In my first post I described how a complete noob, that is, me, opened an account with an exchange to get in on the crypto action. That was the first step to the craze that followed...
Step 2 Deposit some fiat Money into Exchange
Well, that was seemed to be quite easy. The exchange in question, one of the only few available in my country, had two methods of depositing Australian dollars: bank transfer or Polypay, a hybrid transfer system owned by the Australian Post service. I went for the latter because it was more immediate and, as you'll surely appreciate, I HAD to buy some crypto then and there. After all, everyone else on the planet was making millions but me.
Funds sent. And waiting. Waiting. Waiting.
At this stage I got really really nervous because it had already been 20 seconds and no funds had appeared on my exchange account!!
Sure enough, after only a few minutes I saw the funds there and decided to take the plunge and buy some Ether.
Now, to someone that has never traded stocks, commodities or forex, a trading exchange looks quite intimidating.
What is this graph? And what am I doing, selling Ether or buying AUD? Not sure. It would be nice if the exchange published some sort of guide to help a noob like me.
Which, of course, they did but I was too lazy to read and plus, I had a massive dose of FOMO.
Fear of missing out is probably the number 1 factor in the huge spike in prices we saw at the end of December 2017 and start of January 2018.
Well, I am not ashamed to tell you that I was the personification of FOMO. If FOMO had a face, that would be mine. Not a particularly beautiful one but surely mine nonetheless.
To be continued...
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