Bitcoin, Ethereum, Hive, LBRY... There are no tokens/cryptocurrencies that are going up in value forever... All of them are going up, going down, or just keeping the value for some time, without an exception... Sometimes, they are doing that in cycles that we call BULL or BEAR markets... In a bull market, the prices of most of the assets are going up, and in a bear market it does the opposite, values are going down... In recent history (3-4 years) we have experienced both of them and not just once... In a bull market, it's nice to see our portfolios exploding and going up, but in those moments, we should prepare ourselves for the "bad days", or bear market that has to come eventually...
Back in 2017, when I came into this cryptocurrency world we were in the heavy bull market... I was mining Ethereum back then and I have bought 2-3 graphic cards to start with it... After just 2-3 months, I have earned enough to double the number of cards, and after that to triple... It was nice to ride the wave and enjoy the profits... But, I didn't think that that has to come to its end one day... And, of course, that happened and we had one year of bear markets when everything went down... Yes, I was still accumulating ETH during 2018, but it wasn't enough to live from that profit, and I didn't want to sell ETH for the cheap price...
Long story short, I wasn't prepared for the bear market at all, as I didn't think that it can happen! And definitely, I didn't think that it can last over a year... Then, something similar happened in the second part of 2019 and that was the time when I hit rock bottom... I remember those moments as I didn't know what to do, where to find money to support my family, and I was very close to quitting crypto... Luckily, that didn't happen, I have found the strength to push through and I have accumulated a lot of cryptos exactly in those moments...
This year, I have decided to take some measures to prevent that uncertainty, that temptation of thinking about quitting... So, 2-3 months ago (or even more) I have started thinking "what about later?"... What will I do when the bear market comes? I know that it's the best moment to accumulate crypto, but I would like to live from it in those moments, not just to wait for "the better days"...
So, I made a shortlist of "things to do" that could help me to get through this period... In the video, you can find more details about it and I will just name them shortly here in the description... So, when the bear market hits you should...
Continue with content creation on whatever platform you are using... Yes, rewards will not be so juicy like they were when HIVE was over $3, or LBRR was over 20c, but you will still earn a similar amount of tokens... They will earn less in USD, but 1 HIVE is still 1 HIVE... Don't forget that!
Poke around De-Fi platforms out there... There are many solutions and we have one that is coming from the LEOFinance team that is called CUBDefi... Take that as a starting point and research others down the pipe...
NFTs and #Play2Earn gaming are the future... And the future is already here... Closer than you think... Check out Splinterlands where you can play and collect different assets in the game... Those assets have value and some of them can earn you money passively... Every additional income during the bear market is welcomed and those assets can earn you that... When we come back to normal, you will still have those assets!
Check out the video for more details... This is not financial advice, this is just my view and my preparation for the upcoming bear market... Not saying that it is here, or that it will come in a week or two... I'm just doing my preparation on time...
Thank you for your valuable time,
ph
Music in video:
Growing Up by Scott Buckley https://soundcloud.com/scottbuckley
Creative Commons — Attribution 3.0 Unported — CC BY 3.0
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