Video transcript below:
Where did you come to know about Digital Assets?
Twitter/YouTube/Main Stream News/Friends/The “ Bitcoin Hype” of December 2017
What is your view on Digital Asset Investments?
Speculative assets with huge promises and gains
How will you share with your loved ones like family, relatives, and friends to convince them to do Digital Asset Investments?
Make them understand Digital Asset first.
I have learnt some major lessons during my short crypto engagement.
-Don’t buy into pump and dump. Joining pump and dump groups at Telegram, Discord, etc. to make some fast money. Guess what, you just got wrecked:(
-DYOR-Do your own research is so important. Reading the project whitepapers, checking their road map progress, checking their team members and how active they are on social media and how big their community is very useful. One may also check up their GitHub repository for updates and development in their code.
-You should love your profits and not your coins. Because what introduced me as well you I believe are the huge gains(100X-1000X) in the cryptocurrencies. Greed gets the better of us and we don’t book profit. It is very essential to take out your seed money and some of the profit to make a successful trade and let the remaining amount ride the tides.
-When I started, I couldn’t just sleep-you know the feeling. What if your coins go up or down, what is Bitcoin doing? And then checking the prices in Coinmarketcap or Blockfolio every 5 mins. With time, that rush settles down.
-Risk-management- I don’t need that right. I had no idea about it in the beginning. But later when I realized about it, I was so overwhelmed. Every trade should have a proper risk reward ratio set up. One may get lucky once, twice or even thrice. But the overconfidence kills and sooner you will make a losing trade that will eat up all your profits.
-With so many ICOs and projects promising you breakthrough technology and astronomical gains, take it with a grain of salt.
-You see so many people shilling their coin holdings in Twitter & YouTube. Don’t be influenced by it.
-Then the numerous chart analysts in Twitter with bull prediction that went into hiding in the Bear market. I know they will emerge again during Bull market. Stop blindly following them and make your own logical decision. The herd mentality is so much pronounced in the cryptocurrency market. So, read daily news, updates about projects, follow influential persons and projects on YouTube and Twitter. These will really help you to shape your opinion.
-Protect yourself from scams like Bit connect, fake giveaways and send 1ETH and get 50ETH promotions on Twitter.
-The most important lesson is the security of your Digital Assets. For hot wallet like exchanges, have a strong password, link your email, phone number to the exchange and always enable Google Authenticator. Because if your funds are hacked, you are at the mercy of the exchange. For cold wallet like paper wallets, it is good to have multiple copies of it stored at various secure places and never give anyone your private key. The best solution for security seems to be the hardware wallets like Trezor and Ledger Nano S at this moment.
What sort of returns and growths has investing in Digital Assets brought you?
Well that’s the funny part. I have seen the ups and downs so many times. I had rode a uptrend of wave of TRON at 4 cents to about 20 cents. I had found some generic terms in Crypto Twitter particularly HODL and was influenced substantially by it. Added to that, we have Bitcoin Pizza story. So, I being a newbie, did what I had felt right and did not sell my 5 times gain(You see, I expected 100 times return like many You Tubers were predicting earlier). I now feel like kicking myself for listening to others and not researching much because you know TRON is currently back at 3-4 cents. Most of the investments are at break-even/loss. My strategy-average my price and hodl. You don't realize loss until you sell.
The revolution has just started. It's money 2.0
Comment below your own experience/story/trade in cryptocurrency.
Regards
