I Bought a BTC at McDonald’s When I Was 15 and Never Looked Back

Author: Patrick McGimpsey Translation: W3C DAO

Patrick McGimpsey, a cryptocurrency writer and expert at Forbes Advisor, started buying Bitcoin because he was too young to invest in Australian stocks. It could have ended in disaster, but it turned out to be the beginning of a lasting passion.

It’s a warning we’ve heard countless times, with well-meaning parents, teachers and safety advertisements emphasizing to children: “Never meet up with strangers online.”

As a teenager, I took this advice very seriously and always used caution when chatting online. But there was one time I broke this golden rule, and at the same time, a second golden rule, when I gave this stranger money.

I know, before you start imagining the worst, let me assure you that this seemingly reckless decision did not end in disaster. Instead, it completely changed the direction of my life and sparked a passion that remains strong nearly a decade later. This is the story of how I accidentally bought my first Bitcoin.

The Unusual Path to My First Bitcoin

At 15, I signed up for the ASX Stock Trading Game in my Economics class. We were each given $50,000 in paper trading funds to invest in stocks, and everyone could see where they ranked on a public leaderboard. I can't remember if I made or lost money (probably the latter), but the activity sparked my interest in investing.

I liked the idea that I could outperform others by doing more research, finding out which companies might perform better, and then seeing that performance reflected in my portfolio.

After the competition, I became obsessed with cars. I worked at a local butcher shop almost every day after school, and by this time, I had saved up a small amount of money, which I intended to use to buy a Land Cruiser of my dreams. If I could invest this money and increase my investment portfolio, I would be able to buy this car faster.

So I started to actually buy some stocks. However, my journey was short-lived. I soon learned that I needed to be 18 years old to open a stock trading account in Australia. Further research showed that I could ask my parents to open a trust fund so that I could invest in their name before I turned 18, but this idea never came to fruition.

But I was not discouraged and continued to look for other things to invest in. I looked at gold bars, collectible coins, stamps – anything I could possibly invest my savings in. It was then that I stumbled across the word “Bitcoin” on an investment forum on Reddit. This sent me into a short period of thinking, trying to figure out what cryptocurrency was all about.

To be honest, at that stage, all I really cared about was investing in something, anything. I hadn’t done any serious due diligence on the investment case for Bitcoin; I just knew that its value looked like it was going up, and that I could buy it if I was over 18, which was important to me at the time.

So, I searched Google for “buy bitcoin now” and clicked on the first link. It took me to a website that looked to be based overseas, detailing the process of buying Bitcoin via wire deposit.

The next day, I confidently walked into the bank and announced that I would be transferring my entire savings to Poland to buy Bitcoin. Needless to say, the bank clerk took my words lightly.

I took it lightly and eventually found some local Australian Facebook groups interested in cryptocurrency. I contacted one of the more active members of the community and chatted with him on the phone to find out how to get started. It turned out that he lived nearby and said he would be happy to meet in person to explain some concepts to me and show me how to set up a crypto wallet.

He seemed genuine, so I agreed to meet him for coffee at McDonalds. I chose a busy public place because I was cautious about meeting someone I met online and I thought if I was going to break this golden rule, I should at least be smart about it.

Little did I know, this was just the beginning of a journey that would take me on for the next decade of my life.

From Novice to Professional

From that day on, I was hooked. I continued to buy more Bitcoin through other peer-to-peer platforms and spent more of my free time reading about cryptocurrencies and how Bitcoin prices are closely tied to the macro economy.

Then in early 2017, I noticed a surge in the number of people joining cryptocurrency Facebook groups, so I started looking at other tokens and trying out early decentralized finance (DeFi) platforms like EtherDelta and MakerDAO. It wasn’t until I started actively using early DeFi applications that I really began to understand how disruptive this technology was to the financial system.

As my knowledge continued to grow, I helped manage some cryptocurrency groups on Facebook. It was an interesting experience: although I was one of the younger members, I still had knowledge and experience worth sharing with thousands of adults.

My involvement eventually led me to attend several crypto meetups in Sydney. Every time I went, I was the youngest person in the room and stood out. It was a little intimidating at first, but most people were very friendly and I still keep in touch with many of them. Quite a few of them are now thought leaders in the crypto space in Australia today.

Through it all, I was still balancing my growing obsession with crypto with my daily life - finishing high school, starting university, and figuring out what I wanted to do. But I was finding that crypto was becoming an increasingly important part of my future.

Reflections on Nearly a Decade in Crypto

It's been nearly a decade since that trip to McDonald's, and a lot has changed. That high school kid has grown up, but my involvement in crypto has not diminished. In fact, it has become a bigger part of my life. What started as a teenage hobby has now blossomed into a career path that I could never have predicted at 15.

Along the way, I’ve learned some valuable lessons that have shaped my approach to crypto.

First, I learned that cryptocurrencies are not for the faint of heart. Volatility can be extremely high, and I’ve seen many people buy in at the highs, then panic and sell at the bottom. The people who do best are those who invest for the long term and ignore short-term price fluctuations. It taught me the value of patience and the importance of believing in the underlying technology, rather than just chasing quick profits and expecting to become a millionaire overnight.

Another important lesson: not all cryptocurrencies are created equal. The cryptocurrency space is littered with scams and other duds, and I’ve seen many people get sucked in by the “next big thing” and lose money. Unless you’ve done extensive research and are an experienced investor, it’s best to stick with the larger cryptocurrencies when you’re starting out. Just like in life, if something sounds too good to be true in the world of cryptocurrency, it probably is.

I also learned that in the early stages of disruptive technology, there are growing pains to deal with. Whether it’s wild price swings, regulatory crackdowns, scammers exploiting legal loopholes, or people wanting to get rich quick, these challenges are an integral part of being at the forefront of new technologies and asset classes.

It taught me tenacity and the importance of taking a step back and reminding myself why I chose to invest in cryptocurrencies. This helped me avoid getting caught up in the day-to-day price fluctuations and allowed me to focus on the future.

Looking back, I’m amazed at how my decision to impulsively buy Bitcoin as a teenager has impacted the trajectory of my life. It has given me a career that I love, a community that I value, and a chance to witness firsthand what I personally believe is a revolution in technology and finance. As for the future, I remain excited about cryptocurrencies and keep a close eye on how blockchain technology intersects with other disruptive technologies like artificial intelligence.

This industry is evolving rapidly and I am committed to keeping up with the times. It has been a wild ride so far and I can't wait to see what happens next.