least tried.
Resources & Plans
I have already started reading various websites for information about cryptocurrencies and how they work, but it’s still pretty much foggy in my mind. I also found a list of Upwork courses to learn more and – even though I don’t really trust this type of content – it was a $10 offer when I checked them all out, so I bought two of them.
The plan for the next month is to learn as much as possible about how cryptocurrencies work, follow the market and see the trends, get more details about the different cryptocurrencies out there and watch some Pros on Youtube to better understand how this all works.
Next, I will create an account on a website that allows me to do it as well and jump in head first to buy my first bunch of cryptocurrency.
Then I will wait. Check the market again, every single second. Get scared when the value starts dropping, see the future millionaire when it grows a cent per unit. It will, most likely, be a rollercoaster ride that will teach me a lot about this still new world of alternative currencies, trading and trusting technology to be the future.
And most important – we’ll learn from this together! Hopefully it will be an interesting series that won’t end prematurely with an: “Well… I lost all the money!”
Are you open to trying new ways of earning money? I think that the “digital” part in our “nomad” life works flawlessly with the “digital” part in these new currencies. Let’s see if I am right!