When we first got into bitcoin, it was right in the middle of the crypto wave. We were focused on bitcoin, but I was intrigued by some of the other coins as well.
I saw some websites paying huge yields on the coins, including bitcoin. One Youtuber had hundreds of thousands of dollars worth of altcoins and bitcoin, and he said he was living off of the yield he was earning – 8, 10, 12 percent depending on the coin.
When I talked to my husband about it, he asked, “Where does the yield come from?”
“I don’t know,” I replied. “They seem legit. They have tons of customers, an official website and they just sponsored an arena!” (No, it wasn’t FTX!)
His response: “Where does the yield come from? Regular banks are only paying 1%, how are they paying those rates?”
Good questions, in hindsight!
I looked into one website and decided to try it out. I just bought $20 of their coin, sat back and waited.
To my surprise, it was up 5x in one week.
In that week I had researched some other coins and decided I didn’t understand what these coins were or why they had any value.
So I sold the $100 of crypto and bought bitcoin. One of the better decisions I’ve made. Just after that, it crashed and I would have lost my money.
I still believed at that point that if I had just done more research I would have understood the altcoins and knew which ones had value.
Now I know that the reason I couldn’t figure them out was that they actually had no value so there was nothing to “figure out.”
Since that day, our focus has been bitcoin only. As Michael Saylor likes to say, there is no second best.
