If you have been on Twitter a whole lot or have been following the news, you must have heard of cryptocurrency the last few weeks. Elon Musk and Tesla have been words also being spoken quite a lot around the term cryptocurrency.
I read a tweet last week which said that Elon holds too much power in the cryptocurrency world. One tweet and he can add or remove millions of dollars from the cryptocurrency world—too much power in the hands-on one man. The same could be said about many people who hold a lot of stocks of a company in the equity market.
I remember first hearing about bitcoin at least five years ago. Sanat and I had been looking into it, and Sanat went ahead and bought 1 Bitcoin at that time through an Indian cryptocurrency exchange network. If memory serves me right, it cost about Rs. 32000. Around 600 dollars at that time. A considerable amount to invest and only rumours to go by that said Bitcoin would reach $1000. Never had we imagined that it would be worth more than $70000.
I had stayed away from investing in cryptocurrency all these years. I never understood the market or the world surrounding it. I had read a lot about it and understood the concept but was unsure how it actually functioned. From my years of experience, I have learnt that the best way to learn is by doing and putting your money into the things you want to know. I took the plunge yesterday and got myself an account with Binance(referral link).
I have not invested a lot as of now, a few hundred dollars to get my feet wet and understand how trading works. I will be updating here once I learn more.