Days later CryptoRush lost some $70,000 its users’ Blackcoins and remains in peril of a total collapse. But we were safe, having followed our Rule #1:
Never Leave Cryptocurrency In An Exchange.
It took just minutes to download a small piece of Blackcoin software, use it to generate a public/private keypair, backup and encrypt the private key, then transfer the Blackcoins out of the exchange and into our own full control. Those few minutes spent on security have now paid off many times over……and growing.
We watched with mild interest as our Blackcoins doubled in value a day later to one cent……then doubled again…….all the way to three cents by the end of the week. An initial investment costing no more than a simple fast food meal from the dollar menu…….was now worth several meals.
“I’ve got a good feeling about those Blackcoins”, I said to Sarah repeatedly over the next three weeks. Daily trading volume increased into the tens of thousand of dollars as the value rose to four cents, dropped to two cents, rose back to four.
Then the phenomenon began on April 11th. Two days and several million dollars of trading later those Blackcoins were worth 50 fast food meals! Our mild interest had grown with the value. Now I had to ask myself, why did I buy Blackcoins in the first place, and why did they increase so much?
I was first led to Blackcoin due to a very active community supporting it on message boards and social media. From there it took only minutes of reading before I decided to buy. The coin was relatively scarce, had unique proofing algorithms, fast transaction times, and it was interest bearing.
The magic touch for Blackcoin came from a payment processing startup called Coinkite. They manufacture point-of-sale devices for businesses to accept cryptocurrency, and debit cards for customers to pay with cryptocurrency. The big question regarding this new company is, what coins will their payment system accept? Until April 9th only Bitcoin and Litcoin were in the works, but then came the announcement that Blackcoin had also been chosen and would be integrated by early this summer.
With many interesting new coins coming online each week, we can only invest a very few dollars into each of them, with the bulk of our investment reserved for the more established cryptocurrency projects. As for brand new ideas such as Blackcoin, we have only a couple hundred dollars of investment spread over several dozen projects. Although I spend a great deal of time researching to find these small investments, success still comes down to some measure of simple lottery luck……..but each day we have more well-picked tickets put in the draw.