My cryptocurrencies

Summary

Right now I am invested in:

  • Bitcoin;
  • Electroneum;
  • Polkadot;
  • Kava;
  • Ethereum.

And for each of these I had a reason. And I think it is very important to have a reason in what cryptocurrency you invest. As I believe many cryptocurrencies will disappear after the hype is over. And yes, even Bitcoin may disappear, as it is not suitable for doing daily transactions, but it seems it has established itself as a store of value, to the risk of Bitcoin disappearing is very, very low I think.

So to me for cryptocurrency the same rule applies as in ‘normal’ investing: better to know the asset you are investing it. If you don’t understand what it is, stay out of it.

History

I didn’t start cryptocurrencies really from wanting to make money, but more from a technical point of view. And right now, while writing, I don’t even remember if I started with Electroneum or with Bitcoin (itself). Ah, yes, the Electroneum was intended to make money. I had several computers involved in mining Electroneum. Unfortunately that stopped, but then I already was also involved in mining other cryptocurrencies, at first the ones that used the same mining protocol as Electroneum.

But then Bitcoin came along. And I started with installing Bitcoin Core, the original Bitcoin app (actually I am still tempted to say ‘program’, not ‘app’). So I started installing Bitcoin Core and running it. Only to find out that it took an awful long time to update (download) the whole blockchain. Yes, I think it took me months, or at least weeks to have my Bitcoin Core catch up with the blockchain. And as far as I remember I even lost it one day, so I had to do it again.

After installing Bitcoin Core I encountered a very strange problem, as I wanted to have some Bitcoin, but I didn’t know where to get it. Even internet search didn’t give easy answer, but finally I found the thing called ‘exchanges’ and I signed up for Kraken, which appeared to be the best cryptocurrency exchange at the time, and maybe still is.

Then Bitcoin Cash came along, and Bitcoin Gold. Very nice ideas, as their forking the original Bitcoin blockchain would give ‘free money’. Unfortunately I found, after installing Bitcoin Gold, that I didn’t have any Bitcoin at the time of the fork. So no money from that.

To be continued…

And yes, as usual to be continued, although often I don’t continue. But this page I will certainly update and extend soon.