Welcome to Crypto

It was December 2017 when the bombardment of facebook posts finally pushed me to take a look at what the hell this crypto stuff was all about.  When I started watching the bitcoin price in early December it went from just over $10,000 to around $17,000 in 3 days, wow I thought, this thing really is real and now I understood the hype I had kept hearing but ignoring, fomo had me bad.  (Thats the Fear Of Missing Out)

OK I thought, I gotta get on this and quick!  I hastly opened an account with a local exchange and made a deposit of $1,000 thinking I’ll have $5,000 by christmas how can I loose…

I made my deposit and did my very first bitcoin purchase, it was a very nervous moment clicking the BUY button for the first time.  It took a few minutes but bingo my order was filled and there it was bitcoin in my trading wallet, the price now was around $19k, cool I thought this thing is just going to keep going up (thats what all the facebook posts and you-tubers were saying, $100k was being mentioned as being possible)

I wanted the flexibility to transfer into some alt-coins I liked the look of which werent offered on the exchange I was on so I had to do a transfer from my exchange to another, no problems, I researched how to do that, seems pretty straight forward I just send to the wallet address of the other exchange, what could go wrong, right?  I carefully triple checked the wallet address and clicked the SEND button, jumped over to the new exchange and waited a couple of minutes then started refreshing, nothing, refreshed again, and again and again.  After frantically refreshing about 500 times and now half an hour later I am in a panic, my money was gone from the sending account but not in the receiving account, where the hell has my money gone!

I sent support tickets to both exchanges, the sending exchange replied quickly saying its an issue with the receiving exchange (of course). 1 day went by, 2 days, 3 days with no response, I started reading everything I could online and hearing of scam exchanges which just disappear with your funds and other horror stories and I start feeling that horrible sinking feeling.  Eventually after a week I got a response that they are looking into the issue, phew ok that means its not a scam right?  Or is that the scammer buying himself some more time..?  I’m anxiously waiting but even worse is I am watching the bitcoin price now falling off a cliff and plunging in free-fall, its now around $15k and I can’t sell!  Ahhhhh!!!  I couldn’t sleep, I felt sick all the time, it truly was the worst week of my life, $1k might not be a huge amount to some but to me it was.

A very very long two weeks had passed when I finally received notification that they had located my missing transaction and credited my account with the bitcoin less about $200 worth for transfer and exchange fee’s and now bitcoin is sitting at about $12k, I hastily sold back to FIAT and ended up with pretty much half of what I started with.  Welcome to crypto…

December of 2017 was an insane period, bitcoin went parabolic, the bubble then popped, the shear volume of people (like me) entering the market to get on the rocket ship to the moon completely overwhelmed exchanges. I remember many exchanges actually closing off to new accounts, miners could not keep up so bitcoin transfers were taking days to complete and were very expensive.  When the amount of traffic increases so drastically things also can go wrong as with my transfer.

The lesson here is don’t enter the market during a bull run, take your time and do plenty of research and get in when its calm and preferably at a low price.

Even though my entry into the market was a nightmare-ish one I have enjoyed many profitable trades since and have traded my way to be back to be in front.

We learn from our mistakes.