For those new to all cryptocoins, from Bitcoin to Litecoin to Ethereum to CryptoKitties to (of course) Steem, welcome one, welcome all!
My poor boyfriend bought his first cryptocurrency today: two Litecoin. He unfortunately timed it poorly: the market was at $380. Right now, LTC is hovering at about $330.
I'll be honest: I bought some more cryptocurrency today too; about $100 worth of Bitcoin, $500 worth of Ethereum, and $750 worth of Litecoin. Forget spending my bonus on gifts--Imma get me some cryptocrazycash.
And all of my investments from today? They're down. I've lost money. And that's ridiculously hard--until I remind myself that today isn't the last day to invest in cryptocurrency--or make money off of it.
My boyfriend checks his phone almost every hour, frustrated as he refreshes his ticker. When Litecoin dropped below $300, he anxiously asked me if he should sell. I felt a moment of panic, reverting to every new investor's fear: what if I lose it? What if I made a mistake?
And then I calmed, remembering the facts.
Even hovering at $330, Litecoin is still up about 30% today.
Ethereum is up 20%.
Bitcoin, even with all the hype, is up 2%.
We don't invest in cryptocurrency to day trade--or at least we shouldn't. Crypto is an investment that should be made over the mid- to long-term. I told my boyfriend what I've told all other new buyers: today is the best and the worst day to buy, but a year from now, you'll be kicking yourself for not purchasing. Hold your investments for six months and then check in. You'll likely be doing more than just fine.
Right now, I'm considering grabbing a few CryptoKitties (AKA Beanie Babies gone wild on the blockchain). If they fall through, then fine, I'm out a couple hundred bucks. But if they succeed? Given my success with other cryptocurrencies, I feel like it'll be worth it.
SO, as a note to new investors and seasoned investors feeling the roller coaster alike, just remember, keep calm and HODL. Future you will thank you.
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