P2P Cryptocurrency Trader: Bitcoin Babe
As any experienced trader knows, one of the most important aspects of learning to trade is to study the style and understand the strategies of other successful traders around you. In this P2P cryptocurrency trader interview series, we bring you advice, tips, and recommendations on how to be successful in the world of P2P trading by providing a sneak peek into the lives of people who have turned the buying and selling cryptocurrency into a successful business.
Hi Bitcoin Babe! Thank you so much for taking the time to chat with us about your P2P experience. Let’s jump straight into the interview!
Q) Please start by telling us a little about you and your background. How did you first get into cryptocurrency?
Well my name is MJ, and I’m in my mid-20s, I like long walks on the beach and to sip red wine on an 80s style faux fur rug in front of a sandstone fireplace in a turtleneck. My background is a bit all over the place - I was never great with school or authoritative figures, so I was a bit of a drifter before I got into Crypto!
How did I first get into crypto...That’s a fun story! About 6-7 years ago now I was having a really hard time with life, dealing with depression and anxiety. Looking back on it now, everything should have been fine, but on the inside, I wasn't. It felt like the only way out was to end my own life. I purchased my first Bitcoins to spend on the silk road, buying pharmaceutical drugs to overdose on. I won’t go into the gruesome specifics but obviously I survived. I spent a few months seeking treatment which didn’t really help, ending it all was still on my mind. I had some leftover Bitcoins in my wallet from last purchase, so I figured I would use them to purchase more drugs. To my surprise, this leftover bitcoin that I paid $50 each for, was now worth about $1200 each! I was so excited, I had never seen that much money before! Before I knew it, I was tumbling down the rabbit hole of Bitcoin, reading and researching everything I could put my eyes on!
Q) What precipitated you to make the leap into P2P trading?
Back in the day, the costs involved in purchasing Bitcoin were crazy! You would have to send your money overseas to a little exchange called “Mt. Gox” which was an absolute headache to send via Australian banks! On top of that, the fees and wait times were ridiculous! I made the leap to P2P trading to give customers a cheaper, safer and quicker alternative to sending abroad!
Q) What countries do you mostly trade in?
Q) Do you have a preferred cryptocurrency to trade and why?
Bitcoin! I am the Bitcoin Babe after all! Ethereum Babe or Litecoin Babe doesn’t really have the same roll off your lips when you say it!
Q) What payment methods do you accept when doing P2P trades and why?
I try to accept as many payment methods as possible! I believe that the purpose of P2P trading is to provide a more personalized and one on one approach. Anybody can send a bank transfer to any local exchange these days! P2P is all about offering a tailored fit for your customers!
Q) Do you have any accounting/bookkeeping tips on how to keep track of your trades and profits?
Excel is your friend! I’m sure there is accounting software out there now specifically designed to track your bitcoin, but I’m sure that would come at a cost! If that's more your deal then cool, but 99% of the time, the same thing can be achieved with some spreadsheets and formulas! Invest the time to learn what Excel can do, and it will reward you 10 fold!
Q) What about negative experiences? Have you had any, and if so, what do you suggest traders avoid doing when trading peer-to-peer?
I’ve had plenty of those! From irate customers to sneaky scammers and everything in between! You really need to have a thick skin when it comes to this game! You’ll cop unwarranted abuse left to right and centre when unruly people don’t get their way! The best thing that can help traders is to be clear with your trade terms. Don’t worry if it ends up being 10 pages long, make rules and limits you are comfortable working within, and when things start to get scary, refer back to them!
Q) Why does buying and selling cryptocurrency peer-to-peer matter to you?
It really comes down to one of the many reasons why Bitcoin was created - Traditional financial institutions (the banks) have dominated the space for far too long. Every country would have a similar level of banks. Your “Big Banks”, your “small banks” and then your credit unions. You have the same 20-100 organisations that have been swimming around in the same pool for years! Could you imagine if that happened to Bitcoin? Only being able to purchase from 3-5 major outlets? It would go against the entire basis Bitcoin was founded on - Decentralization! I believe P2P markets provide that check and balance within the community. You don’t need millions of dollars worth of hedge fund backing to get started!
Q) Name one person that you recommend should be followed in the crypto industry?
I don’t know… I reckon I post some pretty dank memes on the old Twittersphere! But I really enjoy following @crypt0fungus, @ErikVoorhees and the banter of @roryhighside
Q) What is the number one tip you would give a person just starting out as a P2P trader?
Always do your due diligence! If it seems too good to be true, then it probably is!
Thank you for taking the time to share your tips and experiences with our P2P trading community! We wish you all the very best and hope to chat again soon.