I started investing in BTC when I discovered that PayPal had started to offer it. I'm a fan and here's why. Started last December and bought $1500 of BTC. So far, I've withdrawn over $1700 and that account is still worth over $2400. Hard not to be a fan with results like that.
I also subscribe to an investment service and one of its publications is Crypto Capital. I have started following its recommendations and have done exceedingly well albeit with small amounts. At first it was quite complicated, at least for me. There are thousands of cryptos out there but not one exchange offers all of them. Accordingly, you have to open accounts with numerous exchanges if you're going to dabble in various cryptos.
In doing that, I soon discovered that some of the exchanges charge exorbitant fees. In one account, it would cost me $30 to transfer $25 of crypto. Another, I bought $150 but the fee was $50 and it would cost me another $75 to transfer it out. I'm writing those off as losses and simply won't use those exchanges anymore. Crypto Tuition, I guess......
I also follow the investment letter's advise on selling. It's quick to recommend selling a portion to recoup your initial investment and/or to sell all because of a parabolic rise in price. When these things catch fire, it's amazing to see how fast and far they go up. Example, 1/13/21 bought Harmony (ONE) for $0.00685766 (yes, the decimal point is correct). Today it's at $0.18.
I openly admit I really don't understand where the value of the various cryptos comes from. All I know is my investment letter has been spot on with it's buy and sell recommendations. Since I don't understand the underlying asset, I'll never put a great deal of money into any of them. But the returns on the small amounts I've invested are so phenomenal that I'm going to stick with it.
I've put a little over $3500 into various crypto investments. Of that amount, I've withdrawn around $2200 which leaves a net investment of $1300. As of today, my accounts are worth over $8K. Considering this started in December, that's not too bad of a return, to say the least. And if you're wondering what I'm doing with the withdrawals; all I can say is my taste in boutique whiskeys is being satisfied.......
I'm very worried about the tax implications. I purchased a crypto tax program but like with everything crypto, it's difficult to work. So far I'm 1 for 7 in syncing exchanges with the program. Luckily, I've got plenty of time until next tax season to get it figured out.
I'd be more than happy to help anyone out with setting up accounts with the various exchanges that I've found are workable. PM me and I'll give you my experience, for what it's worth.
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