For those of us familiar to Bitcoin; there is often a common saying:
“If only I could go back a few years and buy a handful of Bitcoin…I’d be rich right now”
Speak to any Bitcoin enthusiast and they will inevitably mention this at some point.
But is it too late to profit from this emerging technology?
I first came across Bitcoin around the summer of 2012 when the price was still around $10. It was still fairly technincal to use at that time and was mostly used by the developers and testers. Wallets and exchanges were still in their infancy.
Transaction volume was still low at that time. Mosty transactions were completed between users and very few items were actually being purchased (except for the drug markets). Mining Bitcoin was the ideal way to earn coins, but already the technincal requirements were going beyond the capacity of most household pc’s to make it worthwhile.
So how did I get my first Bitcoins?
Believe it or not, many sites were (and still are) giving away free Bitcoin. They are called faucets, and hand out small fractions of Bitcoin in exchange for visiting their site (usually with alot of ads on it).
This is certainly NO way to make any money with Bitcoin. They amounts are so small that most people give up once they realize they only have 10 cents worth after a week. And so I cashed out and forget about them.
Rediscovering the lost wallet
Jump forward to 2015 and more than anything else, I was just your usual Bitcoin enthusiast: reading all the articles, following the forums, testing new wallets and exchanges. But not really using the technology for any type of daily use.
One day, by accident, I came across some old login details for a wallet that I used for the faucets. After setting it back up, I was pleasantly surprised to find that those pennies worth of Bitcoin had grown to many, many dollars. Enough to make short term difference!
I sold at $300 per Bitcoin. (Yes, I am still kicking myself)
The importance of buy and hold
Moving forward…It should be understood that Bitcoin faucets are no longer really viable. Their original function for developers to promote the technology has long sinced passed and most sites are just placeholders for ads. But if you do give it a try…hold onto every fraction you can. You never know how much it will be worth 10 years from now.
My best recommendation is to simply buy, AND HOLD, Bitcoin for the long term gain. I have been doing this now for well over a year with great results. The short term fluctuations don’t bother me. I look only at the year over year gains.
Why I joined iCoinPro
The biggest challenge that any ‘Bitcoiner’ has is sharing and explaining to other people what exactly Bitcoin is. The conversation can often turn technical, overwhelming, and even boring. If anyone I speak with is sincerely interested in learning, I simply recommend them to iCoinpro.
iCoinPro sells itself as a training platform for learning how to trade in Bitcoin. However, I have found it to be very beneficial for the complete newbie as well. The modules go from the initial baby steps, to more a technical understanding, to advanced trading techniques. You become an expert one step at a time.
I have found the advanced modules very helpful for my long term investing. The community is far more helpful than expected. And the training is weekly and ongoing.
Just remember. If you decide to do any active trading…Only invest with what you are willing to lose. I think that’s good advice for any type of trading, whether it be Bitcoin or any other type of security, currency, or option.
To your health and success,