What started in 2008 with Bitcoin is now a worldwide phenomenon. What am I talking about? Well, cryptocurrencies, of course!
As you might be aware, there’s plenty of crypto offers out there to choose from. This is not what this article is about.
What I’m going to share with you soon enough is something quite unique. I was lucky enough to work with many brilliant minds who had varying degrees of success with cryptos.
Not everyone can become a millionnaire, but the story below is one such example.
AffiliateNova: Thank you for this interview opportunity. Could you please tell us about your academic background?
MrX: After high school, I’ve completed a Diploma of College Studies (DEC) in in natural sciences. Then, I spent a year in computer science at the cegep and a year in biochemistry at the university. Finally, I’ve completed an Attestation of College Studies (AEC) in web integration before starting my career.
AffiliateNova: Can you explain how you stumbled upon the world of cryptocurrencies?
MrX: I first started to take an interest in Bitcoin in 2013 during its first ascent. At the time, all I cared about was the price: I didn’t take the time to understand how everything worked from a technology point of view.
I didn’t buy any Bitcoin back then because it was “too costly” and everyone was talking about a bubble. Indeed, the price plummeted during the following two years and I started to lose interest.
AffiliateNova: When did you first start to invest money in cryptocurrencies?
MrX: During summer 2016, coworkers managed to spark my interest of cryptocurrencies for the second time. That was when I learned about all the crypto projects that had came to life since I had stopped following this business.
That was also when I started to read about the blockchain technology and understood its potential to change the world. To begin with, I invested everything I had saved, which was roughly $4000. I then took all the money from my mortgage line of credit to invest and even went as far as open a second line of credit to invest even more. All in all, I invested around $20,000 over the course of a year.
AffiliateNova: How did you choose your initial investment?
MrX: In the beginning, I invested into two cryptocurrencies : Bitcoin and Etherum. For Bitcoin, every four years, miners’ reward for finding a block is reduced in half: this is what we call “halving.” I saw that the next halving was going to happen in 3 months and that if I followed the most basic ecomomics, that meant supply was going to decrease by a wide margin while supply would stay the same. Consequently, the price would go up.
Indeed, my theory was on the mark and the price started to climb. For Etherum, it was the technology and the “smart contract” that really sold me. I saw its potential compared to its price which was pretty low at the time. I believed (and still do) that Etherum can change many industries while pushing them forward in terms of technology.
Since then, I invested in other projects, but Bitcoin and Etherum remain my two biggest investments.
AffiliateNova: According to you, what was the “wow” moment, the spark when you told yourself “Ok, this technology really has the potential to be a real money maker for me?”
MrX: At first, I thought I’d invest for the long term (10+ years). I really didn’t think it would moon so fast. During spring 2017, the crypto market really exploded and became big money for investors.
AffiliateNova: I was lucky enough to see your crypto portfolio, valued at more than one million dollars back then. Before reaching this symbolic sum, were you tempted to sell everything in fear of a krach like the one we’ve witnessed in early 2018?
MrX: Of course, the fear of a krach was there with the ascent of 2017 (and any ascent for that matter). For tax returns reasons, I still wanted to wait until 2018 before starting to sell my cryptos and profit. Ultimately, I was right because I was able to sell during the high.
AffiliateNova: According to you, what’s the worst mistake a new crypto investor can make?
MrX: Not knowing what you’re investing into. There are thousands of projects, but most of them are doomed to failure. It’s best to invest in cryptos that are already well established rather than try to find the next hidden gem that will bring you a 1000% ROI.
In most cases, that won’t happen. There are also several scams: be careful what you invest into. If something seems too good to be true, it’s probably the case.
AffiliateNova: On the contrary, what tips could you give to new crypto investors?
MrX: That might seem cliché, but don’t invest more than you’re willing to lose. You must understand that this is a volatile market that can nosedive anytime. There are so many horror stories where people invested all their life savings and sold at the first krach.
I know it sounds ironic since this is exactly what I’ve done at the beginning (however I did not sell), but you must understand that the market was in its infancy and the risk factor, way lower than it is now.
And I’m still young, I could get some money back if that didn’t work out. In other words, do as I say and not as I do!
AffiliateNova: When it was time for you to cash out, was it difficult? After all, transferring hundreds of thousands of dollars gets noticed by financial institutions…
MrX: As of now I didn’t have problems, but I haven’t cashed out that much yet. I heard some folks had problems with banks, but that wasn’t my case.
AffiliateNova: Everyone would love an answer to the following question: if you had to choose a promising cryptocurrency et a dark horse right now, what would they be?
MrX: Etherum is still my go-to crypto. It’s the most advanced smart contract plaform by far, with the best team and the better potential. If we’re talking about an undervalued crypto, I’d say NANO. It lost a lot of value because of an exchange, but the technology is still there and it’s very promising.
AffiliateNova: I think you’ll agree with me that cryptocurrencies changed your life for the better. Do you have any projects in which you’d like to be involved, maybe stuff you couldn’t dream of before?
MrX: Of course! I’ve just left my job a couple of weeks ago and I’m now on a trip far away. That wouldn’t have been possible if I hadn’t invested in cryptos!
Have you invested in cryptos? What do you know about this revolutionary technology? Feel free to share your comments below.