here are the numbers. At the time of this writing, I am the proud owner of:
1. 0.0063 BTC ($22.81)
2. 0.1795 ETH ($46.46)
3. 0.0414 LTC ($1.89)
Now, I admit, that’s not a lot of money. I wish had more money to invest in digital currencies, but I don’t. My primary goals are still to get out of student loan debt and to continue to build my dividend portfolio. In fact, the nearly $80 that I spend investing in my digital currencies came out of the money I was going to use to pay down my student loans. There’s only so much money coming in.
I haven’t decided yet if I’m going to track my currencies on this site. I might have a separate page dedicated to these currencies, like I do with my dividend portfolio, dividend tracker, and debt tracker. However, I just wanted to report my expansion in this arena.
I am well aware of the speculative and highly volatile nature of digital currencies. Right now, I plan on dollar cost averaging (so to speak) my way into digital currencies, investing a small amount of money every month. I also realize that the fees are very expensive. I use Coinbase and purchase my digital currencies with my debit card. It was a relatively straight forward process to sign up, and Coinbase is highly recommended based on my research. But, they are also expensive. However, I think in the end, they are worth it.
Digital currencies such as Bitcoin, Ethereum and Litecoin are not for everyone. I chose to invest in this now, since I’m temporarily in the U.S. It would have been difficult to sign up for Coinbase while I was overseas. But, in any case, I understand and accept the risk. Although I don’t want to lose all of my $80, if I do, I can still pay my mortgage. So, I only invest with funds I can afford to lose. To the extent you’re interested in digital currencies, I suggest you do the same after your own careful research.
Finally, learning for me is not over. I’m still learning about how to safely store my currencies, and which other currencies I might want to invest in. I’m fairly certain though that given the small amount of money I am devoting to this, that I will likely stick with these three for the foreseeable future. Too bad the currencies don’t pay dividends.
Anyway, I wanted this to be a short post. Let me know what you think? Should I not have invested in digital currencies at all? Should I track my investments on this blog? Let me know by commenting below.