Crypto currency investing or mining?
I am opening a dialogue to discuss the positions on mining coins/tokens vs investing vs investing and mining.
I began investing in the Crypto currency space in October, embracing further in December and then diving fully into the deep end between January and February.
There is so much to learn and understand. Actually years worth of information to absorb whole at the same time this space is growing at an exponential rate. Absorb I am, through daiky reading or articles and blogs, while watchingor listening to YouTube videos and podcasts.
In the few short months since my crypto investing began I find myself speaking with, what should I call it but Crypto lingo. I am Hodling. Hodl doesn't transfer too well at the gym or martial arts class. I do , however, engage everyone I know in the conversation about Bitcoin and Altcoin, it doesn't matter if they are young or old, I share. I am preparing my young son a budding YouTuber into understanding why decentralized monetization is important for him to understand and how it can help him build wealth.
Let me digress from these thoughts to the main point of this article, which is to open a dialogue on how best to embrace this new budding Crypto, Bitcoin, Altcoin space, is it through investing only, or should mining be a portion of the investment?
Let me phrase this another way, Is the money invested in a mining rig better served in buying hardware that can potentially build a residual revenue for the next number of years, or is the same money better out towards building the holdings to hodl?
Simply put, to invest only or investing and mining?
I am raising these questions for myself and doe the community at large to think about and discuss, as I sit here researching my first mining rig. I don't know the right answer. But I do know that I am craving to experience the mining phenomenon. Is this FOMO or what? I'll tell you as I document this process.
Welcome to the world of cryptocurrency.
Background: I started mining Bitcoin in November 2015. That expanded into mining Ethereum and Expanse and Zcash. That gave me a foundation of coin holdings
I am an investor with no source of income other than what I generate from investing, trading and any network marketing I can align.
My crypto strategy is in 3 parts and makes up less than 10% of my overall investing portfolio - because it has a risky return profile.
The heart of the strategy is spreading risk away from a single point of failure. I lost 2/3 of my wealth in the dot com crash from a single point of failure.
On mining I use 4 different cloud mining operations - not enough time to start on hardware.
On investing I try not to outguess the market - I do what it tells me to do - read my Behind TIB posts (number 5, 6, 7 and 9). Some is working and some is not. On trading, i have traded a lot and now am working hard on robots.
I write up my stuff every day - read it and ask questions.
Fantastic response. I will read your posts.
I am looking forward to this new foray into crypto mining. Planning to start small and build it up. Up to this point I have been focused on moving money out of fiat to Crypto. I have not yet attempted to second guess the market and invest in those companies that seem to have substance. I have read and listened to many views and opinions and still absorbing so much more. I look at the charts but there is way to much volatility, very similar to Penny stocks. For now I'll keep my active trading to stocks and buy to hodl crypto.