I Dumped Bitcoin
My spouse and I decided when we became a couple that we would take our pocket change each day and put it in a jar. The contents of the jar, plus one-dollar bills set aside every time we had five, were destined for a joint savings account to pay for vacations. The practice did not fund extravagant trips, but we have enjoyed some good times using the money.
Recently, I began purchasing cryptocurrencies. Acknowledging the volatility and risks, I wanted to set up saving money each month in a way that might have a better return than what banks and savings and loan companies offer.
My first purchase was $25 of Bitcoin. At the time, one unit of Bitcoin was worth over $44k I think. There were a lot of zeros after the decimal point before other numbers indicated my fractional share.
I purchased more Bitcoin and also bought some other cryptos. My choices were based on reading articles and looking at what folks were saying about the future of each one.
For some reason, I got spooked about whether I ought to get involved in this. I sold the Bitcoin, losing a few dollars due to transaction fees. A week later, I used the real American dollars I had in the account from the Bitcoin sale to buy a different crypto.
After that, I went back and re-read some things and found other material to read. That assuaged my concerns about cryptocurrencies generally, but I was left with doubts about Bitcoin. With no basis other than preternatural feelings, I see Bitcoin as a currency that has passed its peak.
I set up weekly purchases for three cryptos that have a nice balance of attributes. First in mind was the warning not to invest more than what I can lose without much harm. Last week, I traded some cryptos that had been given to me to consolidate what I have.
That finished my activity for now. I will let the weekly purchases build my savings. I will check on the activity of the cryptos I have now and then. I will continue reading. At some point, I may start putting my savings to use.
On reflection, all those zeros after the decimal point before counting numbers appeared made me feel like I was a drop in the Bitcoin ocean. With the currencies I hold now, the whole numbers are on the left of the decimal point or at least close enough to look like pocket change.