The summery: I already lost 60% of my investment; but I learnt a LOT.
I was a little late to jump on the hype train. I got started with BitCoin in January. I knew the price hike in December, 2017 was too much. No stock or product evaluates as a e^x curve. So naturally a correction was due. The first correction came in mid January. I don’t remember the date. Price was below U$10k. So I jumped in. Fast forward 4 months, I’ve already lost most my value.
Here’s the thing I learnt:
- BitCoin is not a investment tool. People fail to realize that. In the short run, you are going to loose your value. In the long run, it’s just a gamble.
- “Leverage” is not a good thing. Probably you’ll just end up loosing your capital faster this way.
- I feel; “I” feel, the market is being manipulated now. I don’t think it’ll be good for the long term philosophy of BitCoin or AltCoins.
- Maybe, MAYBE, after July we will get some clues where CryptoCurrencies will survive the long run.
- Don’t try to mine. You’re unlikely to make any real money out of it.
- Have 2 wallets. One ‘Hot’, other ‘cold’.
- If you want to get in the game now, remember, after 2 months, it could all just disappear. OR, survive. Nobody knows. (I’m in it for the philosophy)
- Forex market is probably not a good place for guys like me. Not enough time.
- I’m still not ditching fiat currency.
- I’ll probably look into index funds in future.