#cryptofinance initiative: How has crypto and blockchain impacted bozz's personal finance?
This is my entry into the initiative started by @theycallmedan.
As we approach the Thanksgiving season, I am suddenly having flashbacks to three years ago. Let's journey back there together...
In just five days I will use Coinbase to make my first ever purchases of Crypto Currency. Sure, I had heard about Bitcoin, in fact back in 2010 a coworker tried to tell us about it and we all laughed at him. Flash forward seven years, and here I am making my first purchase of ETH and LTC.
You see, about three days earlier, I had been to Thanksgiving dinner with my wife's side of the family. Her cousin was very involved in Blockchain and Crypto, so he and I spent a good portion of the evening talking about it.
It was enough to make me thirsty, so I took a little bit of money, did some research, and bought the two coins that I could most easily afford (even at ~$7000 BTC had too big of a barrier to entry). The rest as they say is history.
I tried to get on the STEEM platform, waited and waited and waited for my acceptance email only I never received it. Eventually her cousin got me onboarded through a faucet his company was running.
Here we are back in 2020, three years later and I have a pretty successful blog on Hive with what I think is a bit of name recognition. Even if they don't follow me, there is a good chance the high rollers have at least heard my name.
I have a smattering of money invested in various altcoins as well as the slightest fraction of one BTC.
So back to the main question: How has crypto impacted my personal finance? Sadly, at this point I have to say it hasn't had that huge of an impact.
When I first started on Steem I thought sure it was going to be the "vehicle" that ushered in financial independence. Use my post earnings to buy a new truck, pay off debt, so some home improvements... Sadly, that isn't the case.
I know it is probably a mistake, but I am still investing in the traditional markets the way I always have. I haven't touched or reduced those figures at all. If I do invest in a particular crypto or blockchain project, I view it much the same way I do taking a trip to the casino.
The fact is, I am never going to have large hunks of money to invest into crypto. If I did, it would instead be going towards bills and home improvements and things that my family needs. This leaves me with those smaller sums of money that I can from time to time invest in a crypto or blockchain project.
If I could go to the casino with $50, spend the evening playing, and come home empty handed and not feel bad about it, I shouldn't feel bad about investing $50 here or there in crypto.
I should really be doing a weekly or monthly cost average buy in ETH or BTC or something like that. That would have been the smart thing to do.
Someday I want to get my hands on one of those Crypto Credit cards where it pulls from your crypto holdings to make purchases. At this point I would only be able to use it about twice and then I would be tapped out. That is what has kept me from picking one up.
Like I said, at this point, crypto hasn't impacted my personal finances much at all. I think it is making small in-roads and eventually, my hope is that it will play a much larger part than it currently does.
Who knows, maybe in three years we will be covering this topic again and hopefully many of our stories will be much different!
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@eos.detroit Staff Writer/BOID Team Leader
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