Dealing with cryptocurrency can affect the investor's mental health because of it's volatility nature of the crypto market. Crypto currency market being volatile is part of the market cycle and there is nothing that can change it but it does affect the investors especially the new investors who are just entering the crypto world and never experience the crypto currency market fluctuation.
Sure, investing in crypto currency can really affect the mental health of people because it has to the with financial resources. An example of how investing in crypto currency can have a great on people is related to what happened to the UST as the LUNA crashed, imagine someone who invest $200k in a coin and wake up the next day to see the balance of $2. Such person will be down with anxiety and emotionally drained.
There was a time, around last year July, when I just joined the Hive Blockchain in which I lost full access of my Hive account when I click a phishing link not knowing that they are scammer and in the process I lost all the hive tokens and HBD in my wallet and this happened due to lack of experience. I was emotionally breakdown, I couldn't sleep in the night thinking about what the hell happened to me. Anything related to money always has great effects to do with our mental health.
How we can maintain our mental health
Maintaining our mental health should always be our priority when dealing with crypto and to avoid being emotionally drained or to protect our mental health, we have to first accept that volatility is the nature of crypto currency, that is, the market price will always go up and down and there is nothing we can do about.
Then it would be good for us to invest with the amount money that we can afford to lose as we can predict the outcome of what may happen.
Diversify is one of the important thing to engage ourselves with, that is, we should not put or invest all our assets in a single portfolio. We should invest in different coins as no can predict what may happen and by doing so we may be at safe side.
It is very important to do our own research in before investing and know the people who are behind the project to know if it's safe or not.
Security is very important when one is dealing with crypto and we must make sure to keep our keys secure and avoid following any phishing link so that we won't lose all our assets to a hacker or fraudulent.
We should avoid checking at the crypto portfolio especially during bearish market. Imagine someone who have invested a huge amount of money in a certain coin and checking on it day and night but doesn't see the results he or she want may lead to emotionally drained or anxiety.
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