My first crypto purchase - in four "easy" steps
I just couldn't wait anymore... I've been into earning crypto for a month and a half now and despite my deep dive into the subject there is still so much to learn. But with the recent dip in prices, I just had to get my hands on crypto and test things out from an investment standpoint. That said, the process was much more time consuming than I thought, but hey I'm learning...
Purchased - 0.01182 BTC ($499.86 at $42,289.34 price on 1/11/2022) then transferred most of it on
Up to this point, I have only earned crypto through a variety of ways including mining, faucets/surveys like Cointiply, Brave Browser, Presearch, and of course Read.Cash among other methods. The goal was to learn about crypto, wallets, exchanges, etc. before investing and then start with a small amount before going bigger because there is a lot that can go wrong.
Here are the four steps it took:
1) Paypal - transfer $500+ from my Paypal account to my bank
2) Bank - transfer $500 from my bank savings account to my crypto.com account
3) Crypto.com - buy the Bitcoin and then transfer
4) Midas.Investments - receive the Bitcoin to start earning 17% AYR
This process took a number of days. I could have speed it up with higher fees but with the market still heading down I was in no hurry. I actually was thinking of closing out my Paypal account since it is under an email I no longer have access to and then setting up a new one at a later date. If you forget your password and can't recover via the email that is a problem, but fortunately I remembered and transferred all of my funds after claiming them. Funny thing is that after doing the transfer someone on Reddit wanted to buy a mobile game account from me for $200 so I had a balance once again later that same evening after not funding that account in years.
The bank transfer was the worst part with the $3 charge and 3-day delivery. I could have transferred it in 1-day for $10 but again was in no rush with the markets dropping the last few days. This was eye opening however and just reaffirmed that I really want to lessen my dependence on traditional banks - thank you crypto.
Finally this morning the money appeared in my crypto.com wallet and with the markets on the upswing I decided to pull the trigger. I had chosen $500 because that competes a mission within the app which should be no problem with $500 in fiat to spend now. Well, because of rounding or whatever whenever I tried to process $500 there wasn't enough money so I eventually settle for a $499.86 purchase - so much for completing my big mission. I did, however, complete a smaller mission giving me enough diamonds (25) to open a mystery box which contained 1.2 CRO in it - bonus baby and a new crypto to add to my ever growing list!
Then I transferred most of the purchased BTC to my Midas.Investments account (.0114034 BTC). The worst part is the waiting. While not bank slow by any means, the transfer wasn't instantaneous and I did have to wait for what seemed like an eternity. In reality, it was about 5-10 minutes but the entire time I was sure I did something wrong and had lost more crypto (you can read about my first lost crypto in yesterdays article here). But sure enough it did arrive and I'm excited to start testing out Midas after doing quite a bit of research since I first posted a Publish0X article on them which can be found here. I will be putting some more coins into the platform including more Bitcoin and also Ethereum which has a 23% AYR. Expect a follow up article in a few weeks after I'm living large off all that interest or have lost it all to a rug pull.
While not a lot of money, this was a test of the each step along the way. Now that it is complete, I have a lot more trust in moving money between these accounts because they are already set up and proven. My copy and paste skills got the receiving addresses correct which is more challenging when some apps are on the phone while others on the computer but I managed. Hopefully some day in the not too distant future when Bitcoin is valued in the $500K range I can tell everyone how I have made of 10X my initial investment.
What was your first crypto investment? Please share your story so I can be jealous of all those massive gains you have enjoyed...
Great good idea