As I researched into cryptocurrencies the more I wanted to be part of the mysterious new coin offering hype, yes I was getting crypto coin fever.
I already had 1600 FRD’s and 4500 KC’s but I wanted to buy more cryptocurrencies!
I was dissapointed in my Ethereum wallet experience and the blockchain technology as a whole, when I stumbled upon what could be the next big thing IOTA. IOTA promises to do away with the shortcomings of blockchain and proposes the Tangle. “In this new autonomous Machine Economy IOTA will be the backbone. The Tangle ledger is able to settle transactions with zero fees so devices can trade exact amounts of resources on-demand, as well as store data from sensors and dataloggers securely and verified on the ledger” source iota.org.
So I had taken the bait and I was hooked, I needed to get some IOTA!…….
My total investment into cryptocurrencies was going to be £750, however having caught crypto fever I would invest a further £200 and that would be my limit. As I have mentioned before, cryptocurrencies are highly volatile and ICO’s are even riskier therefore never invest in what you cannot afford to lose.
Buying IOTA wasn’t easy, I first needed to buy some Ethereum via my Cex.io account and then transfer the ETH to a trading account I had setup with Bitfinex.com. The ETH was then sent from my Cex.io account to my personal wallet which I now accessed through https://www.myetherwallet.com/ due to sync problems with the official Ethereum wallet.
A transfer was then made to the Bitfinex account which took a little while to confirm as the transaction had to have 25 confirmations before I could then start trading. Once confirmed I could now exchange ETH for IOTA, but wait.. I fancied a little Ripple too, so I decided to buy 350 IOTA ($0.48) and use the rest of the ETH to buy Ripple ($0.21).
Getting the Ripple (XRP) required exchanging the rest of my ETH into USD and then purchasing XRP of which I ended up with 350 XRP.
For the £950 I had invested, my portfolio now contained the following:
4500 KC (Kickcoins)
1600 FRD (Farad) yet to receive
350 XRP (Ripple)
I will be providing a monthly update on the value of my portfolio at the end of each month.