Cryptocurrencies Test Your Patience Like Nothing Else Don't They?
If you are a seasoned investor in cryptocurrencies then you can probably stop reading now. But if you are new I'm sure you are breaking your head with the huge dips in the prices of whatever token you have been hodling.
It's a mistake everyone makes when they are new to crypto. It's an extremely volatile space where things change rapidly. A month in crypto is a year in the real world. Things shift way too fast, so much that if you can't digest the pace of these changes you will be left pulling your hair out.
Crypto also tests your patience when you are in it for the long haul. There are times when things are never going your way and it can feel forever. You wonder where in the world did those 50% pumps disappear?
There would be times when random shitcoins would pump 250% in matter of hours for absolutely no reason at all. Then there are times when undervalued cryptocurrencies such as Steem will keep a low price for weeks with no major movements in price.
This is the nature of the game my friends who have gotten on the cryptocurrency train in the last 6 months.
Let me give an example of Steem. I've watched this blockchain from even before it's currency went on an exchange. When it first did, it had over $4 in value and it dropped all the way down to $0.07 cents and then went as high as $8.50 before making it's way down again to it's current rates.
Many of us who started on this journey never expected to see over $5 in the first two years of the platform running, let alone $2 within a year. But it happened.
It's not easy to watch your portfolio value go 3x in a few days and watch it slide back down.
There's no right way to playing this other than entering low, and selling high. Holding and accumulating further when market prices are in the dumpster and booking profits at the peak is the correct way to go about this place.
Remember, when you are selling, someone else has to be buying. Therefore, when you profit, someone else always makes a loss.
That's how this game works. Stick around, learn from those who have more experience than you.
On Steemit, you can earn free tokens from sharing your content. If you don't need to live off it, just save it up for the future. Maybe it would be worth more or maybe it'll go back to a few cents and be worth nothing at all.
Remember, there are no guarantees to earn a profit or prevent a loss in any speculative market. However, blockchain technology, and cryptocurrencies are here to stay. Steem blockchain is the first of it's kind!
Steem blockchain is the most used blockchain tech in the world today and probably has the most users as well. So, maybe when the development goes in the right direction, we may see greater results as well as greater value to the tokens we hold here.
Learn to stomach the dips. It's okay to feel bad and talk about it. But don't feel disheartened at every dip.
Remember to be smart with your money and let it work for you. Also, never get emotional about any token you hold whatsoever!
Keep your chin up. Bad times never last. :)
If you like my work kindly resteem it to your friends. You may also continue reading my recent posts which might interest you:
- Defending India—History TV18's Series "Firepower" Puts Spotlight On The Indian Army
- Why You Should Vote For @firepower As Witness—Witness Campaign Post From India!
- Steem.Chat Contest #32
They sure do but it’s best to sit back and sip away
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Oh!
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Mostly on giphy.com
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hahaha! Nice comment! :D
Thank you!
Crypto is a long term HODL game and it took me most of my time here to understand that. It tests me to my limit. Sometimes I think that it'll give me ulcers. There are days where I know that if I don't take a break it'll make me sick.
Everytime I read some tips to get by the crypto life it reminds me of the fact that how important it is to be consistent and not greedy. In these recent dips I am seeing less and less people here on steemit and for that very reason I am posting and commenting like crazy to let the brothers know that I am out there with them...............
yeah we have to stay persistent even though steem may be down, it is only a matter of time before this hurry up and wait phase is over and our accts. soar to the MOON!!!
Keep steeming brother!!
From Lambo to taking the bus in 6 months. That's crypto! lol
Funny story.......... I actually walked today because I couldn't take the bus, seriously :-)
Such is this game - Smart and patient are going to win
In almost 1 year journey with seemit and reading your post for the daily update of cryptocurriencies I can conclude that keep posting good content and buy at the time of dip. Thanks for guiding us.
Another focus must be laid on finding the bottom though noone has been successful in timing the markets. But one should not completely ignore the indicators which are clearly pointing downside or upside. And last but not the least, one must acknowledge if they want to stay in the markets is "TREND is FRIEND" and go by that.
Nahh man 6k after it was 800 bucks this time last year you cant be mad about that that is massive gains. There is downward pressure from a few bigger investors and hedge funds. But the pressure to the up side on years end is going to be massive. Trillion dollar investors, major updates to ethereum, regulations cleared up and more!
It can not be up with the amount of excess lane so much is.
Candles were closed and we lost support at 6150.
More downside is coming.
The next support is 5950, but I will patiently wait at 5400 - 5660 to all in here.
Slowly I also begin to understand ,slow and patient wins the race in crypto world.So it is the time to collect and hold the cheap crypto as much as you can,and sale them in the time of rising.I think ,this is like as the stock business, performed by the village people,they hold as much as they can when price is low and sell it in high price later.
Helpful information for all
As you said
Is this mean cryptocurrency business is nothing but a game of speculation? We say this in hindi, "topi pahnana".
I know slowly cryptos are taking place of fiats in some parts of the world but their real life utility is still not available. This speculative price of cryptos is a big barrier before the growth of cryptos.
This is the reason why regulations are coming into place gradually. Many of this ICOs needs to be regulated. Then pump & dump groups, Insider trader etc
Some regulations needed but those should not be detrimental to the progress of crypto market.
Not only crypto, stocks and commodities. Prices of many things are speculative including real estate. There are fundamentals driving prices however for these things.
I agree. However, commodities, stocks, real estate etc have something concrete but so far cryptos have nothing like this. It is virtual and nothing else. I hope in near future cryptos will change their attitude and become a tool of transactions just like fiats.
Speculation largely works on basis of demand vs supply. Irrespective of what the item of consideration maybe. Anything has any value because we attach those variables to it, nothing has intrinsic value. Cryptos will take time to mature, now it's mostly hype.
I agree. Hope for a better world where we have decentralized money instead of governments owned fiats which serve only a small group of people.