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Seeing how the end of 2017 and beginning of 2018 has created a complete frenzy around cryptocurrencies I had to do some investigating myself. Upon doing some reading and casual poking around I found out a few things about these “investments” (term used loosely).
I discovered that this “crypto business” actually seemed quite legitimate.
Coinbase started operations in 2011 out of San Francisco. As of November 2017, the user base has grown to over 13 million users and has over $50 billion in currency exchanged and over 30 countries.
My attention was captured after I read that.
The first time I heard of people around me actually investing in this Bitcoin thing was December of 2017. Those around me were investing when the trading for Bitcoin was nearly $15,000 per coin. At that point, I was thinking that’s quite a lot of money for something I cannot see and have no equity stake in a company… But the roller coaster continues. The peak was $19,206.
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Knowing that the first few are the ones who buy in the beginning are the ones who end up the winners.
January 24TH, 2018
I bought $200 worth of Litecoin at $182.11 per LTC. I was now the proud owner of 1.09 LTC. Woot, woot!
February 6TH, 2018
Over the next three weeks, I watched LTC drop to as low as $110. At this point, I’m thinking why did I put any of my money into this crypto-mess? I had to take a moment and remember that the reason I will do well with investing is thanks to one character trait I choose to have. This is resilience. If I were to sell at the valley when everyone else is doing the same thing I would have lost nearly half of my principal.
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No, señor. I refuse to be roped into groupthink and go with the herd. Yes, when I saw that my investment had nearly been cut in half I felt uneasy. There’s no other way to put it.
I do have one (well, many) things going for me. I was a rather young man when the 2008 financial crisis was at its peak. I look back at that time of my life with the perspective of being the son of a real estate agent.
I will not go into details but I know from the deepest part of my self-awareness and ability to truly see the world that the world I was living in has extreme valleys. I do not speak to this as a sad and depressed young man but as someone who began to see the world for what it truly is. People in real estate at this time who were the men and women of integrity and doing everything by the book still received the short end of the stick.
This helped shape me into being a realist on life and not cynical. I have now developed a worst-case scenario mindset while being optimistic for the coming days, months and years.
I now have a realistic mindset with a smile on my face and exuberance of life that flows through my veins each and every morning I rise.
Okay, drama novel over, back to Litecoin.
February 14TH, 2018
Just in time for Valentine’s day, I saw the opportunity to make out with a small profit and executed.
LTC valued at $204.08 per I decided this was my time. I was content to have recouped my principal and a small 10.5% profit.
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What’s your experience with Litecoin? Do you think it will continue to rise? Are cryptocurrencies a part of our financial future? Make sure to leave a comment with your thoughts.
Always Moving Forward,
As a certified credit counselor and syndicated writer at MaxMyMoney, Max has coached over 250 Millennials to help take the stress out of money. When Max is not coaching, you'll find him reading financial books, indoor cycling, or visiting local pawn shops looking for swiss-made watches.