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“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!”

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