I woke up to a fall in the price of all cryptocurrency. Using the crypto term it is called a "dip". Ordinarily, I would not be bothered but this time it affected me.
Few months ago, I got intrigued by everything crypto. This prompted me to start asking questions from friends about how the whole cryptosystem works.
A friend of mine from way back in university was of great help. He told me all the basic things I needed to know, told me how the market works. He told me about the benefits and whatnot.
Suffice it to say after our conversation I wanted to invest. I wanted to benefit from what crypto has to offer. A few weeks later I told him to teach me how to buy some coins.
He told me to get a trust wallet, I am a beginner so he will not advise me to go to Binance. I sent some money to him to buy some coins and transfer them to my trust wallet.
Since he was someone I trusted and I was comfortable with the idea of giving him my money. We finalized and he bought the coins he thought were okay.
Fast forward to this morning, I woke up and every crypto enthusiast on my contact was talking about the dip. I checked my trust wallet and I felt different emotions. Ranging from shock to sadness to "whatever happens". My supposed investment was now below my capital.
My investment was supposed to be a long-term one. Something that will benefit me in the long run. That is one of the reasons I am fairly relaxed, there is a probability that the coins will rise over time.
I may have lost some money today but one thing I have gained is the lesson it taught and the experience that came with it. I now know better.
Moving forward I will do proper research into the crypto markets. Know the relatively stable coins, know the ones with prospects, do a general background check on each coin before investing and all
I have realized that even though my friend intended to help, sometimes one has to not rely on people's opinions. It is better to have a concrete idea of what I want and then ask for inputs from those who know better than me. It is also better not to go into the market when everything is "green."
I believe everything will be "green" again. It may take a while but patience is the key.
I'd like to know if you have been in this type of situation before and how you handled it?
Thanks for stopping by ❤️