Thursday, November 2, 2017

My Bitcoin Experiment

I bought my very first bitcoin last August 27, 2017. To be more specific, I loaded 100 PHP to my account and converted that same amount to 0.00044463 BTC.

Back then you can buy 1 whole bitcoin for a whopping 224, 907 pesos! I don't have that much disposable money lying around so I just settled with purchasing 100 pesos worth of bitcoin that day. And just like that I'm suddenly a proud owner of 0.00044463 bitcoin or 44,463 satoshis! Yey!

I further increased my bitcoin investment from 0.00044463 BTC to 0.00386646 BTC after two additional PHP to BTC conversions. I first converted my 10 pesos bonus to BTC.  I then loaded 1000 pesos (with 20 PHP transaction fee) and converted the entire 1000 pesos to BTC.

So back in Oct 13, 2017 my 0.00386646 BTC was worth 1,108.72 PHP.

You'll notice from the screenshot below that the BTC exchange rate has increased to 297,470 PHP from 224, 907 PHP for 1 bitcoin!

Fast forward to today, November 2, 2017...

... my 1,120 PHP investment is now 1,344.28 PHP all thanks to bitcoin and!

As bitcoin continues to soar in value, I'm thinking of purchasing some more. But I know this bitcoin mania may turn out to be a bubble and all of it will come crashing down in the near future. If it ever comes crashing down, I'll be left with a loss of 1,120 PHP.  But if bitcoin goes to the moon, well...

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