Hi :) I haven't posted here in a long time, and I came back to see some "broader" opinions on cryptocurrencies, compared to the obviously biased opinions on crypto-forums.
I've been reading MMM's blog for many years now, but barely use the forum.
I know I'm late to the party but I'm thinking of about 10k in Bitcoin. My networth is about 150k. I wouldn't be happy if it all went poof but I understand you also have to take some risk to really get a jump forward. I'm just really scared about the storage and security of it. I'm researching paper wallets and all of that but it is as scary as hell.
Should I split up the 10k into two 5k wallets? Or smaller?
chop that into a quarter and that's about the right position size.
Paper wallets are pretty straight forward, although not very intuitive. Make sure you understand them before going in big. Bitaddress.org is the most trusted site to generate them, but don't take my word for it: do your own due diligence.
Splitting them up doesn't matter now, but it makes it much easier if you want to sell only a part of your holdings later on. If you spread 1 Bitcoin over four wallets with 0.1, 0.2, 0.3 and 0.4 Bitcoin each, you can just choose which one to empty to sell in the future.
Paper wallets should not be used to withdraw only a part of the balance!My storyI started keeping track of the value of my Bitcoin in May 2016, it was worth just under 1% of my networth. Before that, it wasn't worth registering the value, I collected it as "play money".
In January this year, it reached 3% of my networth, and since May this year I've started selling small amounts. This year I also got into some altcoins, but never more than 10-20% of my total crypto holdings. So far, I've sold (at current value) 7% of my networth (25% of my crypto), and my current crypto holdings are approximately 30-40% of my networth (I keep a broad margin because of it's volatility).
Now the scary part: I'm torn between FOMO and FUD! I'd never invest this much in something this volatile if I wouldn't have it already (=the FUD part), but I also don't want to miss out on a possible x10 in the coming years (=the FOMO part). I realize this isn't rational, but it has kinda grown on me.
If I would never have sold any crypto, my net worth would be 8% higher now.