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That’s right, $1000 invested in Bitcoin in January 2017 would have made me(and you) almost $20,000 by the end of 2017.
$10,000 invested in January 2017 would have been $200,000 by the end of 2017.
$100,000 invested in January 2017 would have made you 2,000,000 by the end of 2017. A freaking millionaire !
I was trading in Bitcoin at that time and I had no fucking clue that it would grow this much. Too bad I cashed out, instead of keeping my coins.
I wrote about Bitcoins in my income report of January, 2017 you can check that post here – January Income Report
I wrote that I would be investing every bit of my savings in to it considering how low the savings interest rate has fallen down to. Wished I had followed through. Too bad I didn’t. I made 3.5 times of my investment though. The investment was meagre and so was the returns.
Should you be investing in Bitcoins now?
If you would ask my opinion about it, I wouldn’t recommend it at the moment.
Why? Because Bitcoin is trading at $15560 at the time of writing this. It grew by over 1500% last year and for it to make that sort of returns this year, it has to hit a price of $233,400 which is highly unlikely.
According to me, Alternate coins to Bitcoin also known as Altcoins, has massive potential. Let me give you few examples.
Ripple, a cryptocurrency based on Ethereum platform grew by 45,000% in the past 12 months. Meaning $1000 invested 12 months ago would have made you $450,000 by now.
Tron, a cryptocurrency which was launched just 4 months back grew by an astounding 12755% in December breaking into the list of top 10 cryptocurrencies, before slumping down again.
$1000 invested in the beginning of December would have made you $127,550 !
Same is the case with Ethereum and Litecoin.
Bitcoin is like an old dog. It came first, it has the first mover advantage. But its usage is limited. The altcoins that came later has the potential to replace it.
Think of Bitcoin as AOL or Yahoo! The way AOL or Yahoo! was replaced by Google or the way MySpace or Orkut was replaced by Facebook, I think Ethereum or coins based on it will replace Bitcoin in terms of value and functionality.
A Bitcoin transaction between wallets takes about an hour while Ethereum transfer can be done in seconds. Imagine you are in store that accepts Bitcoin, you pay through Bitcoins and you are told to wait for an hour because bits (1 millionth of Bitcoin) are yet to come to their wallet. Not funny right?
Now take Ripple (an ethereum based coin) as an example. Leapforce raters in India are paid through Swift transfer. It takes about 2-4 days for the money to come through to our bank accounts. Ripple could replace that. One can transfer money through Ripple and it takes only 4-5 mins while also saving massive transaction charges.
Where to invest?
I use Koinex and Zebpay to trade in Bitcoins. I then transfer it to Binance to trade in other Altcoins that aren’t available in Indian exchanges.
Koinex supports Bitcoin, Bitcoin cash, Ethereum, Litecoin and Ripple. At the time of writing, INR deposit and withdraw was suspended on Koinex. It should be back up in few days.
Zebpay only supports Bitcoin. All the deposits and withdraws were working at the time of writing this.
The most popular exchange for Americans and other Europeans is Coinbase. It is headquartered in San Francisco, CA and is used by over 13.3 million people serving 32 countries. Its app became the most downloaded app in iOS in December, 18.
Sign up here and get $10 worth of bits after a transaction of $100. COINBASE
The downside with Coinbase is that it doesn’t support much Alt coins. It doesn’t even have Ripple listed at the time of writing this!
That’s where Binance, a Tokyo based exchange comes into play. It is very quick to list new Altcoins and has grown in popularity tremendously as it has low transaction charges(much lower compared to Coinbase). In just 3 months of existence, it had over 7 million users. It has Tron, the coin that grew by 12,755% in December, listed as well.
At the time of writing this, they were not taking in any new registrations. It tells us of its popularity or rather the popularity of cryptocurrencies. It should be back up in few days though.
Sign up here – BINANCE
You need to submit your documents and get your account verified before you start trading in all of the exchanges mentioned above.
Only Binance would allow you to trade crptos worth 2 BTC ( $31,000) for an unverified account. But it doesn’t allow one to trade with USD or any fiat currencies. It only excepts Bitcoins, Ethereum or Binance coins to trade in its platforms. Coinbase allows you to trade in USD with wire transfer or credit cards(more fees). It is not possible for Indians though (RBI regulations).
The only way around for Indians is to first buy Bitcoins or Ethereum in Zebpay or Koinex, transfer the purchased bits or ethers to Binance account and start trading in other Alt coins there. It involves a lot of transaction charges though. But that’s how it is. It is a part of the game.
Thoughts on Cryptocurrencies –
Cryptocurrency market is really volatile. I invested INR 50,000 on Jan 1st in Koinex and it grew to INR 60,000 in just two days. At the time of writing this, it was INR 52,554. Welcome to crypto-world my friend.
This is not an investment advice. Do your due research before you invest in any. Please don’t hold me responsible if you lose money in kit.Only invest that part of your capital that you can safely lose and won’t feel sorry about.
My Income Report.
It has been a long time since I last posted any income reports. Here are the income reports of –
September $ 802.43 (From Leapforce).
$25.00 (From this blog).
October $1198.97( From Leapforce)
$25 (From this blog)
November $949.40 (From Leapforce)
$50 (From this blog)
December $834.74 (From Leapforce)
$25 (From this blog)
If you are new here and wondering how I make money through Leapforce you got to read this post –