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How to invest a small amount in Bitcoin and win!

Don't have lots of cash, but would like to make a little...

By Ramsay ShortPublished 3 years ago 5 min read
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How to invest a small amount in Bitcoin and win!
Photo by Thought Catalog on Unsplash

I don't invest cash, I don't have a clue about the markets and really how it all works. I just know that it's risky. Probably like most of the population out there right? We're just regular joes doing regular jobs, I work, I produce something, I get paid. Pretty straightforward exchange.

But like most of population I've not stopped hearing about bitcoin in recent months. And like most of the population I've said to myself why I can't I try to get in on the game. But I don't earn much and my cost of living is high, so I can't risk throwing money away. I have a family to support. So I said to myself I've got to accept that any money I use to invest in Bitcoin I could lose and I have to be prepared to lose it. So I must think of it as already gone as it were. Once I got that into my head, things became a little easier. If I make anything, great! If not I've just spend a little cash for nothing, I'll get over it. I won't add to that number at any point. And remember I am just talking about a relatively small amount I saved and put aside.

The figure I managed to save was £300. Now the question was how to get Bitcoin, ie. what platform to use?

I signed up for the online mobile banking service Revolut. There are a number of services out there like this but a friend recommended Revolut so I went for it. It's free, and you get a debit card. You put money in your Revolut account from your other accounts and you can use the card in the usual way as long as you have cash in there. So far so standard. The main reason I signed up was because with it you can transfer your cash into other currencies such as Euros and when abroad use that Euro account to buy whatever you need WITHOUT paying any exchange fees. I travel a lot (at least I did before lockdown as a travel writer) and high street banks charge an arm and leg to use your card abroad so Revolut was a n0-brainer!

Now, Revolut also allows you to use your account to buy Crypto, including Bitcoin. And keeps it for you all in one place, on a simple and clear mobile app. All of this is of course at your own risk - in other words, if you put money into Bitcoin or any other Crypto currency be prepared to lose it. And fair warning don't take what I say here as the perfect advice, it's more just my experience of how to do it if you want to have a go.

I figured ok, let's try it. And since I saved up this smallish amount I am prepared to sacrifice, why not?

In the app I bought £300 of Bitcoin. At first it went it down, then it went up a bit. Then it went up a lot as the value of Bitcoin rose. It went up to £500 over a six month period, and I figured, ok so that's great I'll sell £200-worth of Bitcoin, leave £300-worth and gain a profit of £200. That works as long the remaining amount of Bitcoin doesn't drop it value. So I took out £200 and left the rest. Amazing! Now of course the amount of Bitcoin I had went down, but the original value I'd put in remained, plus I had £200 to spend.

I forgot about the account for a while, and it kept rising, though went down too. Naturally the value of Bitcoin is affected by markets and other elements I have no control and don't really understand. No doubt I could if I put my mind to it.

In any case, currently as of writing my original investment of £300 is worth £900 worth of Bitcoin - and I've already taken £200 from that. So in fact my current investment is just £100 for which if I sold it all now I'd get £900. So out of the original £300 I'd spent I would have made £1000 in profit.

I am not telling anyone to do this - because at any point the value of my Bitcoin could drop from £900 to a minus-figure. Like any investing these days it feels like it's all high risk and that's why we get warnings saying 'your money is at risk' when it comes to things like this. But I would argue it's a whole lot less risky than betting on the horses.

My point is simply, you make a little money and you may not, but if you want to give Bitcoin a go this is one simple method how to do it. In the end I haven't lost my £300, and I can be happy with the result of my small investment. I would never invest larger amounts of cash unless I could really afford to lose it (and I can't). So far I've been lucky. But I'm fully aware it may not last. Remember your money is at risk

Here then are my four how to's if you want to try this:

1. Open a mobile bank account using Revolut (or any competitor)

2. Pick a small amount of cash to invest in Bitcoin, an amount that you won't really miss if it goes. Don't add to it!

3. Buy the cash amount of Bitcoin in the app and forgot about it.

4. If it rises to significant amount more than you spent, cash out and enjoy the small profits.

5. Remember always keep it small.

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Thanks for reading. If you enjoyed the story, give it a like or help a writer out with a tip, however small. I'll be writing more on these sort of subjects, as well as putting out more of my poetry here weekly. Much love.

And remember, you can also share it on your social media.

Disclaimer: I am in no way profiting or receiving any kickbacks from Bitcoin or Revolut in this story, simply recounting my personal experience as a blueprint for others to use if they so wish.

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About the Creator

Ramsay Short

Award-winning writer, journalist, editor and poet writing on the topics of travel, grief, relationships, music, art, futurism, sustainability and love. Find out more here

Ramsay is also known for his work with the late Anthony Bourdain.

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