In life, we often get caught up in the bad things that happen to us. In the cryptocurrency market, that usually means that we only remember the times that we lost obscene amounts of money. However, if those are the only things that we pay attention to, the world will quickly turn into a dark and depressing place. While it is almost a guarantee that the longer you are in the crypto market, you will have your fair share of failures. But, you will also have many triumphs. Sometimes even close calls from mistakes could be considered the best thing you’ve ever done.
Today we will go on a journey through memory lane about my own personal experiences where I narrowly avoided disaster in crypto. Things that I rank amongst the most important things to have happened to me in this industry.
Self-Custody
While it will sound like incredibly basic advice. Over the years one of the best things I have ever done consistently is taking self-custody of a majority of my Bitcoin.
I’ll be honest with you that I was one of the biggest fans of using a portion of my BTC to lend and earn a passive income. However, I always recognized the risk. The passive income was nice and helped me accumulate quickly, but with how Bitcoin usually tends to appreciate in value. The whole process was very similar to trying to pick up a dollar in front of an oncoming freight train. It isn’t worth the risk of losing everything, your treasured asset that you believe will someday be worth millions of dollars for just a few percentage points of interest. Especially when prices typically rise significantly each year.
While lending services and crypto exchanges were becoming insolvent, I was able to have complete peace of mind knowing that I had taken self-custody of my own assets.
Buying When It Hurt the Most
While taking self-custody of my crypto has saved me from losing my crypto over the years. Buying when it hurt the most is what I attribute to how I was able to completely transform my portfolio.
Thinking back to the Covid price crash in March 2020, and the crypto insolvency dips of 2022. These were times when the future of the crypto market was in question. There was real doubt if it would ever be able to recover from it, and the panic in the market was intense. People were selling in droves trying to salvage what they could of their cash. On the other hand, I was going all-in and buying as much Bitcoin as I possibly could. So much so, that it literally hurt to make the purchases.
In a successful market, the purchases that are the most difficult often tend to be the most successful. As the famous saying goes, “Be greedy when others are fearful, and be fearful when others are greedy.”
My Obsessive Personality
Throughout my time in the crypto market, it has become very clear that I do have a bit of an obsessive personality. Always wanting to stay on top of the market, learning as much as possible, finding ways to earn, and reach my goals. It is a hunger that cannot be satisfied.
While in many cases even in crypto being obsessive can be a bad thing. However, for me, it has been a blessing. It has allowed me to transform my finances, build income streams, and become well very versed in finances and investing. Because of the work I put in and the skills I learned, I feel that I could become successful even if crypto would go to zero.
There is no denying that I have also made many mistakes along the way in my crypto journey. But, the important thing is that I have always tried to learn from each and every one of them. In this market, knowledge truly is power.
How about you? What were the best things you’ve done in crypto?
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As always, thank you for reading!