How Many Different Coins Do You Hold?
When I first got in to crypto in December 2017, I went on a ridiculous spree of buying various coins with various projects which turned in to a portfolio tracking nightmare! Not only that, everything of course dropped with BTC and the value of my portfolio went down by 94% but we won't mention that ever again!
Having said that, when you have a traumatic event such as that, I find that's when you have your greatest learning experiences about how you can do thing better. As a result, the epiphany I had was to actually consolidate some of my alts into BTC earlier in 2020, not because I was up from them, far from it! The price of those tokens in satoshi did go down in a few of them soon after I traded back for BTC so turned out to be a good choice at the time.
The reason I decided to do this was due to the fact that I am only one person and trying to keep up with all these coins is damn difficult, especially if some exchanges de-list the crypto for whatever reason and you are too late to exchange or take off that token. So you're left with literally the bag... probably even less material than the bag itself!
At one point, I think I was at 30 coins held and whittled it down but thinking of whittling down even more next year if the remaining tokens I do have decide to make any upward movements! What I'll do with them is another matter but having spent the last 4 weeks going back through every exchange and transaction I've done (due to them being taxable events here in the UK), consolidating in to a couple of projects will make life a LOT easier going forward too.
I've pretty much consolidated in to BTC which is my biggest holding along with HIVE being 2nd, then a toss up between CEL, LEO and ETH for 3rd spot depending on what price is doing although for me, CEL is doing unbelievably well at the moment!
There are still another 8 coins that I have left over from the early purchases but I've already cut my losses with those I'd say barring a miracle in the next two years - there's maybe £100 total left in those 8 coins now! I'm not factoring in the Hive-Engine tokens either so there's probably a load more to add to the list but I include those in the "HIVE" holding bracket at the moment.
So that's me - how about you? What's your portfolio looking like? Are you only focusing on a couple of coins or are you spread far and wide? Let me know in the comments below!
Take care
Nicky
I'm not a financial advisor and this isn't financial advice
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