Updated: Nov 24, 2021
I am sure you have seen it on the news, or scrolling through Twitter, Instagram and TikTok, reading stories about all these people that have taken the plunge into cryptocurrency trading over the last year and now boastful of their financial successes and living the life if Riley (now there is a name I loathed without actually knowing anyone by that name).
If you are reading this, then you are where I am (or where I was) - itching to dip your toes into the world of crypto trading, but questioning where to start. And further still, wondering if that grass on the other side is indeed as green as the social media world say it is (Read: Will you be quitting your day job within the year, to sit with your feet up - cup of tea in hand - watching your money grow?)
I read in the Independent Online of the Shiba Inu millionaire that retired from their supermarket warehouse job after taking the gamble to invest £6,000 in the popular meme coin, only to see the price rocket 700,000% in the first half of 2021. Label it as jealousy, or FOMO (the fear of missing out), or what ever you want to call it, but that was the final straw for me. No more wondering "what if". No more listening to the government and Banks' scaremongering tactics to keep the gullible (AKA me) away.
No more making excuses!
So there I was, 37 web pages opened up across my desktop (thank goodness for ultrawide monitors), trying to understand which FIAT TO CRYPTO EXCHANGE to use, the difference between HOT AND COLD WALLETS, what a DECENTRALISED EXCHANGE was (and why I would care about this?). Then reading the horror stories of people losing their wallets, exchanges being hacked and accounts drained of their funds. And finally realising that your cryptocurrency is not regulated or protected by law the way your credit card and savings account is.
And so I got cold feet - for all of 3 days, until the agony of yet another TikTok reel popped up of a trade that exploded overnight with a 500%+ gain.
And there I was, making the first £10 transfer into my Fiat to crypto exchange.
Unfortunately I don't have £6,000 lying around to throw at a meme coin. I am a father of a 20 month old munchkin, husband-to-be (when my partner and I can eventually afford the wedding cost). Not to forget the honeymoon to Hawaii - cos dammit I want to be able to say I've surfed North shore, Oahu.
But even if I did have £6,000 burning a hole in my wallet, would I have the brass balls to invest it all? So I am starting off small. With a sum I can afford to lose if I make any silly slipups.
And so is born the idea to document this venture into the world of Crypto trade, to see just how quickly your funds can grow compared to traditional savings methods. Alongside it, I also want to explore other trade ideas that I have read about; RECURRING BUYS, DOLLAR COST AVERAGING, exploring decentralised exchanges for the more volatile (thus lucrative) purchases.
And the missus has already offered for me invest her money too, and we all know that spending other people's money (in this case making investment decisions with it) is so much easier to do when it's not yours.
At the very least I hope you enjoy the journey with me.. and forgive me my mistakes.. and hopefully lend me some of your sage wisdom.. or laugh with me when I've made a total idiot decision. And of course..