Cryptocurrency: Expert on how financial system is being 'remade'
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Mr Vassiliev jumped on the cryptocurrency investing trend shortly after opening his newest entrepreneurial venture Vape Club in 2012 which serves over 2.5 million online customers. By 2016 he had invested a total of £15,000 in 20 different cryptocurrencies, and the self-proclaimed passive investor soon saw his numbers rising: “By the end of 2017, I became a crypto millionaire, mainly thanks to investments in Etherium.”
Mr Vassiliev is what’s known as a serial entrepreneur, consistently trying new business ventures and with a mind full of new ideas, and it was his endless curiosity in technology that saw him gain his millions.
He commented: “As an e-commerce entrepreneur, I’m always intrigued by new and emerging technologies and I find the best way to learn more and understand them is to simply get involved!
“My first purchase of CryptoCurrency was in 2013 and was driven by curiosity about this new promising technology that has the potential to revolutionise digital global payments and significantly reduce the costs and time it takes to make transactions.”
He recalled being frustrated with the banking systems in place and the fact that sending payments in the UK often took many days and came with extravagant fees.
“I then realised that cryptocurrencies can do much more than just allow payments, in effect it is a smart currency that can do many things that traditional currency can’t do.
“The limited supply of BitCoin was also another attraction, there will only be 21 million BitCoins and no more. Unlike traditional currency, in which the banks can simply add a zero on a spreadsheet and everyone’s money is devalued.”
This has been a controversial aspect of cryptocurrency since its inception, while some believe it proves that crypto owners and creators don’t have true control over their digital currency, others say it provides a conscious stability that traditional currencies don’t have.
Mr Vassiliev added that venturing into this relatively unexplored industry did not come without a few bumps in the road.
“Of course, there were concerns and challenges when I first started investing. Trying to get your head around the process and find out which providers you could trust at the time was difficult and frustrating.
“So, I did a lot of research and only invested small amounts of disposable income which I could afford to lose. Things are much easier and secure now,” he noted.
“Having originally bought the coins for around £5 each, they were worth nearly 100 times more by 2018 and today are worth nearly £1,500. I honestly never expected such high returns in my wildest dreams!”
Three years after his initial investment and Mr Vassilieve was now five figures deep into multiple cryptocurrencies, including Etherium, Ripple and DogeCoin.
Surprisingly, he also admitted that his success was likely due to his investment strategy of just letting coins sit and wait.
“I am not an active trader, so I simply bought the coins and kept them in digital exchanges like CoinBase.
“My plan was to keep track of the market and ensure I had a good spread of coins that were in the top 20.
“I will never outguess the market, but if the market thinks these coins are the top 20, then I will invest in them. It’s similar to ETF investment funds, which simply track and invest in the best companies like the FTSE100.”
Mr Vassiliev’s success compounded from here, making him a crypto millionaire less than a year later.
However, seeing these incredible returns then came with a flurry of other liabilities and decisions to be made.
“There was pressure from my friends and accountants to cash in my gains in early 2018, and in highlight, it would have been a smart investment move. But I believe in the utility and value of blockchain technologies, so why would I sell the future money now?
“So, I kept my investments in crypto and watched the values reduce as the market adjusted. I’ve seen the same pattern in 2021, but I will continue to support the crypto markets and hold! This is the future of money and a much more efficient way of conducting transactions.”
Mr Vassiliev, now with around £4million worth of crypto in tow, commented that he still fully believes cryptocurrencies are better than the current bank system.
“Recently Bitcoin has come under attack for its use of electricity, and it is true that Bitcoin does require a lot of computing power. But people fail to mention that the current banking system: with huge offices around the globe with thousands of employees, thousands of branches, card machines in shops, armoured vans driving around, printers cutting down trees and using chemical inks etc – is probably way more destructive to the environment than a digital currency.
“So, when looking to invest, don’t just look at the headlines. Look at the bigger picture and how money and trust will be used in the future. We’ve already seen a huge shift away from physical money and I think it’s only a matter of a few years before we start transacting without the need for banks or physical cash.
He added some more tips for those looking to become crypto millionaires as well:
For people looking to get involved, he suggests they should first “understand a little about cryptocurrencies and what their potential is”. “There are plenty of resources online, including YouTube,” Mr Vassiliev said.
“Start small and stick to main coins which have real-life use and utility. Don’t get obsessed by daily fluctuations and gains, think of this as a long-term investment for at least a year. While you can make huge gains on alternative coins, you can equally make huge losses, so I tend to stay away from these riskier investments.”
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