JISHOU, HUNAN — My last post got it wrong. My Bitcoin shirt did not shrink. It stretched.
I took time today to do a proper accounting of my Bitcoin and related activity. I am ahead of my initial investment by about 18%, or about $50! Frankly, I’m a bit surprised, since Bitcoin values against the dollar are a little lower than they were when I first bought in last month.
One of my strategies has been to diversify. Bitcoin is not the only crypto-currency. It gets the most press, and has the largest value against national currencies, but there are other altcoins available, too.
My Bitcoin assets are about $115. In addition, I have smaller holdings in Peercoin (PPC), Namecoin (NMC), Litecoin (LTC), Devcoin (DVC) and iXcoin (IXC). These all trade separately from Bitcoin. The last two count for very little at this point, with dollar values measured in pennies to the altcoin. They’re like the penny stocks of the altcoin world.
In addition, I have counted my portion of a mining system at cex.io as an asset. While it is an expense (I had to buy it), it’s also easily sold as a commodity at cex.io at market prices. That alone is worth about $75.
So, the total value is about $323 on an initial investment of about $273, based on today’s markets. That’s not bad at all, considering crypto values have been pretty flat since the second week of December, when I decided to dip my toe in the water.
Meanwhile, I’ve come across a lecture series about Bitcoin at Udemy.com. It’s clear, and walks you through the intricacies of what Bitcoin is, how it’s traded, and why it’s such a big thing. Best of all, it’s free! You’ll need to register at Udemy.com, but that is also free.
Udemy offers other courses, as well. Many are free. Others you have to pony up some cash (not Bitcoins, — not yet, anyway).