So when I tell people that I have owned Bitcoin since 2013, most assume that I am rich. I don't come from a rich or even middle class family, so I didn't have that much to invest (my industry also was replaced by technology). I did take basically every extra money I had and put it into stocks from 2011-2014. It was because of my connection to stocks that I learned about bitcoin. I read everyday as bitcoin went from $150 to $250 to $350. At around $600 I made the decision to invest. but by the time I got setup with coinbase BTC was over $1000. It was because of Cameron Winklevoss that I bought in. He said that he though Bitcoin would one day get up to $40,000. And I'm like...ok. So not knowing ANYTHING about Bitcoin other than buzzwords like"its the future" I bought 10 bitcoin. My wife was 100% against it. Which was understandable since we didn't have floors in our house.No I'm not kidding. I had 5 figures in stocks while we lived in a house with just plywood floors because I knew that stocks were a better investment than floors. Plus carpet was not possible because I have bad allergies and hardwood floors were going to cost 10k+It didn't help when I (thought) I bought Bitcoin at the worst possible time. I watched as it went from $1000 to $400 to $150 over the next few years. I did not buy more because of my wife.Rule #1 - Do not listen to your wife when it comes to investment decisions. Women are (generally speaking) not risk takers and will usually side with being cautious. They mean well and sometimes a little caution is necessary. But nothing great has ever been achieved being cautious. Not buying more Bitcoin when it was $150-$300 is the worst financial decision I've ever made.Because Bitcoin was dropping, and I knew so much more about cryptocurrency after a few years, I decided to sell most of my Bitcoin into alt coins. Specifically Peer Coin. Peercoin was the FIRST Proof Of Stake coin. Many of the POS models are based off of Peer Coin. I believed that Bitcoin would eventually be unsustainable due to the massive amounts of electricity and Peercoin would solve that issue. I bought Peer Coin at about 50 cents and years later sold it for $4. I had made a sound investment! The problem is in holding my money in Peer Coin I lost 6 BTC. BTC out performed Peer Coin.When Bitcoin hit $1000 again I sold my Peer Coin into Bitcoin and when Bitcoin ran up to $4000 I sold most of it. I then watched as it climbed to $11,000! I got back in but THIS TIME I COULD ONLY AFFORD JUST OVER 1 BTC. I was ecstatic when it hit 25K and then watched as it went down to 4k again.So where as I should have had 10 Bitcoin, because of fear, impatience, and trying to find coins to BEAT Bitcoin I now only have just over 1.Rule #2. Alts will hurt your feelings...mostly Keep most of your money in Bitcoin or possibly Ethereum and less money in Alts THAT HAVE ALREADY HAD ADOPTION.Most Alts over value themselves during ICOs. You have the least amount of information and the most amount of hype. You are so early in the game that you can afford to wait until something is proven. For example Vechain has more adoption now than ever but its price is lower than when I bought it 2 years ago. Now might be a time to consider buying, because things have already started to happen.My experiences have also taught me to buy bitcoin in monthly installments. So every month I take whatever spare money I have and I divide it into the projects I'm invested in with Bitcoin getting the most share. Because of that I am hugely profitableRule #3 Buy bitcoin and other coins that are already seeing ADOPTION every month and don't get caught in the day to day price. Many people are freaking out about Bitcoin being down $2000 in the last 24 hours. I actually WANT bitcoin to be down because that means I can buy more. I KNOW that bitcoin will continue to rise in the future as there is more adoption. My wife is now 100% on board because she understands it now.Its a long journey, and you are STILL early. People STILL don't know about bitcoin and far less use it. There is no need to put your hard earned money into some project that MIGHT do something. Let them prove themselves first.*As I type this I see that Peer Coin is now $0.42. Less than what I paid 6 years ago.
Submitted June 27, 2019 at 10:28PM
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