REAL WORLD TRADE-OFF
JUDY SAHAY, THE DIRECTOR OF CROWD MEDIA HQ, SHARES HER CRYPTOCURRENCY EXPERIENCE
“I made my first cryptocurrency purchase towards the middle of 2017 because I could see it had the potential to become the future of transactions. How much have I invested? A ballpark figure would be under AU$20,000, initially.
Most of my transactions have been on common platforms such as BitMEX , BTC Markets, Binance, Coinbase and many more. You have to understand their points of difference and do your research on the pros or cons of each.
At one stage [my] investment was more than 700 per cent and, at other times, it’s been much lower. It comes down to your overall strategy and why you’re doing it. I got into it because, as the director of a digital agency, I believe it offers small businesses a number of advantages over traditional currency. In fact, we now accept bitcoin as a form of payment. Given that we have global clients, it makes transactions much faster and easier, although only a few clients have used this option so far.
I’ve also dabbled in mining Litecoin, [a type of cryptocurrency], however, I don’t recommend it long term. You need a capital outlay to get it going and [in my experience] make a bigger return from buying and selling.
You can also join networks, such as USI Tech, that do mining for you, but they seem to operate like a pyramid scheme, which I’m not a big fan of.
My advice to new buyers? I think entrepreneurs, who like to be at the forefront of innovation, should give it a go. But only invest small amounts that you’re willing to lose. I’ve heard horror stories of families putting their last bit of money into crypto. I don’t recommend it!”