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

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 enthusiasm.

It’s a warning we’ve heard countless times, as well-meaning parents, teachers and safety ads emphasize to children: “Never meet a stranger online in person.”

As a teenager, I took this advice very seriously and was always careful when chatting online. But there was one time when I broke this golden rule and also broke the second golden rule: 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 is still strong nearly a decade later. This is the story of how I accidentally bought my first Bitcoin.

My Unusual Path to My First Bitcoin

When I was 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 their ranking 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 like the idea that I can outperform others by doing more research, finding out which companies are likely to 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 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 set out to actually buy some shares. However, my journey was short lived. I soon learned that I needed to be 18 to open a share trading account in Australia. Further research suggested 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 didn’t get discouraged and continued looking for something else to invest in. I looked at gold bars, collectible coins, stamps — anything I could possibly invest my savings in. That’s when I stumbled across the word “Bitcoin” on an investment forum on Reddit. That sent me into a short period of thinking, trying to figure out what cryptocurrency actually was.

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 all that mattered 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 located overseas and detailed the process of buying bitcoin via wire deposit.

The next day, I confidently walked into the bank and announced that I would transfer all my savings to Poland to buy Bitcoin. Needless to say, the bank staff did not take my words seriously.

I took it lightly and eventually found some local Australian Facebook groups that were interested in cryptocurrency. I reached out to one of the more active members of the community and chatted with him over the phone about 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 wary of meeting someone I met online, and I figured if I was going to break the golden rule, I should at least do it sensibly.

Little did I know at the time, this was just the beginning of a journey that would last the next ten years 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 were 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 could be to the financial system.

As my knowledge grew, I helped moderate some cryptocurrency groups on Facebook. It was an interesting experience: I was one of the younger members, but 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’m still in touch with many of them. Quite a few of them are now thought leaders in the crypto space in Australia today.

In the midst of all this, I’m still balancing my growing obsession with cryptocurrency with my daily life — finishing high school, starting college, and figuring out what I want to do with my life. But I’m finding that cryptocurrency is becoming an increasingly important part of my future.

Reflections on the cryptocurrency space over the past decade

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 with cryptocurrency has not diminished. In fact, it has become a bigger part of my life. What started as a teenage hobby has blossomed into a career path I never could have anticipated at 15.

Along the way, I learned some valuable lessons that 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 at high prices, 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 rife with scams and other useless projects, 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 to the larger cryptocurrencies when you’re starting out. Just like in life, if something sounds too good to be true in the cryptocurrency world, it probably is.

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

It taught me perseverance 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 impulse decision to buy Bitcoin as a teenager has impacted the trajectory of my life. It has given me a career I love, a community I value, and a chance to witness what I personally believe is a revolution in technology and finance. As for the future, I remain excited about cryptocurrency and keep a close eye on how blockchain technology intersects with other disruptive technologies like artificial intelligence.

"This industry is evolving at a rapid pace and I am committed to keeping up with the times. It's been a wild ride so far and I can't wait to see what's next."