Previously, I blogged about how to open a Coinbase account to purchase Cryptocurrency such as Bitcoin, Ethereum or Litecoin which has been the hottest topic in town recently.
Around 1 week ago, I did my first Bitcoin purchase of S$200. For first time buyers, there is a Buy limit of S$200 imposed by Coinbase. After you done your first purchase, the buy limit will start from zero and increase day by day until it reaches back to S$200. On Monday, I bought another S$200 of Ethereum.
My current total speculation is S$400 with gains of S$49.91. That is a gain of 12.48% over roughly 2 weeks.
My experiences with Bitcoin and Ethereum are:-
- Extremely volatile. The price went higher for Bitcoin after I bought it however it was the reverse for Ethereum. The price for Ethereum plunged after I bought it. Thus, you need to have a strong heart if you wish to buy cryptocurrency. If you noticed, I use the term “Speculation” instead of “Investment”. At this point of time, I still consider Cryptocurrency as a form of speculation.
- Buy with money you can afford to lose. I am prepared to lose the S$400 I speculate in Bitcoin and Ethereum. It is like buying 4D or Toto.
- Not wide actual use for Bitcoin at the moment in Singapore although I do understand there are some restaurants trying to adopt Bitcoin as a form of payment.
- High network fees of more than S$20 when you try to send Bitcoin to a friend.
- Crytocurrency is fun! It is the psychological emotional behavior of owning something. I consider it a hype or something along that line.
That’s it, you are ready to jump onto the cryptocurrency wagon! If you sign up via my referral link (Coinbase), you and me will get SGD13 of free bitcoin!