So I made the plunge today finally after months of hesitation and analysis paralysis. I bought my first Bitcoin (BTC) and Ethereum unit (ETH). I’m just trying it out for now but I’ll be buying regularly every month for the next few months. For my first purchase I put just over $300 into ETH and just under $200 into BTC.
I’m long on both Bitcoin and Ethereum at least for the next couple years. I plan on buying and holding both of them long term for the foreseeable future and if trends continue, this will at least put my money to work for itself instead of sitting in a bank account. Also I’m pretty interested in the cryptocurrency space and I think blockchain technology is going to be huge in the future. So let me go ahead and break down why I bought these two cryptos.
Why bitcoin? It’s the first, the biggest, the most popular, and when people think of blockchain or cryptocurrency they think bitcoin. Bitcoin isn’t going anywhere any time soon and I believe it will only increase in value. It seems to be a great store of wealth and it has risen meteorically in value even since I’ve started following it closely and investigating a year ago. In fact if I had bought a single BTC as soon as I had done my research last September, I could have gotten one for around $700-800. By now the value of that single BTC would have been $1750-1800. In less than 8 months the value more than doubled. Amazing! Volatile and risky but amazing nonetheless. I’m definitely kicking myself for that one.
Why Ethereum? It’s one of the top three cryptocurrencies with #3 market share behind Bitcoin and Ripple respectively. It’s basically the number two crypto behind bitcoin and there is an entirely different paradigm behind it. Ethereum itself is a platform and ETH, or ether, is the gas used to fuel transactions. The Ethereum platform is meant for building and running applications using open blockchain technology so it’s a different animal than bitcoin but it’s interesting to me so I’m gonna throw some money at it. My investment in ETH is more of me betting on the platform itself.
I hope by the end of the year to own one complete BTC and at least 10 ETH units.