I just turned all my Bitcoin and Litecoin into Steem

in #mspwaves3 years ago

discord top.jpg

I am one of those December crypto late bloomers. When I heard about bitcoin I freaked out, read all I could, and spent $100 on it, I think Bitcoin was at like $10,000. I don't actually have money to play with, so that was all I could do without blowing off an important bill! Then it kept climbing, and my tiny investment got.. well only slightly less tiny, haha.

So I got excited again and was reading everything I could get my hands on. After deciding it seemed pretty solid and feasible, I put around $100 into about 1/3 of a Litecoin. My Litecoin doubled the next day, so I was hooked. That is when I also coincidentally found Steemit, and have never turned back!

Fast forward to today. I had $64 in Litecoin this afternoon, and about $50 in Bitcoin. I was listening to MSP Waves like I do almost daily, and people were talking about trading vs holding. But they were talking about much higher numbers than my tiny fraction of evaporating coin. I wasn't panicked, because I had always been willing to lose it, but why let it turn to zero if I could move it to a more secure place? So, I decided to turn my Litecoin into Steem at around 2pm MST.

Ever since I landed here at Steemit I have been pretty confident in the long term viability of this platform. So even with my piddly little amounts of money, I would rather invest here than in most places.

I checked Coinbase again later , and my little bitcoin investment was going down by the second: $36, $35, $34...

I worked quickly getting the blocktrades addy and it was hard because the amount kept changing faster than I could type! I did it in 2 transactions because Coinbase kept telling me i didn't have enough to send when I tried to send it all at once! I think I managed to move around $33?

Then I mentioned it in chat, and @aggroed and @meno said I should post about it .... so...here I am telling you all about my tiny very first day of trading :)

The moral of the story is this: The Minnow Support Project, and its radio-chat extravaganza MSP Waves are awesome. Being there is fun, educational... and most of the time ridiculously irreverent... and you make REAL PALS and get REAL GOOD IDEAS. And there is a super unfair dice game that is very fun to play while you listen to Freebird. If you haven't checked them out yet I strongly suggest you do!


Thanks Steemians for being a positive influence on my life! (that seems like poor grammar but you get my meaning)




U r right, no gambling, just steem

From tiny acorns, great oak trees grow!! Keep investing small amounts and you won’t regret it in the future.

I certainly hope this happens!

Would do the same tho lol

Those transaction fees and times are why I’ve suggested against bitcoin in recent year or so. Ethereum, and steem is where it’s at.

Good job!

Wow! If I can get a Tesla like that.

This. Is. Amazing.

And totally not street legal. Still awesome, though!

Coins mentioned in post:

CoinPrice (USD)📉 24h📉 7d

Good bot

We gonna get up there and say hi to BTC then say bye when move on...

Nice post

I'm not sure about Litecoin after Charlie Lee cashed out. Steem should be a good one!

Yeah that wasn't looking good. I wanted to just let it sit there anyway but it was tanking way too fast!

Looking at my crumbling empire... definitely food for thought. Thanks for sharing!

Wow good job. I believe in Steemit. I'm not stopping anytime soon and the design keeps people on here for the long run. I do daily freestyle raps.

If you get back into bitcoin or litecoin again, make sure you get a hardware wallet such as Trezor.io or Ledger S Nano. You don't want to be goxxed. In any case, your powered up Steem is almost as safe as a hardware wallet.

I was thinking about hardware wallets but it seemed like they cost more than my coin value. Good advice though for the future , thanks!

Steem is one of the platforms worth investing time and money on. It will only keep growing with more people coming in.

Your awesome and I hope the radio have made you might steem rich!!

Thank you Kubby! I will keep listening and learning ! I hope so too!

So far I haven't invested anything on any of the cryptocurrencies. I'm planning to do some on Steemit though.

My hubby is my "crypto guy"- he does all the trades and keeps me informed on everything happening in the blockchain land :D I told him last night that he needs to get onto Steem and watch @mspwaves to keep uptodate on the latest information. Great article!!

ps: we also live on barely minimal money, and back in Oct my hubby invested 200 euros into bitcoin and began trading and swapping cryptocurrencies out. Today that 200 Euros is now worth 4000euros!! And he wasn't a "crypto guru"... he just read lots and watched the markets and figured out the patterns. So it doesn't take being a "cryptogenius" to be able to invest and make that investment work!!

I search everywhere for stuff tohelpme learn and MSP Waves is definitely one of the best resources on the Internet. Especially because you can ask lots of questions in real time!

posting is very useful and very good

This is a nice post, keep it up

As someone who's only slightly more than a newbie myself, I can tell you that the one tip that keeps popping up the most is: don't panic sell! If you own crypto, you have to be okay with virtually losing 50% temporarily on the regular. Considering Steem and SBD have dropped more than BTC, you're probably in fine shape regardless, but if things drop to less than what they were when you bought, just be patient. If it's not money you need ASAP (and obviously with crypto, it shouldn't be relied on that way), it won't hurt to let it sit for a while!

