Is Bitcoin really a success?
July 27, 2018 - 2 minutes read
Posted by Claire Parker
I never thought I would write this story but why the hell not.
I own cryptocurrency.
Back in late 2013 someone mentioned “Bitcoin” me. I had never heard of it before so I did a bit of googling. “Blockchain” wasn’t really mentioned a lot back then but it was pitched as a digital currency and I spent about 2 months watching and researching it in my lunchtime.
Bear in mind this was pre children and I was pretty bored at work at the time. I was so bored that I actually bought 1 bitcoin for about $100 just to understand what it was as I had an inkling that I would be asked about it sometime in the future. That has certainly true!
It was so hilarious back then that I actually bought it from some bloke on ebay. Bitcoin Mining was all the rage at the time but I didn’t have time for any of that nonsense so hit Ebay.
I remember tracking it for a year or so and it just kept going up and then it crashed! I seem to remember that one of the big exchanges – Silk Road I think it was called went missing overnight and might have been something to with dodgy money.
In all honesty, I got married, the kids came and I just lost interest and inclination for following it. I got a bit bored by it and all the hype it came with despite it rising.
Until last year, I didn’t associate a value with it and then it went mental.
I think it hit around $18,000 dollars.
Wow, what do I do now?
This is where it got really interesting.
I had 1 bitcoin.
I have read these articles about people becoming Zillionaires overnight from Bitcoin.
In all honesty, I couldn’t think of anything worse than this and you may laugh at that statement but hear me out.
I was a little stressed about my 1 Bitcoin and here are some of the questions that started to enter my mind:
“When do I sell?”
“How do I sell? “
“Will someone con me out of this new found wealth?” – as it is an unregulated market
“What are the tax implications of me selling?” – I presume I would have suffered Capital Gains Tax
“Will I regret selling at a low point” – No one really knows what this thing can go to
I am a financial adviser by trade.
I oversee hundreds of millions of client assets and yet I was asking these questions.
We may say congratulations to those that have made their fortune this was but I don’t wish to be in their position as the decisions they now have to make could have huge implications in every aspect of life.