Crypto Academy Contest / S3W2 – My Experience Investing in the Crypto Market by @favrite
Am very happy to be participating in this contest and it's always a pleasure to take part in crypto related assignment and am very happy for this iniative to engage and share our views with the rest of the community and we continue to interact on a social level and help in educating others and ourselves, ofcourse cryptocurrency is always an interesting topic to talk or write about as most of us in this community are crypto ethusiasts.
|
|---|
Well when it comes to investing in cryptocurrency it started in 2020, really that was when I first became interested in cryptocurrency after becoming involved with so many ethereum smart contract at the time and I came to know about bitcoin more and ethereum largely due to a YouTuber I was following then and still a subscriber till date his youtube name is Bitboy cryptoso yes he was one of those that enlighten me on my crypto journey.
Then I had luno exchange app and roqqu on my phone and I frequent roqqu more and I watch then during the beginning of the crypto bull run as all coins in the app kept increasing and I was particularly watching bitcoin and ethereum as this was the coin Bitboy crypto talks about more I watched bitcoin rose from $4k to $20k then he made a prediction a year earlier that bitcoin would break it previous all time high of around $20k at December 23nd 2020 give or take a week, his exact words and it happened on December 16th 2020 I was so shocked when I saw this.
Around December 2020 too he made another prediction that ethereum will reach previous all time of around on January 14 or so of $1,444 having watched how the market has been moving from July 2020 then till December and having watched his previous prediction come true and also from my understanding then that we are in a bull market with the bitcoin halving and all that then I invested my school fees I won't ever forget of about 42k in naira our local currency in ethereum.
Ethereum was the first cryptocurrency I invested in and what drives me was fomo yes I was watching everything boom and also with the little knowledge I had of bitcoin cycle and halving and from the YouTuber who was very bullish on ethereum and with his prediction too of an all time high for eth in january 14th I don't want to miss out having miss out on what he said before about bitcoin so I bought ethereum then on roqqu worth 42,000 naira and I didn't regret it ever and when I withdraw it then around February 2021 it was around 70,000 naira 🙂
|
|---|
Well I have experience losses due to market Instabilities especially during the 2021 May crypto crash as before then I was invested in lots of crypto assets especially altcoins like dogecoin, trx, shiba inu and even some other shitcoins alot of them like safemoon and the rest of them and during the may crash everything I hold was in a massive loss and seems like I shouldn't have invested in the first place, during April and early May everything was going just fine and good and I never expected it and it came all crashing down.
Then I could remember I was in a tutorial practical class and opened my binance app and saw a lot of red in the market and some of the coins I bought has gone to very low value compared to what it was I felt real pain, pain almost like a heartbreak I never thought possible, cryptocurrency gave me my first heartbreak and not any girl😀
I almost felt like crying that day I was so down and everything that was happening then I didn't care even the class I came for didn't understand anything, a class I was so eager to attend before, indeed Crypto is not for the weak of heart its for of ups and down, because of that experience then I knew now not to invest more than what I could afford to lose because anything can happen even news can crash the market.
|
|---|
Honestly I don't think I am currently invested in any crypto asset as of the moment largely due to the fact of the market trend as I believe that we are in a bear market and for me any holding we only keep depreciating in price as I believe that the market has more down side for me personally I believe that Bitcoin will fall probably more to the range of $10-12 and if it is falling no doubt all other coins will even depreciate more so for this reason I am not really invested in any crypto asset for the moment.
Having said the above their is a small fraction of shib inu I left in my binance which is still there I wouldn't really say I left it there because am inlove with the project I just felt like leaving that one there no matter what happens I mean for all I care it can go to zero so it's just there and forgotten and don't really count it as any investment as when I will be looking to invest again is when I feel bitcoin has bottomed out.
That's the shiba inu above 👆
|
|---|
Well with the few experience I have gained from 2020 till now in cryptocurrency I have come to realize this that while investing is good it's much better if one knows how to trade, a good trader who knows how to take advantage of market movement is much better whether one who trades on spot or margin I prefer trading as when we invest we are only betting for the price to go up, an investor can only be bullish but a trader isn't biased and don't care whether the market is moving up or down as they are able to advantage of both scenario.
Is just like during the 2021 May crash while some persons where crying others where actually happy because most have shorted bitcoin from around $40k to $30k I know alot of people who did with 10, 20× leverage or more and milked alot of profit from shorting bitcoin and gained huge profit while all investors were sad so for me I prefer trading, I'd rather trade than be invested as long as I know what am doing if not just picking a safer coin to invest in is better so we won't get burned.
So when it comes to investing and trading now I know how to trade I prefer trading than investing, my money will be in usd and protected from any sudden crash by news or technicality whatsoever so as an experienced cryptocurrency investor I believe in trading more infact that's what am more focused on now to avoid potential heartbreak.
My advice to a newbie investing in the cryptocurrency market.
