If not, you should do some research, as you may be missing out on something big!
If I don’t count my first time shopping for Bitcoin in 2013 (I bought my first one for $72!), I personally got involved with cryptocurrency on a deeper level last year.
My involvement consists mainly of buying and holding (or, as it’s called, HODLING).
It’s a simple and easy investing strategy that has already multiplied my investment x times for this year.
I did some daily trades here and there, but I’m still not very comfortable there and I consider it much riskier than the simple BUY AND HOLD strategy.
…but back to the main question of this post:
Once you have a couple of currencies in your coin portfolio, the main problem becomes: how do you track your cryptocurrency portfolio?
I see this question asked in crypto-related Facebook groups and forums every single day.
Well, it’s pretty understandable as the more types of coins you own, the more difficult it gets.
Imagine: you hold 20 cryptocurrencies on 3 different exchanges + your hardware wallets such as TREZOR. Add in some trades here and there and you may get lost pretty quickly:
- What is the total value of my whole portfolio? (in either USD or BTC)
- How much $$$ have I made holding this coin?
- If I sell xx amount of this coin today, will it be a gain or loss for me?
These are just 3 of the many questions that you will have to ask yourself once you start rolling with cryptocurrencies.