I spoke too many of my friends and relatives and asked them if there are any jobs. I am not what you will call highly qualified by any stretch of the imagination. I looked up jobs in Amazon, but they were paying quite low. It was at this time, a friend of mine suggested that I should take a look at Bitcoin.
My Introduction to Bitcoins and Cryptocurrencies-
To be completely honest with you, I had no prior experience of trading stocks or shares of any kind. I did not understand how investments worked and how could they help me in the situation I was in. However, when a friend told me about the same I was pretty intrigued.
In March 2020, Bitcoin was trading at historic lows. It had lost fifty percent of its value in a few days. Later on, I came to realize that this was something, which happened with almost everything else- stocks, gold, commodities, etc.
My shop owner was good enough to give us three months of our salary. I used that and some of my savings to get just One Bitcoin in March.
However, before investing, I researched extensively on the subject. Followed all the great blogs, looked up the information material on exchanges, and tried to know as much as possible about the ecosystem as there was possible.
What are some Challenges I faced Investing in Bitcoins
When I shared my decision of getting into crypto trading, a majority of my family members recommended against the same. They were so heavily influenced by what our President was saying that they called it some kind of a Ponzi scam.
Lack of Legitimacy-
This is a major problem concerning Bitcoins. There is still a dearth of credibility surrounding the same in societies. While the internet is all gaga over the benefits and the growth, the same communication has not permeated down to the masses at all. People in the ecosystem need to do much better to spread the word about the cryptocurrency.
Investment Support-
I am lucky that I got on the bitcoin cycle and was able to get the best investment support and help in the industry. However, in the last few months, once I got used to the system, I experimented with other platforms, only to be severely disappointed by their performance. Normal people who are not Wall Street individuals need guidance and support.
Banking Support-
Many nationalized banks and private financial institutions are still hesitant to deal with such issues. I found it the first time when I wanted to open a new account and took a lot of my winnings to a bank. They wanted the business but were reluctant to open an account knowing about where the money comes from and what do I do as a Bitcoin trader.
The Final Word on Bitcoin Trading and Investing
I invested around three thousand dollars in March 2020. In August 2020, the total value of my investments stands at around $30K. I have also withdrawn money, cashed out, invested again, and now have three Bitcoins. To be very honest, I never imagined that one could earn so much money, simply by sitting in front of your screen for a couple of hours every day.
All you need to ensure is that when you start out, you do not take unnecessary risks. It is important to be safe, secure, and value your investments. You also need to think of investing in Bitcoins in the long run. This will give you financial freedom for your future.
