For the last few years my parents have been putting a little money each month into my savings account. Their only rule with this money was that I could not take it out unless it was to buy something that I believed would go up in value.
I just took all AU$478 out of my savings account, used it to buy .13981 bitcoin, then powered it all up to 174.565 Steem.
So why would I do such a thing? Here are three reasons:
1. The money the bank paid me was insulting.
In my bank account I was getting 2% interest on my savings, which means in 5 years my $478 would become $528. That’s a whopping $50 of growth in five years.
As I said, I was able to buy 175 Steem with my savings. Steem was at about $1.80 when I bought it. Now, if Steem goes up to $2.10 (it’s been hanging around $2.00 lately before falling more recently), then I would’ve made as much money as I would’ve if I left my money in the bank for 5 years.
2. Who cares if I lose all my money, I’m 14.
When I powered up Steem it was hovering around $1.80. Since powering up, it’s gone down to around $1.60.
Investing in Steem is a much better learning experience than just leaving my money in a bank account. I’m learning how to think when it comes to investing. The good thing is, it’s not a big deal because I can afford to take a risk and lose a bit of money.
Honestly, if Steemit fails and is worth nothing in 5 years, who cares? I’m 14 now and I’ll just be able to make more money. Also I’m thinking about Steem long term. Which brings me to my next point:
3. I’m in it for the long-haul.
One of the main reasons I put all my money into Steem is because it could be a better place to store my money, and I will (hopefully) get more money keeping it stored in crypto rather than in the bank. And with services like @roomofsatoshi, I may end up not even needing a bank account. Steemit could end up being the place I keep my money.
Also, the more Steem Power I have, the more money I can make upvoting other people’s posts and earn more curation rewards.
My ultimate goal with Steemit is to get a big enough following so I can blog on Steemit instead of having a part-time job (while I’m in high school).
So there you go, those are the reasons why I’ve drained my bank account to Power Up.
Do you think I’ve made the right choice?
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