Steemit Crypto Academy Contest / S3W2 – My Experience Investing in the Crypto Market by @amoakabraham

Investing in the Crypto Market: My Experience

In this article, we discuss the cryptocurrency market, the risks involved with investing in it, and how you can get started today. The blockchain technology is probably one of the most disruptive technologies that came into existence in the last couple of decades. It has opened new ways to store data securely and also as a way to exchange values directly between users without any intermediary. Today, we have more than 1600 different types of cryptocurrencies available on the market that are built on top of the blockchain technology and offer different value propositions to their communities.

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QUESTION 1

Discuss your first experience investing in the crypto market.
I must admit that when cryptocurrencies got so popular that everyone wanted to join, my initial impression was, "Great! This is something new. I started looking into the technology behind cryptocurrencies because I found it to be definitely interesting. I learned about how cryptocurrencies were introduced to the public and how people were adopting them. Since I don’t have a lot of money to invest, I started looking for a good platform where I could invest in cryptocurrencies. When I came across CoinSutra, it was a perfect fit for me as I was able to invest $100 and get a 30% return within 30 days.

QUESTION 2

What is your first investment in the crypto market and what drives you to invest in the crypto market.
I started investing in cryptocurrencies when I was looking for a way to diversify my investment portfolio. After doing some research, I came across the concept of investing in cryptocurrencies and saw the potential in it. I was quite intrigued by the idea of investing in a market that was still in its early stages. I was looking for a way to diversify my investment portfolio to include riskier but potentially high-yielding investments. I was looking forward to the idea of making money while doing nothing. That’s when I came across the idea of investing in cryptocurrencies. I was initially skeptical about it but when I researched about it, I understood that it was an idea whose time had come. Since then, I have been investing in different cryptocurrencies and trying to understand the market better. I now understand the market better than when I first started and that’s what drives me.

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QUESTION 3

Have you ever encountered any loss as a result of the instabilities in the crypto market? Discuss
Yes, I have had some losses as a result of the instabilities in the cryptocurrency market. During my first experience of investing in cryptocurrencies, I invested $100 in three cryptocurrencies and had to sell them when the market crashed. I was quite devastated when I saw the market price of these cryptocurrencies falling. I thought that I had made a bad decision to invest in them and this thought drove me to sell them off. I had to wait for a month before I could invest again. This was the experience that I had during my first investment in the cryptocurrency market and it made me wary about investing in the market.

QUESTION 4

What crypto assets are you currently holding? Why did you invest in them? Please take a screenshot of your portfolio.
I don't currently own any cryptocurrency.

QUESTION 5

As an experienced cryptocurrency investor, Do you believe in Holding or Trading cryptocurrencies?
As an experienced cryptocurrency investor, I believe in both holding and trading cryptocurrencies. I think that holding is a good strategy when you want to earn money from your investment by investing it with a long-term view. Trading on the other hand, is a more speculative investment strategy where you trade cryptocurrencies with a view to make profits from price fluctuations. I personally don’t like investing my money in cryptocurrencies that have a high volatility and I prefer to hold on to my investments by buying low and selling high.

QUESTION 5

What's your advice to a newbie investing in the cryptocurrency market.
When you first decide to invest in the cryptocurrency market, there are a few things that you should keep in mind. First, you should understand the market better than when you first started, so that you don’t end up losing money. Second, you should understand the risks involved in the market and accept that you might lose some money as well. This can be done by researching about different investment strategies and finding out which one works best for you.

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CONCLUSION

Cryptocurrencies are a fascinating new technology that is disrupting the financial services industry. They are a form of digital assets that use blockchain technology to create decentralized trust among parties in a transaction. As people are now realizing the potential of cryptocurrencies, more and more people are joining the bandwagon and investing in it. However, investing in the cryptocurrency market is a very risky affair as there is a high possibility of losing money, especially if you don’t know what you are doing. That’s why, it is important that you understand the cryptocurrency market and invest only after you understand the market better. We have discussed the steps you can take to get started investing in the cryptocurrency market.