Well i didnt panic, it was such a small amount it was sure to be gone within minutes. I feel more confident that Steem is a better option for someone like me who doesnt have money to play with. As i said in my post I invested what I was willing to lose and I kind of did lose most of it. i would not have Bitcoin right now no matter what I wouldhave done. Steem is still higher than when i first started here, but the lower price helped make that transfer make sense too.

I guess it mostly depends on what you're trying to get out of it, and what's important in crypto is that you make your own decisions and learn from them. I hold my Steem Power, but I also hold a few other things that are more proven, like Ethereum.

The crux of what I was trying to communicate is that just because the value of your bitcoin went down doesn't mean you lost anything. You still had the same amount of bitcoin that you initially bought, it was just worth less. Either way it won't become 0 - STEEM, BTC, and LTC are all pretty stable. These are just things to keep in mind if you ever foray back into that stuff.

Thanks for sharing your story though; I've been reading so much cryptic, difficult investing content lately, so it's refreshing to see perspectives that are closer to my own in terms of experience!

I guess you are right... i think what is happening is I am more confident that steem will be more stable than at least litecoin. And that the pitential for growth that would meaningfully impact such a small investment seems higher to me but you are right i am new. The bitcoin thing i was torn about which is why i didnt move it till later in the day. I guess i want to see how things grow here and then when i feel ready i will diversify again if needed..

Yeah, don't worry about it too much, it's all just experience to learn from; often we learn most from our mistakes so don't fear making some. I've been here on Steemit for about a year and a half, on-and-off, and only in the last couple months have I bothered to even do anything with my post earnings. As long as you're making things work in life otherwise, you can take whatever courses of action you see fit. If you decide to move steem/SBD into other things eventually, diversifying is a good idea. I would suggest doing some cursory research on the top 10 cryptocurrencies at your own pace, and then deciding for yourself how to spread out your investment. Good luck in your process!

so are you saying it was a mistake? LOL i dont know, maybe it was. I have been so pumped on Steemit that I wanted to increase my wallet here.. Its like my total budget for crypto is all tied up in crypto right now so its hard to let it become worth fewer dollars when it looks like one might grow and one might shrink for a longer time... its so hard to say I guess. I should start thinking longer than just 2018 but that is where my head is at right now. I want to get to a certain level here at Steemit and then I will feel more secure I am sure.

Oh no, I don't think it's a mistake, I can't really assess someone else's decisions like that. If you're powering it up so your vote is stronger, that's certainly a worthwhile move.

Thinking long term is crucial though, and reading market charts is probably a skill you'll want to develop if you want to have a better sense of where your investments are going, rather than wondering or worrying without anything to go off of.

I have some 50 dollars worth bitcoin and some 20 dollars worth monero. The bitcoin is stuck in nicehash. I may not be able to withdraw the money because of the minimum withdrawal and bitcoins high transaction fees. I may end up loosing 25$ worth of my bitcoin in transaction fees only. I think i have no other way but to mine for 2 more months before i could bring my bitcoins here.
As far as monero is concerned i am thinking of using shapeshift.io to convert monero to steem.
One good thing about steem is that you can up your steem power. This will help you curate the content and earn in SBD which you can withdraw or use it to buy more steem.

If you want to trade monero to steem, I recommend xmr.to using it to fullfill steemit's blocktrade bitcoin request order.
It is fast and inexpensive.

that's how you do it...

I found 4500 Doge coins on my old external harddisk. Now also in steem.
The only reasonable think one can do.
Happy steeming - cu on msp waves

That is amazing. Yeah its funny , its never fully certain but i just do feel more confident in steem right now so thats where i am applying my time and money for now! And the ultimate thing is I am having fun learning about crypto and blockchain as I go.

Steem is as good of a place as any, and better than most for parking your investment, however large or small.

cryptos are the future

This is very precious post to us , thanks for sharing ! @dflo

I recently dropped a full litecoin into steem. Glad to know I'm not the only one lol. And I started Crypto in Nov.

LOL yes i am having a little worry today after some comments below! I hope we are both right. This place seems to offer so much value to the world. When more people understand that, that it isnt just a comment-for-comment mine, I think it will really take off. I plan to be here when it does!

I knew about Minnow Support but I didn't know about MSP Waves. Thanks for shining a light on this and sharing your personal experience with us. I never get tired learning new things about crypto. It may be one of the most amazing things I have lived to experience in my short 37 years. Very exciting!

Agreed! I am the type of person that loves to research my interests and learn every detail. Since blockchain tech is expanding, evolving right now before our eyes there is always something new to discover on the subject, which makes it keep sparking my curiosity every day!

You definitely made the right choice coming down here.. An amazing platform