I’ve been a crypto sceptic from the time it would have made me a multi-millionaire; so it was with some regret I jumped on the bandwagon
For a bit of perspective, I was aware of Bitcoin back in 2012 when it first became talked about in dark corners of the internet. I considered investing at a price that would have made the cost of a night on the town worth somewhere between a new luxury car and a luxury house now. Sadly, I didn’t invest and I’ve not really regretted it.
Obviously, it would be nice to think that I’m worth millions now – it would certainly make my life very different and I’d definitely have different problems right now – rich people’s problems like how much black caviar to buy in for Xmas 5kg or 10kg? Where to berth my superyacht over the winter? And much bonus to give the bodyguards this Christmas so they don’t kidnap me/the kids in 2022? Small things like that.
In my books, Bitcoin or any Crypto was nice investing wisely and an unnecessary risk. Not that I am risk adverse – I’ve made mistakes with my money and I saw that Bitcoin would become a case of early adopters getting rich and Johnny Come Lately pays for it. Anyway, I was wrong, it turns that we can all get rich from crypto just so long as we don’t every all try to crystallise those mad gains.
The Environmental Impact of Crypto Currency Mining
There’s also the environmental impact of cryptocurrency mining. Much like mining for ores and metals or producing oil and gas, it leaves a trail of destruction in its wake. I didn’t want to be a part of that – especially since you can’t ethically say that you support something without acknowledging the ugly parts of it – the huge electricity costs and electronic waste produced by the miners are not only leading to increased carbon dioxide emissions and environmental damage but are part of the reason why your fuel bills are soaring this year.
Why I Gave In?
I decided to give in because I saw a promotion on a cashback website to open an account, deposit at least £5, get £5 in extra credit/Bitcoin and get £40 cashback. All in, it seemed like an easy £40 or so cashback. So I created an account, credited it and bought my first crypto, got the bonus £5 and we’ll see when the £40 cashback comes along. It seems like a no-brainer really for a bit of carpet-bagging cashback.
I’ll not tell you who the exchange was, nor post a cashback link – but there’s plenty of other bloggers out there you can learn more from.
You might think that I am a bit of a hypocrite who first lectures you about the evils of crypto and then sells out for £40 – well, you’d be right. It was quite an easy £40 to make though but I’m not sure that I’ll invest deeper into crypto. I know that the Escape Artist says that since crypto is around 0.5% of global asset values you should have 0.5% of your net worth invested but I think that to hold that amount (between £500-£600 for us) as an investment is just a distraction. So, I’ll keep my investment for the short/medium term – partly because I can’t access the account except through my other sim card (damn 2-factor authentication!)
If crypto is the future then I’m here already – however I warn you that me joining might just be day that the last bear turned and signalled that the party of over!