I first bought Ethereum a few weeks ago and have been buying a little more each week. It has been my first dip into the cryptocurrency pond and I plan to swim around for a little longer. I’m going all out for the first 6 months of 2018 and then if I’m still standing and the crypto world hasn’t crumbled then I’ll tread more cautiously. Until then, every spare dollar will be put on the gambling table.
I can do this as I have no kids to looks after, no wife to please, and I’m already on the poverty line. So I have nothing to lose and much to gain. If I don’t take the gamble I stay poor, If I take the gamble and crypto collapses I stay poor, If I take the gamble and crypto continues to head to the moon I change my life for the better. So 2018 will either make me or it won’t, but it certainly can’t break me or send me broke as I’ve done that all by myself over the past several years. Up, up and away I say 😉
So Why Buy Ethereum?
Honestly? Because I want to get rich as quickly as possible. I figured Bitcoin valuations are slowing down but the group of crypto coins just below the top dog still might have some legs in the first half of 2018. The last I checked Ethereum was the second largest cryptocurrency behind Bitcoin but with the speed that things change in cryptoland it could be number One by the time I publish this post. I’m only half kidding as seriously, things happen at light speed with these digital currencies.
Basically though, there’s a competent team behind the project, some big companies like Microsoft have an interest in the project, the charts are pointing upwards, and people are piling into cryptocurrencies by the millions.
You can’t check sales, expenses, and future projects to guesstimate profit and price in the future as these things don’t exist.
“Investing” in Ethereum and cryptocurrencies in general is a gamble. It’s a gamble I’m willing to take until it’s not and then I’ll pull out.
I’m still learning about the technology behind the project but at the end of the day I just want to fill my bags with cash and go home. Digital currencies, blockchains, smart contracts, etc are here to stay but nobody knows if Litecoin, Ethereum or even Bitcoin will be here to reap the rewards. It’s a jungle out there.
My plan is to put as much money as I can into cryptos this year, with about 40% on the larger coins and 60% on the smaller altcoins. Most of the money I have put in so far has been on Ethereum and fortunately for me it has gone up most days.
Along with the trading gains of Ethereum I also plan to use arbitrage to add a little cream on top. I’ve been buying from CoinBase in Australian dollars (AUD) but I can’t sell with them so I have to transfer my coins to another wallet. And like everything else in Australia, prices are high.
That’s quite a difference. I’m still yet to do it so I don’t know the exact percentage profit I would make after expenses but I have to transfer my coins out of Coinbase anyway. It’s just nice to get a little cream on the way out.
Currently you have to be based in Australia to join CoinSpot unless things have recently changed.