It is the summer of 2017 and I finally decide to take just a few days off, close the cafe and go with my wife to Greece for some rest.
It was a good opportunity to clear my mind, relieve some of the stress and think through my next steps.
It was somewhere there I finally decided to get involved with bitcoin again. But how?
I had a small cafe that just covered its expenses. My wife and I had 0€ in savings and as income we had only 450€ a month from an extra mini job that I had outside of the Cafe to cover some of our expenses.
The rest of our expenses were covered with the help of my parents.
One positive that businesses like this give you, however, is cashflow. So I decided to take advantage of this cashflow and raise a small amount in order to invest it.
So somehow my story begins in the 4th quarter of 2017 with exactly 0€ in Wealth.
My 1st Deposit
On 13-12-2017, having collected 1,000€, I made my move. This was the first deposit of money on the Etoro platform.
Having been burned by my experience with Mt.gox, I wanted one that is much more reliable but at the same time regulated by some official authority.
Etoro was the right choice as it has also been on the market for over 7 years and also offers the possibility of other investment instruments as well.
Another reason I registerd on etoro was because I believed that the money I would invest around bitcoin would be in the form of CFD (Certificate of Difference) which essentially means that I would bet on the the price change without buying or selling the real coin.
Fortunately for me in the end things were not like that. All positions opened on the platform after September 1 are for real coins. As an owner, you could not transfer them outside the platform yet because they had not developed the appropriate infrastructure, but the coins belong to you. About 1 year later, each user would now be able to transfer them.
But why fortunately? Because when I realized what Bitcoin really is, I would feel like the biggest fool in the world if I didn’t really own the real coins.
But that came a little later. To be precise, it was in early 2019 when I started to realize the real power of bitcoin.
I had to read and watch countless articles and videos to understand the nature of this technology.
But I didn’t start with bitcoin on etoro. At that time I came in contact for the first time with the so-called altcoins.
Excited by my new discovery some of my first purchases were various altcoins.
In this I want to note that, the fact that in December 2017 I considered the price of Bitcoin to be expensive and I did not want to touch it, also contributed.
My 2nd Deposit
So my first purchase was 200$ at XRP (altcoin) the very next day on 14/12.
On 22/12 I made my 2nd deposit worth just 100€
My goal was to be able to invest a sum of money every month on the platform theoretically even for the rest of my life.
My brother also helped me with this when about 2 months later he asked me to share 50-50 the account.
Most of the decisions regarding the investments in the platform I make even today, myself however.
And I’ve made a lot of bad decisions.
If you ask successful investors they will tell you that for every 10 investments they make from 6 they will lose 100% of their capital, from 3 they will simply end up in break even and 1 will be a success giving them back the really insane profits.
So in 2018, still excited and without much investment knowledge, I made many mistakes.
Some of them were the early and without much research investment in many altcoins near their All Time Highs.
An shocking example to date is the XRP. At the moment, this particular currency is a relatively small percentage of my wealth not only because its price has fallen a lot but also because my knowledge and investment philosophy has improved.
1.5 years ago my wealth was much lower but still, in XRP I had placed almost most of it.
Another major mistake that cost us 3,000€ that year was my leverage bets with gold and the Dow Jones index.
My first purchase in Bitcoin was finally made on 6/18/2018 with just 100$. By the end of 2018, I had invested a total of 1,400$
It was 2019 that I got aggressive into buying Bitcoin as much as possible, which even today is the biggest part of my wealth.
And it will continue to be. Personally, I will not put 100% of my wealth in bitcoin as it is dangerous but I am an aggressive buyer up to the price of 10,000$ per coin and more prudent from 10 to 18,000$.
All that time I made several transactions, some successful and some failed. My most successful transaction took place on 21/2/2018 with a profit of 447.2% in 1 position with a leverage in the share of Twitter.
In general, 2018 was a bad year as I mentioned above but I learned a lot. Many things you should NOT do but also many things you should do.
That’s why in a future article I will analyze the simple and effective strategy with which I buy bitcoin and generally invest.