Earlier today I took the plunge and bought some CryptoKitties, and now I feel a little bit ridiculous.
This probably is one of those personal finance blog posts that I might live to regret.
But before you unsubscribe from Money Done Right’s posts forever, let me add a disclaimer.
I only spent 0.05 ether (don’t worry about exactly what that is; just know that it’s the equivalent of roughly $20 USD as of this writing) on my CryptoKitties. So there.
What Are CryptoKitties?
Many have described CryptoKitties as virtual Beanie Babies, but instead of buying them at Hallmark with dollars, you buy them online with cryptocurrency.
And, like Beanie Babies, they can fetch a pretty penny (God knows why), or they can potentially end up worthless.
But if anything, by purchasing CryptoKitties, you’ll learn a little bit more how cryptocurrency transactions work, and you’ll have some fun doing it.
How Can I Buy CryptoKitties?
First, you’ll need to buy some ethereum.
You can do that at Coinbase.
Then you need to go to cryptokitties.co and follow the instructions there.
Are CryptoKitties a Good Investment?
Honestly, they’re probably about as good an investment as Beanie Babies.
You might get (or breed) a good one that is in extremely high demand and could fetch a high price tag.
But chances are, you’re not going to get rich off CryptoKitties.
If I lose my entire $20 CryptoKitties investment, I just look at it as the same thing as blowing $20 on a movie: it was worth it because I was entertained.
And if I make a little money off of my CryptoKitties, that’as just icing on the cake.
Do These Things Before Buying CryptoKitties.
I felt comfortable buying CryptoKitties because I have already laid a foundation in legit investments.
If you haven’t done all of these yet, I recommend plopping at least $100 in each of these investments before buying your first CryptoKitty.
💸 1. Lend money in $25 increments earning 4-6%.
Lending out money is one of the oldest ways to earn passive income. It’s essentially renting out your money for either people to use, and the rent you charge is known as the interest rate.
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💽 3. Buy plain old Bitcoin.
If you would like to receive a $10 bonus to start investing in Bitcoin and other cryptocurrencies, please click my Coinbase $10 Sign-Up Bonus Link to buy some right now (the markets are 24/7).