I Earned £5,996 from Bitcoin
Everybody knows that bitcoin is electronic currency used to perform digital transactions without the involvement of intermediaries. Though it is a decentralised currency, it does not mean that you will never lose money. Many people have invested in bitcoin so far and most of them have lost millions of pounds. As it is an efficient way of transferring money and holding value, I thought of investing in bitcoin.
I am Jacob Brady lives in London, United Kingdom, I am sharing my story with you.
I got the idea of investing in bitcoin in April this year. I have a content management company and it was going at its peak. I thought this had been a wonderful chance as the value of coin was expected to rise. The value of bitcoin at the end of April 2019 when I made investment was £4,202.64. The value had been gradually rising since January 2019, which is why I prognosticated that it would go up.
Whether to invest in this currency or not does not solely depend on the trend of value rise. I had to do a lot of research before taking the plunge. I took help of my friend who has experience of several years under the belt. It is natural that you get overwhelmed by power of money. Since it promises to double or triple the amount, you fail to get over the irresistible feeling of investing in bitcoins.
- My friend suggested me that I should research to have a deep insight into how it works.
- He also warned me against using even the popular exchange platforms to transfer a lot of money. There is always a risk of having money stolen during transfer, no matter how long and secure passwords you set.
- He recommended that I should opt for a safe exchange platform and not try to put hefty of amount in there for a longer period.
After intensive research, I was completely ready to take risk in investing bitcoins. I consulted various experts who anticipated the likelihood of rising in the value of bitcoins. If I had waited more, I would have needed more money to buy coins. I wanted to make a bigger investment because of the speculation made by experts and therefore I borrowed £10,000 as unsecured personal loans with bad credit UK from British Lenders. Since I had bad credit history, the lender charged a bit higher interest rate, but I did not care of it because I was certain that I would pay it off outright.
I found the best bitcoin wallet
The most convenient wallets are online wallets as it allows for quick access to the cryptocurrency. Coinbase is the most popular bitcoin wallet. Maximum investors prefer this wallet it is directly connected to a bitcoin exchange. This is what that makes buying and selling faster and simpler. Blockchain wallet also comes with these features, but it does not provide offline storage facility like Coinbase.
During research, I came across some wallets that are specifically designed for smartphones. These wallets can help you access bitcoins anytime from anywhere. However, this poses a serious threat of losing your coins if your phone gets hacked.
Once I have chosen the wallet, I performed following steps to buy bitcoins:
- I signed up for an account. I uploaded my identity proof and inserted card information for verification.
- I logged in and then I clicked on buy option mentioned on top of the page. I had to specify the cryptocurrency. I chose bitcoins.
- I had to insert the amount that I wanted to spend and then the built-in calculator told me how many bitcoins I could get.
- I confirmed the payment info and I bought bitcoins.
I bought bitcoins of worth £40,000. The value of bitcoin continued to rise in the month of May. I decided to sell coins at the end of this month as I was sceptical that I might lose money. By this time, the value of one bitcoin had reached up to £6,703.02. I stay up to date and experts suggested that the value of bitcoin was to increase. In the beginning of June, the value went down £6,243.31. I did not make any impetuous decision. I waited before deciding whether to sell or retain the coins. Eventually the prices started to rise and just a few days before the end of June, it was £10,198.57. I immediately sold my half of coins.
I was glad that I made profit of £5,996.35 on each coin. With investment in bitcoin, I not only made built my wealth but also paid off the entire bad credit personal loan. I am still planning to buy more coins.
I feel that investment in cryptocurrency is a great way of building wealth. As per my experience, I would like to suggest you that never put all eggs in one basket. You should invest in multiple cryptocurrencies. It minimises the risk of losses.