How has Crypto and Blockchain Technology Impacted your Personal Finance?
My entry to #CryptoFinance Initiative: How has Crypto and Blockchain Technology Impacted your Personal Finance?
Hello Hive,
Before you read my entire I would like to quickly mention I write this more so to remind myself not to fall into the same FOMO traps. Life
My First Experience with Cryptocurrency
It was the summer of 2017 and I have read in the news that bitcoin had surpassed $10k and kids literally half my age had became millionaires with cryptocurrency. It just sounded too good to be true but when I read countless stories of it happening and did my due diligence I bought in. At the excitement of it all I wen in on literally everything. I bought shares of cloud mining from Hashflare, built my own mining rig to mine altcoins, and bought an antminer, put in a decent amount of cash into exchanges such as Coinbase and Kucoin. My thought process at the time was to make up for lose time meant that I would need to put in more then to reap the benefits. Little did I know but within less than a year bitcoin and altcoins would drop in price dramatically.
I did something really stupid on top of investing near the peak of 2018. I converted all my btc holdings into altcoins and all of them were either a scam or dead weight. Bitconnect and Hexcoin to name a couple. At the same time all this was happening I got myself addicted to cryptocurrency gambling. Specifically dice rolls and slot machines. The allure of fast gains in digital currency came as fast as it went and at the end of close to two years span that I played the main crypto gambling site I go to closed, which forced me to stop.
The need to take on risk for a chance of big rewards was my downfall. In cryptocurrency and in finance I found out the hard way of investing. I now take to heart what Warren Buffet preaches:
Although I would rephrase it as "stock market and crypto market" I hold it dear to my heart and mind today more than ever before. I have no reason to rush in on anything if I truly believe it will be valuable many years from now.
Where I am Financially Now
I am not going to let go of how much I lost investing in cryptocurrency or in the real stock market, but what I have learned through investing in cryptocurrency is that making mistakes is apart of the game of life. I may never retire rich but I feel I am living a rich life. Through the turbulent years of investing in cryptocurrency I have found blogging my experiences to be a way to ease the pain and a way of reminding myself never to make the same investment mistakes. On top of that I am meeting wonderful people around the globe and earning cryptocurrency with it. Originally I was on Steemit but since the fork to Hive I am a "Hiver".
Nowadays whenever I hear of the latest hype in crypto such as uniswap or Definace and other fascinating topics of crypto I tend to play it safe. That is either ignore what I do not understand or invest a small amount that I would be willing to accept if I lost it all. At the end of the day I prioritize in risk management more so than trying to look catch the next 10x or 100x investment.
How Crypto Impacted My Personal Finances
I took investing for granted before I learned about cryptocurrency. Before I would basically put in the standard % of my salary into a 401k and ignore my investments. Nowadays after witnessing so many pitfalls in cryptocurrency I have also learned some of the pitfalls of stock market investing. All in all I feel I have a better control of what I need to do in order to maintain and grow my financial assets. This includes what I have on Hive and my cryptocurrency game accounts. (I digress on my 401k and money investments as I mostly blog about that stuff daily with the use of Leofinance.)
Hive All The Way
Since the start of 2020 I have mainly been active on Steemit and now Hive. I have focused all my digital resources into my Hive account, and several Hive related communities: games like Splinterlands, RisingStar, Exode, and LeoFinance. Not a hardcore gamer but love gaming. I have distributed my assets in multiple Hive communities but maintain that all the assets revolve back to Hive. Through the highs and lows the people on this platform has given me hope that someday I can reclaim every penny that I lost in all my investments. Well if I can not make it back at least I am enjoying the journey and look forward to the next daily post.
Thanks for reading and appreciate all the comments/remarks Hivers have to offer. Also thank you @theycallmedan for doing this initiative.
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STOPCertainly a lot of ups and downs in this space isn't there? I tend to lean on the more conservative side as well when it comes to investing. I never take the big dive into projects like Uniswap and stuff like that. Because of that, I never make any real money either. It would take an outright miracle for me to actually make anything noteworthy in the crypto-space. So I guess I am just here for the fun of it :P
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