Is Bitcoin really a success?

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.

$1,000 dollars

then

$3,000 dollars

then

$7,000 dollars

then

$10,000 dollars

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.