Crypto Update: Further down the Rabbit Hole...
Welcome back. Its been a couple of weeks since the last update on my 'journey' into the world of crypto (check the Intro Post) and the biggest change is in the title image: I took the plunge and bought a hardware wallet! Very exciting. Upon opening it the initial impression was how 'respectable' it looked.
For all the media bullshit about the shady world of crypto and how its used only by criminals and con artists... this looks very well made and neatly packaged piece of kit.
In short, it looks 'professional'. I'm very impressed.
[I am also very easily pleased, but lets ignore that for now ;-) ]
The next step was to download the ledger app and set-up the device. I had read some reviews and watched some of the videos from Ledger, and it looked reasonably complicated. Because of that I waited until I had a day off before trying it out. This way I had time to go through the process slowly, and not make mistakes etc...
I needn't have worried, the whole process from downloading the app, connecting the hardware wallet, creating the pin and writing down my 'secret words' took just 30 minutes. I then needed to test it out so I just had to buy some bitcoin and transfer it across.
Nice and easy!
The following day the price of Bitcoin promptly collapsed (not my fault, honest!) so I bought some more at the lower rate. The second purchase was still part of testing it out, but also the cheaper rate off-set the first (more expensive) purchase.
So there you have it, I'm on my way to being a proper Hodler of Bitcoin. Certainly didn't see this happening at the start of this year, but then this year has been a bit fucking weird for lots of people. I suspect there are many more changes afoot as we move into the predicted economic crisis next year.
Anyway, putting all that to one side for now, lets have a quick summary of my current portfolio as it stands. This would have looked a lot more exciting a few days ago when the prices were higher but nevermind.
25th October 2020
12th November 2020
28th November 2020
Here is the most recent graph, it looks different to the other 2 as I wanted to make it easier to read... but it still looks a bit 'amateurish' I guess. What about a Pie Chart...?
12th November 2020
That looks a bit better I guess... it does show that Bitcoin now makes up over 25% of my portfolio: 'Bitcoin HODL' is kept on the Hardware wallet, 'Bitcoin' is in the Interest account from Blockfi.
Numbers used for the Pie Chart
Table showing how the numbers have changed over the past month - USD
I was surprised to see how much I had 'invested' considering I only really put in £20 at a time. Most of that has gon into hive, but I suspect for the next couple of months it will be aimed at Bitcoin, I'll be trying to grow Hive organically with posting and delegating etc instead.
If anyone has suggestions on what I should do with the BAT then please let me know!
In the meantime, I will carry on saving and blogging and curating, and I'll be back with a progress report in a few weeks time
Hopefully this shouldn't need saying as I am obviously VERY new to this 'investing in crypto' stuff. This is not financial advice, and I strongly encourage you to do your own research to decide what is best for you etc etc.
Thank you for reading, I hope you found it interesting.
If you have any thoughts or opinions on this article then I'd love to see your comments.
And if you really like the content then maybe you would like to upvote or re-hive it.
All Photos taken by @dannewton unless otherwise stated.
Check out my website for more of my work.
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