I continue my story about my adventure with cryptocurrencies.
This is the second part. I encourage you to read.

 

Arbitration

 arbitraz

 

In this article, I will only mention arbitration. It is possible that I will write a separate text on the arbitration itself in detail.

Arbitration was very interesting for me. This is practically a guaranteed profit. It was enough just to move the funds between exchanges and make sure to calculate well whether there will be a profit after taking into account the commission.

I tried to use spreadsheets, get rates from exchanges and set myself up notifications when a "window" for arbitration appears. And again something did not quite work out. The occasions were too rare. If anything, it was not profitable by commissions.

I left this topic behind and came back to it after a few years - where I successfully completed several transactions. I have developed a system for myself and wait patiently for an opportunity - for example, once a quarter.

 

Investments in Bitcoin-based products

 inwestycje btc

After all these different DayTrading trials with slots, I was a bit discouraged.

I thought it might just be worth having some BTC and holding it for a long time - like a typical investor.

It just so happens that the Bitmarket.pl exchange then introduced a savings contract called LiteMineX - something like a bank deposit with an interest rate of 7.3% per year. Interest was paid every day. Thought that was it. So I bought such a contract and enjoyed a small interest. I could easily forget about Bitcoin.

I am omitting the fact that I didn't think then that you shouldn't keep your BTC on the stock market! Not only that - there was also a risk associated with the fact that the contract itself was also listed on the stock exchange and its value could decline.

Unfortunately, I came across such a time that soon after my purchase, the Bitcoin rate began to decline and my investor patience was put to the test.

I couldn't stand it and resold my contract and Bitcoins. I decided to leave this market and not come back to it yet. Back then, the overall sentiment was very bad for BTC. I practically believed that prices might never return to higher levels.

It was a very big mistake! Then you had to keep him on this "deposit" and wait patiently - or preferably forget for a few years. Unfortunately, I did this and not otherwise.

Since then, I have become interested in forex and the stock market. Since I already had some experience with the Mt4 trading platform, I decided to take care of "real" things like currencies or stock indices. Bitcoin was put aside for a while.


Accountant and Bitcoin settlement

 ksiegowy

When I closed in 2014 for a while on Bitcoin, I gave my accountant various statements from exchanges and settlements on BTC. The settlement result was a minor loss.

At the beginning the accountant had no idea about BTC - he asked what cryptocurrencies? What's going on - what Bitcoins again? Oh, he never had it easy with me!

He always told me that other clients gave him standard documents and why do I have to come out with some strange cases every year?

It was the same later with forex, the US stock market and options. Regards, accountant!

 

Conclusions

I've tried various methods of earning money on Bitcoin.
At that time, I didn't last long in any of them.

I was scared off by a large decline in the BTC rate - like most traders at the time.

If I had the knowledge and experience that I have now, I would buy Bitcoin and of course not for all savings, but for the appropriate part.

I don't mean that I know over time how the BTC rate has risen. More so, I mean the attitude "buy when the blood is spilling" or "be greedy when others are afraid". I then acted like the whole crowd - typically.

​​​

In this article, I do not encourage anyone to invest and do not recommend anything. I only share my experiences and my opinion.



 



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