In this article, I will share my personal investing experience with cryptocurrencies and how I doubled my investment in just 1 month. I will share the exact process of how I invested in crypto and also the actual screenshots from my account.
Disclaimer: Before you invest in cryptocurrency you should understand that crypto is one of those risky investments. Yes, the level of reward on this investment is high, but the risk is very high as well. There is no guaranteed result in cryptocurrency investing. Do your own research on every investment you plan to make. Always remember the golden rule in investing: Invest at your own risk and invest the money that you can afford to lose.
What is Cryptocurrency
Before we begin, here’s a simple explanation of what cryptocurrency is. A cryptocurrency is basically a virtual or digital currency that is not regulated by any government. Cryptocurrency is based on a network that is distributed to a large number of computers. It uses blockchain technology, which is basically a database that stores information in blocks that are chained or interlinked together. This makes crypto decentralized, there’s no single entity that has control. Cryptocurrencies became so popular because of its technology that makes it cheaper, faster, and safe to transfer funds compared to banks. Cryptos are even foreseen by many to replace banks in the future.
The very first cryptocurrency created was Bitcoin (BTC), it is also the most popular and most valuable up to this day. Inspired by bitcoin’s success, other cryptocurrencies were also launched. These cryptocurrencies are also called altcoins. The top cryptos next to bitcoin as of May 2021 are Etherium (ETH), Binance Coin (BNB), and Cardano (ADA).
Cryptocurrencies are so popular right now many consider Bitcoin as the digital gold and Etherium as the digital silver.
How to Invest in Cryptocurrency here in the Philippines
The easiest way to buy your first crypto if you live here in the Philippines is via Coins.ph. It is also the platform I used to invest in cryptocurrency. You just need to download the coins.ph app and sign up. I recommend that you verify your account to remove the limitations. After creating your coins.ph account, you can now cash in through bank or Paypal. And once you have funds on your coins.ph account, you can now buy cryptocurrencies. It’s that easy!
My Cryptocurrency Investing Journey
I first invested in crypto around the year 2017 – 2019 (I can’t really recall since I didn’t consider it as a serious investment at that time). I also didn’t believe and understand cryptocurrencies at that time so I only bought small amount of cryptos. The cryptocurrencies available through coins.ph were BTC, ETH, XRP, and BCH.
My first cryptocurrency investment was 5,000 PHP worth of bitcoin, 2,000 PHP Etherium, and 1,000 PHP Ripple. I even forgot about my crypto holdings since the price is also not really going up at that time. As big-time investors say “Only invest money that you don’t need and you are willing to lose”.
After a couple of years, I decided to check my coins.ph account on the month of November 2020, the prices actually went up! This is when I got really excited about crypto. I even started to write down my withdrawals and cash-ins on my coins.ph account.
Here are the values of my cryptos in November 2020:
My BTC went from 5,000 to 7,854.7
My ETH went from 2,000 to 3,930
My XRP went from 1,000 to 880.27
Ripple price didn’t really go up at that time. This is the reason why in investing you need to diversify, as the famous saying goes “don’t put all your eggs in one basket”.
I immediately withdrew the profits from my crypto holdings which is 2,854 + 1,930, a total of 4,784 earnings. I just let my initial investments stay in my coins.ph account with the hope of the prices going up again.
And on the month of January 2021, my crypto’s went up again in value! My BTC wallet is at 8,000 and my ETH wallet grew to 3,000. So I converted the profits again to Peso.
At this point I was talking to myself and regretting not buying more before. But just like investing in stocks, no one really knows the future.
The Day I Decided to Buy more
With the continuous increase in cryptocurrency prices, I now decided to buy more. On April 2021, I bought 50,000 worth of BTC, 40,000 worth of ETH, and 10,000 worth of XRP.
And now, the biggest profit I made from cryptocurrency investing to date. In May 2021, ETH price went up exponentially doubling my investment. I withdrew my 40,000 earnings and I still have the remaining 40,000 on my coins.ph account. I can wait for ETH price to go up again or I can decide to withdraw it anytime I want.
The price of BTC and XRP as of May 2021 is not that exciting compared to ETH. My BTC and XRP wallet value is just going up and down. I can decide to withdraw them to get my investment back or just wait for their price to go up in the future.