[#burnsteem25]Steemit Crypto Academy Contest / S3W2 – My Experience Investing in the Crypto Market by @ishayachris.
Discuss your first experience investing in the crypto market.
Some year's back, I have been hearing about crytocurrency and how it works. Some of my friends in school were actually doing good in the crypto market because, they have made a lot of money through investing in the crypto market. I was having interest to also invest, but due some criterias that they were demanding, I was not able to venture into it.
Luckily for me, i met a friend while in NYSC camp, and this friend happens to be a Steemian. She introduced me to the platform but, due to tight schedules in the camp, we were not able to create an account for me. To cut the story short, on 13th May, 2022, we met and she was able to create an account for me, and that happens to be my first crypto experience. After participating in some contest and writing some achievement task, she guided me on how to transfer my earnings to my wallet. When i first transfered 50% of my earnings to my wallet, i was like wow...., this is real. It was really magical to me. In conclusion, steemit is the first crypto currency I have invested on, and it remains my best. In case you want to know the friend that introduced me to this platform, she is by name @yakspeace.
What is your first investment in the crypto market and what drives you to invest in the crypto market.
After transferring 50% of my steem reward to my wallet, I saw a need to invest in some crypto currencies. As such I decided to invest in Shib. As of that time, shib was as low as 0.00652. So I decided to buy 75636.5946 shib coins. The coins are now in my wallet. Once it rises to some certain amount, I will market it.
Talking about what drives me to invest in crypto, I'm some who have seen how crypto currency have changed the story of some of my friends. Crypto market has made them path ways with poverty, and they are now doing well. Looking into that, i have developed so much trust in anything crypto currency. I have the believe that provided someone can be patient enough, he or she will definitely make profit in the world of crypto. Considering that, I decided to invest more in crypto market because, I know it will pay me tomorrow.
Have you ever encountered any loss as a result of the instabilities in the crypto market? Discuss
I might be wrong to say I have encountered any loss as a result of the instabilities of the crypto market. The reason is, I start this journey on 13th May, 2022. Ever since then, I only purchased shib and I'm yet to market it. Nevertheless, there was a time I ran out of cash, and I needed to do data subscription so that I can continue with my steemit business. I tried all I could do get money from a friend but, he was also out of cash. That made me to sell 12 steem. As of the day I sold it, the value of steem was around 119 naira (0.73 steem equivalent). The next money, steem rises to 135 naira (0.85 steem equivalent). Seeing the rise in steem value, I was like, oh! I should have waited. That was the only experience I had. Nevertheless, since I have not invested my money in buying the coins, I can't call it a lost. In conclusion, I have not experienced any lost.
What crypto assets are you currently holding? Why did you invest in them? Please take a screenshot of your portfolio.
Currently I'm holding three (3) crypo asset. They are
- steem
- TRX
- Shib
The reason I'm investing in the above listed crypto asset is, I have so much confidence in their future. Like I said earlier, I believe in anything crypto asset. I have the confidence that if only I can endure for some years to come, steem will be far ahead of where it is today. The value of TRX also, won't remain the way it is today, and the same thing applies to shib. As such, I will continue investing in them and if I'm privileged to have some money, I will also invest in Hive and USDT.
As you can see from the picture above, I have some steem in my wallet, and I also have some little amount of TRX and Shib. Currently I have no plans to sell them because I believe they will be higher in some days to come.
As an experienced cryptocurrency investor, Do you believe in Holding or Trading cryptocurrencies?
Personally, I believe more in trading of crypto currencies. The reason is, there is always an instabilities in the values of the currencies. As such, its always more profitable to sell the asset when the price rise, and once it drops, you can still buy and wait for it to rise again. With that, you have a higher chance of making profits. But if you continue holding it, of what use is it to you? Of course it has no use. More to that, if for any reason you want to hold the coins, its better to stake them, and that's another ways of trading. Staking makes the coins value to increase. As such, I believe more in trading instead of holding the crypto currencies.
What's your advice to a newbie investing in the cryptocurrency market.
First of all, as a newbie who is investing in the crypto market, I want to encourage you that cryto currency is real, and its here to stay forever. But my advice for the newbie are:
Have it in mind that there are instabilities in the value of the currencies. It could be high now, and in some minutes, It can drop. As such don't be discouraged knowing too well that with time, you will make profits.
Before investing in any crypto asset, always make sure to make research about the currency. Know it history, market values, the highest and the lowest price it have experienced, etc.
Try as much as possible to ask questions from those who have much experience about crypto. With that, you will able to escape some unnecessary lost.
finally, I advice newbies to invest when the market value is low. With that, they will be able to make more profit when the value rises.
conclusion
I have been wanting to be in this business for long, but due to some challenges, I was not able to. Nevertheless, I'm grateful that I'm fully into the market of crypto, and I'm so much enjoying it. I have much confidence in the future of crypto and I will continue to invest as much as I can in the business of crypto currency. As for the newbies, I encourage you to focus so that tomorrow will be greener.
Thank you for reading. Love you all @steemians. I invite @patjewell, @ijebest, and @patience90 to participate.
Thank you for publishing an article in the Crypto Academy community today. We have accessed your article and we present the result of the assessment below
Comments/Recommendation
Overall, you have done great to share your cryptocurrency investment with us. Though we have all encountered losses in the crypto market, we still believe in the technology and that has kept us going. Thank you for participating in this contest.
Total|7/10
Thank you for the review sir. I'm really grateful
Chaii @ishayachris, you are sharperly ,sharperly smart and I so much like your style, hope I can just write as smart as you do Chris!! Take care, the Lord is your strength!
Hahahah... I believe you can always do better than me ma'am. You are also good. Thanks for your kind words. Waiting to relate with you on your entry.
Ooouuu!!, Thanks so much for such heart lifting comments, have a great day 👍😊😆
Oh gosh! How I wish I can write a report like this.
Trading with crypto is still a nightmare to me 🙈
Good luck for the contest🤞🏻
Hahaha, you are the guru in writing ma'am. I'm still learning from you. Thank you for checking on me.
The guru he calls me! Oh wow! Thank you!! ☕
You have written well my friend on this topic, i can see you are holding asset such as TRX, STEEM and SHIB. Indeed they are good asset to invest in and i recommend you hold tight to it. Just a piece of advice, if not for eventuality sake, i recommend you power up your steem to have more influence in the platform. Best of luck in this contest my friend.
Thank you so much friend. I really appreciate your visit
Steemit was my first experience in crypto as well and just like you I was very excited when I transferred my earnings the first time. I had heard a lot about platforms like this but they always had a “refer a friend policy” which I do not believe in at all. So when I heard of steemit and it wasn’t like that, I decided to venture into this space.
Your point about investing when the market is low is very true. When you invest when the price of the asset is already high, it’s very difficult to make profits.
Thank you for sharing.
I'm really grateful sir
A very good conclusion, friends, in the future it is possible that Crypto will become something much more valuable and used by many people again. keep monitoring and focus on what we invest, hopefully get the best results in this contest friend.
Your experience in the world of crypto and investment is very interesting. But I personally really want to be able to invest a larger amount for the platform and steem, because I like to make long-term investments in Steem.