As a father of three, I first started investing in Bitcoin in 2017, after a recommendation from a friend. I decided to invest Â£3K for my children as a nest egg for the future. This investment is now worth in excess of 5 figures. Here, I explain the reasons for investing and the process I went through when investing for the first time in cryptocurrency.
When did you first decide to invest in Bitcoin for your children?
In February 2017 a very good friend of mine essentially sat me down and 'held my hand' to purchase 1 bitcoin each for my three children and helped me store them offline on a cold storage device.
How much did you invest?
I originally invested just Â£3k, but since then my investment has increased into 5 figures.
What platforms/process did you use for your initial investment?
Initially Coinbase, then GDAX and then Bittrex and Binance exchanges.
Did you face any challenges with regards to your initial investment?Â
It can be very confusing when you are new to the area, and I really needed the help of my friend (he has many years experience) as without it, I think I may have given up!
What did you expect the investment to produce initially?
I was optimistic that the investment into Bitcoin could be beneficial for my children's future,Â but this has been exceeded!
When did you realise that the investment was starting to grow/was worthwhile?Â
Within 4 weeks I started to read and educate myself and started to understand how much potential the Bitcoin/Crypto market has for the future.
What are their investments worth now?
They have passed the 5 figure mark.
How did the 10x Growth Account come into being, at what point in this process with investments etc, did this become a reality?Â
In September 2017, many of my friends and family were asking how I had invested in Bitcoin.Â Once I told them they really struggled with setting up their own accounts and even with my help it proved difficult as many of the respected exchanges were not accepting new account holders due to sheer volume.Â Â This is when I decided to find a solution and met several experienced people to discuss the 10x project.Â Â The 10x Account has taken nearly 4 months to produce following time spent with lawyers and bringing the best team together to operate and promote it.
You have continued to invest, what has been your strategy now you are a more experienced investor?Â
I only buy and hold and I only buy the altcoins that are managed by a great team, provide a real-life solution to world issues and have a great whitepaper where their progress can be tracked.Â Â I have my favorites and these have produced incredible returns.
What advice would you give to other parents thinking of investing in crypto for their children?
Do it!Â Only put in what is affordable and look at it as a longer-term investment than trying to 'trade the currencies'.
What is the future of Cryptocurrency?
The Cryptocurrency market is starting to link in and help traditional businesses, such as Ripple collaborating with Western Union and as this gathers momentum it will increase values.Â Â I'd like to think that sooner rather than later we will see Blockchain and Cryptocurrency being taught in Schools as part of the curriculum.
Featured Image Source: Pexels - Great Photo By Alizee Marchand