More Dividends – Cryptocurrency
Like a lot of readers of my blog I too took a dive into the world of cryptocurrency during 2017. I had a friend tell me at the beginning of the year that I should put all new money into this space. Looking back now I wished I would have listened. For this article I will discuss some of my plays I have made in this space and where I am currently at.
To get started I had to acquire myself some bitcoin. So I went over to Coinbase and signed up for an account. At the time when I bought some bitcoin it was only going for $900 a coin. Then it began to rise. I watched it go up to around $2,800. When it started to go down I decided I better take some profits so I sold around $2,400. I made some profits but It would have been nice if I would have kept holding.
Now with some capital available I needed to find somewhere else to put it to work. Based on the research that I had done I really liked Ethereum so I decided to invest all of that money in Ethereum.
With that money parked in Ethereum I decided to put some more money into the space but I wanted to invest in some other coins. So after I acquired the bitcoin I opened up an account on an exchange and sent the bitcoin there. After doing more research I decided to buy 2 different coins which were a lot cheaper than my previous coins. So I bought PiVX around $1.50 and Ripple around $20. I was very happy with these coins but at the time the price didn’t seem to move very much. So I decided to just leave the money there for the time being.
Around this same time I was talking to my friend again and he told me about a new coin and platform that he had been using. This new platform actually paid him interest on his money every day. So as a dividend investor I was very curious to learn more about this new platform. We sat and talked for an hour or two and afterwards I decided that I needed to move some money to this new platform.
The new platform was called Bitconnect. I decided to sell my positions in PiVX and Ripple and move that money over to Bitconnect. Now the way it works is you have to sign up at Bitconnect and then transfer Bitcoin there. Then you exchange it for Bitconnect coin and then you can lend your Bitconnect coin and get paid a daily interest on that loan. The one catch is that your initial investment will be locked for a certain number of days.
When your interest collects to a minimum of $10 you can then choose to reinvest that money into the platform or you can choose to move the money out. What I did for months was to reinvest the money back into the platform as long as Bitcoin was still at its highs. Once the price of Bitcoin dropped down I started moving that money back into Bitcoin so that I could acquire it at a cheaper price. Once Bitcoin starts reaching its highs again I plan to start reinvesting back into the Bitconnect platform.
So there you have it. Currently I have money invested in Bitcoin, Ethereum and Bitconnect. I am happy with my positions so far since I have 5x my money. There may be better opportunities out there but I haven’t found them yet. If you do decide to give Bitconnect a try I would appreciate you signing up through my link above so that I will receive a referral bonus. If you have any specific questions on it please feel free to ask.
As always I look forward to reading all of your comments and questions, until then….. happy investing!
-Jason from MoreDividends.com
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You have been a lot more active than I have in the crypto space last year. I entered the space with a HODL mentality, I guess like my dividend stocks, which to simple buy and wait and wait and wait. No doubt, you have could made a ton of $s trading in and out of just the main cryptos out there but I have found this space to be an incredible time suck. There is so much to learn, figure out, understand and then out of left field a new coin or tech emerges. Always nice to have company in the space and it seems more and more of our fellow DGI members are trying their hand in the crypto space. For now, I’m just hanging on to my BTC, LTC and ETH. Thanks for sharing.
DivHut recently posted…Dividend Income Update December 2017
Honestly DH, I was more active than I planned on being. I think part of it was me jumping in the deep end of the pool not knowing how to swim. That’s why now I am doing more inclined to HODL than to be trading. I am always modifying my strategies though so who knows. As the space changes I will have to adapt my strategy. Thanks for stopping by DH.
Good stuff, bitconnect has been great for me. They are rumored to be starting a decentralized exchange soon called bitconnectx which is going to be exciting if true (although the ICO is not available to US residents).
Yeah I agree Captain. Bitconnect has been great for me too. I look forward to seeing what this new bitconnectx is all about. Thanks for stopping by.
With everything that’s going on, it’s hard to keep up anymore. I did dabble in crypto currencies last year, but still have less than $1000 invested. I’m taking the sllloooowwww approach. But, I might pick it back up later this year when I have extra money. I just dollar cost average my way into buying coins at coinbase, including BTC and ETH.
Good luck on your investments MD.
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I have been using my income from Bitconnect to build onto my position in Bitcoin but I haven’t added to my position in ETH for sometime. Thanks for stopping by DP.
Very good article and covered all the points. Sorry about what happened to Bitconnect.
Thank you. Yeah me too but it happens. I learned somethings so that is always a plus. Thanks for stopping by!
Thanks for sharing. Personally I am a strong believer of cryptocurrency as well. The use of blockchain technology that underpins of use cryptocurrency to transform the current financial system is inevitable in years to come. Better transparency, without relying on any 3rd party as intermediary, lower transaction cost, quicker settlement, etc. Good choice as an alternative investment.
Crypto currencies are the future, we have a positive history yet and it seems good for future too. For me it is worth investing in them.
I agree Valencia. It has been a bear market for so long but it will turn eventually. When it does turn that is when the real money will be made! Thanks for stopping by!
cryptocurrency is the new hype in digital market place… investing it right is quite crucial… but way out of the box. thanks sharing
Now is certainly the time to buy and take interest, whilst all of the hype has stopped. Coinbase is great place to buy, although I think Binance will challenge them now they accept credit card payments to buy.
Nat recently posted…How To Buy and Trade Crypto, Bitcoin & Alts Coins
Nat,
You are making some very valid points. I haven’t held any crypto since Bitcoin was on the way down. I bought at under 1k and sold around 12k when Bitcoin was on the decline. I would love to get in again before it starts another bull run. Thanks for stopping by!
This moment is unquestionably the opportunity to purchase and take interest, while all of the publicity has halted. Coinbase is extraordinary spot to purchase, in spite of the fact that I figure Binance will challenge them now they acknowledge Visa installments to purchase.