So many things have been said about Bitcoin, altcoins, and cryptocurrencies in general. Many people assume that they can become rich overnight just by investing in crypto. A lot have happened lately and we have heard stories of people committing suicide after seeing prices falling down.
Perhaps, you too have been unsettled as you daily watched the price spiraling down. Now, things are looking up in the market and you suddenly jump for joy in your heart. Yes, I can feel your happiness. Every crypto investors would be! But, with recent market crash still fresh in our minds, developing a crypto mind may prove to be a wise decision.
Many Got Burned In Crypto Market And Here Is Why
Take education as an example, going to school can be fun or boring depending on how you approach your studies. A student who started from the basic and move up classes by passing his exams which he diligently prepared for will have success when he is ready for high school or college degree.
The same is true with crypto investment. A student cannot jump a class and still expect to be at par in knowledge with other students who took the class and learned. Going into crypto without adequate preparation is deadly!
Most people are motivated by the supposed profits. They care less about the other sides of investment and easily take decisions they ought not. Now that the market is growing in prices, the tendency is usually to pour in the dough while hoping to make lots of profit. Is that your motivation? Watch out, that might be your worse decision.
What It Meant To Develop A Crypto Mind
Prepare – I have just used schooling as a good example of how investment in crypto should be approached. There is no other way around it. Preparation includes studying the market or various coins, determining the good coins with a solid project/future, know when to buy the analyzed coins, have an exit point for each coin, and fight off greed with all the power you have got when the price is in your favor.
Do not empty your bank – Some people had to take their lives because they foolishly invested all they had on crypto, hoping for quick returns. The boom between December and January fooled a lot of people, and those inexperienced investors were caught in the middle as their investments started declining in value. You do not want that to happen to you, do you? So do not be deceived with quick gain. Only invest what you can afford to lose.
Patience – Patience always win the game. As we have just seen, and despite the attack from all quarters, BTC – the honey badger- has recovered tremendously and moving back up again. And so do many altcoins. Have in mind to be patient when things are not going your way. You only lose if you sell. Have the patience to hodl as much as possible.
Your Resolve?
I leave that to you. Personally, I believe that the future is bright for cryptocurrencies and only those who have the right crypto mind will survive the many murky waters along the way and turn a small investment into big profits.