Your First Time... In Crypto

in life •  14 days ago

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I mentioned, in the past, I have written for other publications on this fine platform. Please allow me to air another of my pieces and post it on my own blog.

Note the lack of swearing. It's hilarious being tied to rules...

Let the story begin...


Do you remember your first time? In crypto that is!

For me and no doubt many of you it was Steemit. How peculiar did it feel to be earning a cryptocurrency for blogging?

I mean at the time I was not even sure what a cryptocurrency was. Everyone has heard of Bitcoin but I am certain I was not alone in being surprised at the almost ridiculous number of them. There were hundreds! All of them with exotic names, quite often ending in 'eum.

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Or at least so you first think. Of course, there are hurdles to overcome.

I remember the first time I sent my coin to an exchange. The tension, the sheer nerves. Have I done it right? What the heck are these long addresses? Will this even work?

You log onto the exchange in question.

Hey, where's my money!?

It doesn't appear instantly. You get a sinking feeling in your gut, deep down you knew it was all too good to be true. Your money has disappeared into the ether. (Excuse the pun.)

This is such a scam.

You think despondently.

Then suddenly, after having refreshed the balances screen only about 763 times, it appears and you can breathe a sigh of relief.

This is it. I am on the road to becoming a giant in the crypto-sphere.

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You feel such elation. It doesn't take long before you make your first trade and sell your precious coin for some BTC. Does that mean you are a trader now? Things just keep getting better.

After a little time, you amass enough bitcoin and you know it is time for the next step. To transfer your BTC out. Send it to the outside world so that you can place your hands on some 'real' world money. Perhaps you will get a Bitcoin debit card? There are many options. You choose one, then send your BTC to it.

Wait? Where has it gone? It has left the exchange but it has not appeared in the wallet at the other end?

This is such a scam.

You think downheartedly.

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You log onto one of the telegrams/discords/chats. Some splendid fellow advises you that you can check your transaction with a block explorer and that it needs several confirmations. You gratefully thank them whilst wondering what the heck a block explorer or a confirmation is. You are too scared to ask though, for fear of looking even more of a newbie.

Eventually, like an old dog, the wandering Bitcoin shows up in your wallet. You make your first purchase. It works, it goes through. You are riding on a giant wave of elation. Your world has undergone a seismic shift and you know that nothing will ever be the same again.

It doesn't take you long before the transferring and moving about of crypto becomes second nature. In fact, you even venture into a little bit more trading. There are so many possibilities.

Then one day you log on to your favourite exchange. One of your coins is pumping and you want to sell and get some of that lovely Bitcoin to spend. Isn't this marvellous?

"Your wallet is undergoing maintenance."

How can this be? Why do they have to conduct maintenance on a wallet?

This is such a scam.

You think dejectedly.

Many moons later the wallet comes back online. You realise that you are being far too harsh on the old world of crypto. Now when you see wallets down for maintenance or wait 17 days for a Bitcoin transaction to go through you laugh like a Hyena and carry on without a care in the world.

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You definitely no longer think it is a scam. In fact you become quite the crypto evangelist.

This is incredible!

You tell all and sundry.

One day one of your friends shows interest in the whole Crypto realm. You excitedly gabble about coins and exchanges and blockchains. They listen, eyes wide.

You carry on. So much crypto knowledge to impart. Tokens and confirmations and ICO 's and even IEO's. You are bubbling with excitement at sharing all this stuff you have learned. Eventually, you finish and tell them it will be the best thing they ever do.

Your friend leans in and says.

Isn't it all a bit of a scam though?

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I discovered Bitcoin in 2011. I bought 200 for US$1400 and I told my wife that I will become rich very fast.
She was very doubtful and she told me that I will lose my money. However, if I made at least $10,000, I would take her on a cruise. Two years later, I cashed 10 Bitcoins for $10,000.

We have not been on a cruise yet, and we will no do this soon, because of the coronavirus. I even think that we will never do it!

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One day the madness will be over and the moon shall shine on our coins again. I too would like to take the good lady on a cruise.

One day!! :0)

Crypto, where we just print money out of nothing and defend it as better than Marmite.

It's a bit of a scam, isn't it?

·

Hehe, the thing is. It sorta is! :0D

This made me to remember when I joined crypto. I was thinking I will be a millionaire in the next two month

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Learn more.

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Lol. I thought exactly the same. I was quite disappointed when I wasn't!

I recognize myself well from my first encounter with the cryptocurrency some years ago, but am actually a bit shaky now also when it comes to transfers. :)

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I still get the fear doing transfers. Especially if it is a big one. Always sending a small amount then fretting. It's a nerve wracking thing!

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That wait tho! Still gets me worried lol.

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