Sr. Felipe enjoying a good puff now upstairs

This blog is about my favourite leisure activities and some thoughts in general.

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Thursday, February 25, 2021

Cryptocurrencies - I Dipped A Toe Into It

 


With the current Bitcoin frenzy and its value going through the roof many millionaires

were created, who jumped on board early enough. So obviously cryptos can be very

lucrative, albeit very volatile with a complete loss possible. I guess the original 

purpose was to keep banks out of the equation and dealing peer-to-peer. This in return

means, nobody but oneself is responsible for handling funds. In case of careless trans-

actions no support can be called up for help and the hard earned can be lost.


I dabbled for a while to join in and now decided to make a small investment in 

cryptos, which can be purchased at exchanges. I went over to Trustpilot and most of

them received desastrous reviews, what made me thinking some were written by trolls

trying to keep folks away from cryptocurrencies. Anyway, i ended up with the market

leader Binance and after an extensive ID-check  aquired some Bitcoin satoshis (BTC),

Monero (XMR), Cardano (ADA) and Doge (DOGE). I will put them later on in my

Ledger Nano cold wallet and let them sit there, what is called to "hodl".


Generally speaking i am a silver guy for many years now and having some physical

silver between the fingers is something different than dealing with digital assets. My

silver stock meanwhile gained more than 50 % in profits with plenty of scope for more,

so my focus will remain there with cryptos being a sideshow.


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