I am new to the world of crypto currency. I am far from an expert on any level in this field, but never the less I have learned a few hard lessons. Here is the story of my crypto experience.
Back in early fall 2017 I decided to try my hand in Crytocurrency. I started very small. I invested a total of about $300 spread into Bitcoin (BTC), Litecoin (LTC) and Ethereum (ETH). All coins that were, at that time, available through Coinbase.
I played with a little day-trading and saw things go up and down, and then down and down and down. As a new investor with really no knowledge on what I was doing I sold all my coins and cashed out with a small loss of around $20. No big deal, but certainly not my smartest choice. At the time Bitcoin was around $6000, ETH was around $400, and Litecoin was at about $60. A few weeks later, as you probably know, all three currencies shot up beyond that. I would have made a nice small profit had I stayed tight and decided to HODL (as they say). I got up some courage and started putting funds back in.
Through November and Part of December I had put in about $1300 towards these same three coins. I day-traded a bit here and there with little to no success. In early December I saw my portfolio was worth about $1750, a profit of $450 in 2 weeks. I was never in this for “Lambo’s and Moon” and saw this as a win. I then withdrew my initial investment and left in the remaining $450. That turned out to be a mistake.
Less than 24 hours later everything shot up dramatically. Had I decided to HODL my portfolio would have been worth about $4000 as LTC and ETH soon reached all time highs. My BTC holdings were small, and I would not have seen a lot there. I was pretty irritated with myself to say the least, but I had still made about 30% profit overall, and that alone was pretty amazing in its own right.
I held onto the $450 in the form of LTC, and then it of course started to fall. I wanted out, but did not want to be stuck with the big three coins. A friend was making some great gains on Ripple (XRP) and I wanted to try some penny-alt coins.
My next move was to find an exchange that offered this, and I found Binance. (If you are thinking of signing up I get a small referral fee that costs you nothing if you click my link. 😉 ) I transferred the LTC into binance and invested it into a serious of small penny-alts like TRX, FUN, TNB, CND, and several other small coins that I had never heard about. I really had no idea what I was doing. I simply saw potential opportunity in coins that were worth less than 10 cents – if even one of them did what LTC or ETH (or even BTC) did, then I would turn my tiny investment into significant gains. I’d never be a millionaire from it, but I would do pretty well.
This all occurred around the very start of January. Everything was booming then. I saw things rising, and some tidy profits (percentage wise) from all the holdings. Every single one. I saw TRX (TRON) as the low man on the totem pole and figured I could really load up in total coin holdings. I sold all the others for their profits and dumped everything into TRX. I was all in.
I had purchased TRX at varying values, some buys as low as about $0.04, others as high as $0.20 with an average at around $0.10 per token/coin. I also injected additional funds, albeit a small amount, to try and boost my overall holdings. TRX of course then started to drop, and drop, and drop.
Today, the value I dumped into Binance and TRX sits at around half what I put in. I have at many times debated pulling everything and getting out, but changed my mind. Now I HODL my coins and am staying strong, perhaps blindly so, in TRX hoping that it jumps enough to return at least a small profit.
There is definitely a big community of TRX supporters. It is hard to say how many of them are legitimate and not there to just try and manipulate things. Certainly a fair share of scammers everywhere you look, but there does appear to be a lot of real support for this coin. It does make it tough for a newb like myself to know what to do, hence the very small investment. Just enough to be in the game a little. To really do well in this cryptocurrency world one would need to become well educated in all aspects.
Some people in various forums, reddit and Facebook groups predict it will reach “the moon” and break $1, $10, even some saying $100 before the end of the year. Honestly I think that is all just a bunch of bullshit hype trying to instill FOMO (Fear of missing out) driving up the price. If it makes its way to at least $0.30, I will triple my money and cash out, walking away a very happy guy – With my luck, the next day it will probably jump to $100!
Note on Pricing: I gauge coin value based on USD. I know there are many out there who think everyone should use Satoshi’s. There are certainly good arguments for each. For me, basing what my holdings are worth in USD makes the most sense. I can then see plain as day, what value I can put in my pocket today in real world dollars. For example, lets say that Bitcoin crashed by 50% and the value of TRX stayed the same. On the surface this looks like no change. But in terms of real world dollars, it would be half its value should I decide to cash out. Likewise, lets say that bitcoin went up by 10x in a day. The Satoshi value would appear the same, but the true cash value, would be much higher. For me it only makes sense to rate in USD as the value is a more stable comparison. For those in it for the very long run, this may not hold true, but for me it does.
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