My First Ever Trade Experience in Cryptocurrency

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The first time I head about cryptocurrencies, in my mind I thought “wow this is absolutely going to be an amazing opportunity to capitalize on”. I didn’t know how everything worked and didn’t bother to make any research about it. I heard about it from a very close friend of mine, I think it was in the year 2018 nearly after senior high school. The only cryptocurrency at that time we could hear about was Bitcoin and apparently he had been making a lot of profit out of it.

From the way he explained things to me, it was really interesting to me and I couldn’t wait to get started. What he told me was that, you just have to make a purchase of any amount and within a few hours or by the morning, I could get up to double of my initial investment. Who wouldn’t want to try this…? So quickly I had some money that I had saved for a while, which I think it was about $50. I was saving to buy myself a laptop for school in the university.

So when I was ready and decided to set up an account, my friend guided me through the whole process and I was able to successfully set up a wallet. We used an exchange wallet account, called Paxful. So I set up a trade and waited for the trader to provide his details so that I send the funds to him and then he’ll release the Bitcoins. At first, I was a bit worried that he might take my money away but my friend assured me that there was no way that could happen since he believed the platform to be very secure and safe for trading.

On this exchange platform, what happens is that when you set up a trade, the crypto is locked into an escrow and when you’re done with the transfer of funds then the seller will release the crypto and it automatically reflects into your wallet. When I made the payment, I alerted the seller and for a few minutes I didn’t get any reply. That was when I started to panic, “what if he has taken my money away, what will I do now” and just after some seconds, he finally came to reply with an apology for the slight delay and released the crypto.

I was happy I made my first crypto transaction successfully and all I had to do was wait. I felt a little overwhelmed that I was holding BTC even though it was just $50, it was a nice feeling. The next day, BTC had pumped a little and I could see some profits from my trade. It made me really happy but my friend encouraged me to hold on a little to gain more profits. Even though I was in a haste to sell, I kept my cool for a bit and when it reached I think $71, I decided to sell and collect my profits.

After selling and making that profit, I felt some kind of bossy for making such investments and yielding profits. I was a very happy guy at that moment. I would actually count myself really lucky at the time, because I didn’t make any research or analysis before making my investments and everything could have gone wrong if the price of BTC went down after my purchase and all blame would have gone to my friend for introducing me into cryptocurrency. Overall, I think I had a great experience with my first ever Crypto investment even though I didn’t follow the proper way by studying the positives and risk involved.