THINGS I WISH I KNEW
By the time I started following cryptocurrencies, I had a different view of it from when I first learned about it. Even though I was introduced by someone who has great knowledge about crypto, there was much I didn’t know. She learned most of the important stuff long before I did, but my misunderstanding about crypto is for hodling was not totally my fault. Hear me out.
Where I live, crypto is very often advertised as a get-rich-quick scheme. This gives beginners, like me, the impression that it is easy to get rich very quickly.
If you are like most of us, you have been told or read somewhere a couple of times how people use Bitcoin to become wealthy. And how some traders have even quit their jobs and become successful in a short period.
I can’t totally deny that, but what I never knew about all the Crypto success stories was that those people did not actually get rich with bitcoin or any other crypto overnight. That story is always cut short. The reality is that most of those people invested into bitcoin (crypto) for a long time before the market surged.
Bitcoin is for Hodling
In fact, It took bitcoin more than 5 years to start getting recognition and see an increase in prices. Hodling bitcoin for that long-term might seem impossible to some, but most bitcoin millionaires actually waited a long time.
The recent market movement has seen people gaining more profit in short periods. However, it’s worth knowing that during the same period some people lose money because of fear, uncertainty, and doubt (FUD).
Starting my journey in Crypto, I was very excited about joining the crypto millionaire club as soon as possible. Then I realized my precious dream was far from happening anytime soon, surely! It’s still going to happen with time, but I have learned the hard way that It’s not something to cling to.
Cryptocurrency may be advertised as a quick way to make money but the untold truth is that it’s not always. It is not advisable to look for the short-term gains in crypto. Especially, if you don’t have any prior experience in day trading.
Crypto is for Hodling
There are many ways to leverage cryptocurrency, like hodling, trading, mining, and stacking. But remember all of these methods require time. And of course education. You have to first allow yourself to learn the basics. Only then you will have the required knowledge to leverage cryptocurrency.
And that is what we do at Life with Crypto. We have study materials for anyone who want’s to learn about cryptocurrency and blockchain. From beginners to advanced crypto users, we have the right materials that will give you the knowledge you need to trade safely.
All together, crypto is best when you view think of hodling long-term. For instance, bitcoin at some point in 2020 was just under $6500. Many people panicked and sold it at that point last year. They missed all the gains that happened in 2021. Bitcoin is currently around $60,000 dollars!
But the people who hold it for the long term live to see it at $60K this year, just a year apart, and judging by the market movement recently they are likely to see it above that before the year runs out.
Luckily for me, I now view bitcoin more like a currency and a long-term investment option due to its fixed supply and I hope you do the same.
Thanks for reading, join Life with Crypto if you haven’t yet, to expand your cryptocurrency knowledge.