Cryptocurrency – My First Purchase Ever (LTC)!

by FI Fighter on September 15, 2017

in Crypto Updates, Cryptocurrencies

Well, I finally did it! I am now onboard the cryptocurrency bandwagon. This week, I purchased some Litecoin (LTC) to get started…

Here is the update for the week ending on September 15, 2017.

  • Bought 100 coins of Litecoin (LTC) @ $45.20/coin
  • Bought 80 coins of Litecoin (LTC) @ $42.20/coin

Although I’ve known about cryptos for awhile now, it was still a pretty cool experience to trade for the first time live using GDAX… Thanks to the large smackdown this week over fears of China shutting down exchanges, I was able to get in at much lower prices than just a few weeks ago.

I placed two separate limit orders… and paid $0 in fees (can you say AWESOME?)! Further, I’m able to get access to Level 2/market depth which is provided by the exchange for free

And in Cryptoland, the markets are open 24/7!

Once you’re done buying, you can immediately move the coins off the exchange (highly recommended for security reasons) since there’s zero settling time (even more AWESOME) and into your own personal private wallet…

I’m using a Trezor… which is a hardware wallet.

Yup, a whole new world from your typical trading with stocks and conventional assets…

Definitely a lot of things to like here in the crypto arena (don’t knock it until you’ve tried it)!

As readers know, I’m a huge fan of technology and certainly believe in the vitality and growth potential of cryptos moving forward from here.

Here’s a list of the Top 12 cryptocurrencies, in terms of market cap.

In regards to precious metals…

No mining stock updates for this week… I resisted the urge to trade (for once) and am just hanging on tight for now… Most likely, I’ll be making some moves soon since the Avnel Gold (AVK.TO/AVNZF) and Endeavour Mining (EDV.TO/EDVMF) merger/acquisition should be completed next week and I’ve decided that I’d rather not hold onto any newly issued Endeavour Mining shares…

Here’s where the mining stocks portfolio currently stands…

Moving forward, I’ve still got a ton of interest in mining stocks, in particular: gold, silver, cobalt, lithium, copper, nickel, and graphite.

As it pertains to cryptos, it’s still super early days for the sector as a whole (and especially for a newbie like myself)… I’ve got thousands of hours of material I need to absorb, so I’ll be plenty busy, believe me…

I still want to beef up my LTC position some more, and eventually add in some Bitcoin (BTC) and Ethereum (ETH) to make up the base of my Core Holdings. Almost certainly, I’ll also look to get into the more speculative Initial Coin Offerings (ICOs) down the line as well whenever I come across any compelling new ideas.

Here’s my take on things over the next 3-5 years — I want to be well positioned in:

  • Physical gold and physical silver stored in a safe and secure private vault (my insurance policy/store of wealth).
  • Gold and silver mining stocks (my leverage to the upside safe haven/fear/new bull market plays).
  • Cobalt, lithium, copper, nickel, graphite mining stocks (my leverage to the upside clean energy and electric vehicles growth/boom/new bull market plays; Smartphone 2.0).
  • BTC, LTC, ETH (TBD; Internet 2.0).
  • Speculative ICOs (gambling money on blue sky potential offerings).
  • Etc.

With the cryptos, I decided to simply leave it as TBD/Internet 2.0… I’m too new to the crypto sector to really comment at this time… Intuition, though, tells me this is indeed Internet 2.0.

But here’s one thought that immediately comes to mind — When it comes down to it, everyone knows that fiat currencies are doomed (over the long haul) and are nothing more than perpetually depreciating “assets”… Point blank, I’d rather own a large basket of the “best of the best” cryptocurrencies as a “store of wealth” as opposed to a bunch of fiat (which I think the majority of investors today would feel much more comfortable and secure with holding).

 

That’s just me, though…

 

Once you pile on top of that all the other compelling reasons to invest/speculate (e.g. massive untapped growth potential), it becomes a no brainer, quite frankly, in my eyes to own some cryptos…

 

As always, please do your own research and due diligence before making any kind of investment decisions and putting your own capital at risk.

 

Exciting times…

 

Fight On!

{ 7 comments… read them below or add one }

1 EricNo Gravatar September 15, 2017 at 9:05 pm

Congrats on breaking into the cryptos. I have not pulled the trigger yet, but may buy some in the near future. I was curious what would happen if the US shut down the exchanges. Would they still be able to operate? I’m interested in getting involved just a little hesitant after seeing what happened in China.

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2 KevinpNo Gravatar September 16, 2017 at 7:04 am

Thanks for the update. I’m looking into the crypto space as well to dip my toe.

Any thoughts on Steem? It seems intriguing to me due to the social media piece of it.

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3 VinNo Gravatar September 16, 2017 at 7:06 pm

Interesting move Jay! I purchased BTC at $100 in 2013/2014, and initially made a fortune (on paper) with coins like Stablecoin (R.I.P.), but sold out too late.. I am eager at reentering the space, but what’s holding me back it the fear of being another Newton (https://encrypted-tbn2.gstatic.com/images?q=tbn:ANd9GcQMT11QkuZkK5Rx5fSAA4BJGjPDVmGQl7WXTqcOf5ea6NGTPrRmUqD489mk). I’ll probably start slow by buying some Steemit and LTC.

Thanks (also Horseman) for the Northern Empire Resources tip! I’ve purchases 8,500 shares @ 0.80 on average..

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4 VinNo Gravatar September 16, 2017 at 7:12 pm

PS. CAD 0.80 that it 😉

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5 Roadmap2RetireNo Gravatar September 17, 2017 at 5:15 pm

About time you joined the LTC bandwagon buddy 🙂 I havent bought any BTC so far, but “hodling” some ETH and LTC, although a very small token amount just to get my feet wet. The more I read, the more I like this space. If nothing else, just purely from a diversification perspective — there is absolutely nothing that resembles the cryptos as an asset class – and can provide some much needed diversification for every portfolio out there.

cheers
R2R

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6 CNo Gravatar September 18, 2017 at 6:07 am

Hi Jay, Why did you choose Litecoin over Ether or Bitcoin?
Thanks, C

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7 Investment HuntingNo Gravatar October 5, 2017 at 5:39 pm

Congrats on the coin buys. Litecoin has a lot of potential.

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