Well for someone who is still new and coming into this space new and want to be invested in some of the advice I have for them is that they should always make sure to do their own research and should not invest in any coin at all just because someone they respect say so, it's important to carry out some research as and added confluence if they want to invest so they know to carry some responsibility incase of any loss and not to blame it on anyone.
I would also advice a newbie to invest more than what he can afford to lose because cryptocurrency is highly speculative while it has the potential to turn us to prospective millions it can also turn one from millions to zero take for a case study what happen to luna many who were heavily invested in it lost millions and some were only able to savage a few hundred dollars from millions in investment though they were due to receive some form of compensation whatever be the case they are in massive loss, so I think we shouldn't invest more than we can lose and should always have spare money at hand, don't invest money you need for something important or invest money you need at an earliest time in future.
Also I would advice them if they have large capitals to invest they should spread it across good project instead of being heavily invested in only one coin, it's only bitcoin I can make an exception and also they should avoid investing in shitcoins especially new ones out of risk of rugpulling and some of them are scam projects so to be on the same side they should invest more on good project with good fundamental like bitcoin, ethereum, ADA, Dot, BNB etc
Another advise I have too is when investing have a long term approach first of choose a good project which has potential and whose developers are actively working to make better and then have a long term approach like 4-5 years and they should know crypto is not a quick to get rich scheme because that's the mindset that leads many to invest in scam project and lose money.
|
|---|
Cryptocurrency is highly speculative so that is why I believe for one that is investing he needs to have a certain knowledge about what he is investing in in order to own some responsibility it is true that the crypto market is unstable but yet again I believe that crypto is the future of finance and has actually helped to liberate a lot of people from their poor financial status so whether we are investing or we are trading the crypto market we should always know the risk associated with it and always risk money that we can afford to lose in order to avoid suicide attempt when things don't go our way.
I really appreciate your interest with Crypto i also feel sorry to read that you loss your money in 2021 due market crash I hope You have recovered your and good luck for your future by the way good entry. I suggest you to visit my post I hope you will learn something new
Thanks for taking the time to visit my post friend, sure will do that
This is a work well written, a research well done.
I must commend you @favrite for this detailed explanation on your first experience to the cryptoworld
Many individuals were introduced to the cryptoworld because of steemit and this is nice, many were introduced by friends, I personally was introduced by my friend
You really took your time to make this detailed and interesting post, I really enjoyed going through it.
You have explained your first experience in the cryptomarket, which is quite appreciated and well understood
You also explained the first investment you made in the cryptomarket, which is nice.
The first investment I made was on safemoon which I'm still holding on to 😂
You also explained to us the loss you have made in the cryptomarket, you know, loss is unavoidable but it can be minimized and I believe you have taken measures to minimize your losses.
Another point I found useful from your post is the advice you gave to newbie, I just hope they will heed the advice and prevent huge losses in the future.
Thanks for sharing this important post.
Kindly visit my assignment Post and do not forget to vote and drop your review.
Here's the link to my post
Thanks for visiting my post @jueco and really glad that you found it helpful especially to newbies, we be sure to visit your post
Yeah definitely you gave research a lot while writing and also advised of holding is also good as you asked that we should select a good project before investing
It feels good when I read your article. That's right, friends, when we invest we must know the risks that will occur, don't be wrong in risking all the money we have. We must have principles when it is difficult to invest in crypto.
It appeared you have surfaced after 3 months of inactivity to participate in the Academy. Participation in the Academy has now been strictly by the activeness of users on Steemit in general, you have only made one article outside the Academy since your return. We urge you to stay active in the other communities and you'd be considered here sooner. Thank you.
Remarks
This was similar to my experience also, it was quite interesting on how you can easily make profit in crypto within some week.
I think you were quite fortunate to get a YouTuber who knew what he was talking about. When I started off with crypto the YouTubers are subscribed to mostly didn’t know what they were talking about. They only ended up confusing me. They didn’t know what to say as they only created their channels to make money and not to educate newbies in the crypto space.
Wow buddy from 42k straight to 72k. That’s awesome. You are the definition of a real risk taker. I can never put my school fees into something which I know might end up making me regret. So let’s say eth didn’t get to the price as predicted? What will have happened?
This actually reminds me of the time that I lost a lot in the market. Btc was plummeting at a very fast rate and other altcoins which I invested in followed suite. All I could do was sleep and wake up until I didn’t know what to do again. I had to take out the money as it was meant for a min project if not I wouldn't have been able to complete the project.
We all have this person or sources that introduced us to the crypto world and keep motivating us to invest. I wish I knew the crypto world earlier to have invested into it before the explosion.
You keep watching the coin making a significant increment and you fear of missing out the opportunity, then you start to invest and the coin start to move in different direction.
This happened to me in this recent crush, opened all my wallets and saw red all over with all my assets worthless. It makes us loose interim investing into crypto.
This happens to a friend and I, it was actually SOL/USDT. I did my analysis and predicted that Solana will fall in the next hour so I shorted Solana. My friend went the other way round and we were praying against each other. But I was lucky the market went my direction.
Great work and good luck..!!