How I Made Some Money With Bitcoin in 2017

Free AI web copilot to create summaries, insights and extended knowledge, download it at here

1849

Abstract

e (I remember it being an ATI Radeon HD3850) and I am sure it could have helped me to make a few bitcoins in time.</p><p id="ee3b">But, I had my doubts and if you were scammed at least once (like I was), then you know for sure that you try to avoid joining new things and you become more skeptical. At least you think twice before you invest your time, energy, and resources into something that may work or may not.</p><p id="c09e">I had other things on my mind at that time, I was working a lot and I didn’t have much time for anything else. This is one of the reasons for which I didn’t mine. I missed the start and I lost the ride, just like many of us, even though I believed Bitcoin will become great. I just didn’t know when.</p><h1 id="98b2">The moment right before the big bubble</h1><p id="fb62">In 2017, after 5 years in which I completely forgot about Bitcoin, things began to look well in the news regarding this cryptocurrency and it hit my radar again. The bubble was starting to grow huge and there were rumors such as that every bubble breaks eventually in the world of financial assets. There was my last chance to make a profit!</p><p id="e2aa">I decided to join the constantly growing wave, as Bitcoin was growing continuously for a few years, and lately, the growth became exponential. I chose to invest about 125 $, and I got out later about 270$ . Not much, but I believe it was great! 125$ was money that I knew I could lose. Instead, I made more than double the amount.</p><figure id="5b44"><img src="https://cdn-images-1.readmedium.com/v2/resize:fit:800/1*vYNt-n4vXZN0XCBpVxwfrw.jpeg"><figcaption>Photo by <a href="https://unsplash.com/@silverhousehd?utm_source=unsplash&utm_medium=referral&utm_content=creditCopyText">André François McKenzie</a> on <a href="/s/photos/bitcoin-graph?utm_source=unsplash&utm_medium=

Options

referral&utm_content=creditCopyText">Unsplash</a></figcaption></figure><p id="c46d">You probably heard what cryptocurrency experts usually say: “<i>Do not invest more than you afford to lose</i>”. This is what I did.</p><p id="e634">It happened to be exactly at the time when Bitcoin headed up, up, up, to a peak of nearly 20.000 $and that was also the approximate value considered a maximum, to this day. It was the moment before the big bubble exploded. Well, maybe it is best to say “deflated”\dotsbecause after that it stabilized at a medium value of about 10.000$ .</p><h1 id="c03e">It was just trading</h1><p id="7707">There was a local exchange platform, a website that I used for buying Bitcoin, and then for selling it. I didn’t own the coins in my wallet. They did it for me. I just had the coins at my disposal if I eventually wanted to make a wallet and take the coins out. The purpose was to have fiat money in my hand and not Bitcoins, so it was ok. It was just a trading attempt and a successful one.</p><p id="9060">At this time, mining became expensive, so it was out of the question. Instead, I used an exchange to buy low and sell high. My investment was in the very short term.</p><h1 id="dd6f">Does this method still work today?</h1><p id="2357">Experts say that, after every halving, which is the decrease in reward for mining new blocks (happening once in a while to create scarcity for the coin), there is a period in which Bitcoin’s value drops, and then rises again even more. Bitcoin kept this pattern until today. If you want to make some cash, you should buy exactly when it is down, right after a halving. Then, sell when it peaks again. But, don’t take this as financial advice! I am only giving you a hint.</p><p id="6bd9">Remember this: always invest only the amount that you also afford to lose!</p></article></body>

Right before it peaked

I first heard about Bitcoin when it was around the value of 14$ per one coin. This was back in 2012. At that time, like many people, I wasn’t quite aware of the future impact that the cryptocurrency will have on the market, but I knew that, at least as a concept, it had great potential.

I had a feeling that it could become big, due to the genius ideas behind the project and because of the way it evolved in just a short period. My thoughts about the coin were more speculative than predictive and only a few people really took Bitcoin seriously at that time. These people are rich today. I can’t say the same thing about me.

I missed the start

In 2012, it was still possible to mine Bitcoin with only a computer, with the condition to have a high-performance gaming video card. I met the requirements. Despite this, I didn’t start mining. I thought it would screw up my video card, and so I continued to hesitate because of this, and due to other things as well, such as procrastination. Bitcoin had its flaws at the time. It was an experiment, but one that proved to be successful and that has beaten all odds.

My home computer’s graphics card was powerful enough for that time (I remember it being an ATI Radeon HD3850) and I am sure it could have helped me to make a few bitcoins in time.

But, I had my doubts and if you were scammed at least once (like I was), then you know for sure that you try to avoid joining new things and you become more skeptical. At least you think twice before you invest your time, energy, and resources into something that may work or may not.

I had other things on my mind at that time, I was working a lot and I didn’t have much time for anything else. This is one of the reasons for which I didn’t mine. I missed the start and I lost the ride, just like many of us, even though I believed Bitcoin will become great. I just didn’t know when.

The moment right before the big bubble

In 2017, after 5 years in which I completely forgot about Bitcoin, things began to look well in the news regarding this cryptocurrency and it hit my radar again. The bubble was starting to grow huge and there were rumors such as that every bubble breaks eventually in the world of financial assets. There was my last chance to make a profit!

I decided to join the constantly growing wave, as Bitcoin was growing continuously for a few years, and lately, the growth became exponential. I chose to invest about 125$, and I got out later about 270$. Not much, but I believe it was great! 125$ was money that I knew I could lose. Instead, I made more than double the amount.

You probably heard what cryptocurrency experts usually say: “Do not invest more than you afford to lose”. This is what I did.

It happened to be exactly at the time when Bitcoin headed up, up, up, to a peak of nearly 20.000$ and that was also the approximate value considered a maximum, to this day. It was the moment before the big bubble exploded. Well, maybe it is best to say “deflated”…because after that it stabilized at a medium value of about 10.000$.

It was just trading

There was a local exchange platform, a website that I used for buying Bitcoin, and then for selling it. I didn’t own the coins in my wallet. They did it for me. I just had the coins at my disposal if I eventually wanted to make a wallet and take the coins out. The purpose was to have fiat money in my hand and not Bitcoins, so it was ok. It was just a trading attempt and a successful one.

At this time, mining became expensive, so it was out of the question. Instead, I used an exchange to buy low and sell high. My investment was in the very short term.

Does this method still work today?

Experts say that, after every halving, which is the decrease in reward for mining new blocks (happening once in a while to create scarcity for the coin), there is a period in which Bitcoin’s value drops, and then rises again even more. Bitcoin kept this pattern until today. If you want to make some cash, you should buy exactly when it is down, right after a halving. Then, sell when it peaks again. But, don’t take this as financial advice! I am only giving you a hint.

Remember this: always invest only the amount that you also afford to lose!