Steemit Crypto Academy Contest / S3W2 – My Experience Investing in the Crypto Market by @lebey1
Good day everyone. Glad that the @steemitcryptoacademy is giving me a platform to talk about my days of little beginning. During those periods, I learned a lot about crypto, unlike recently, when I am only concerned about what I stand to earn from engaging myself with the blockchain. Let's dive into the questions asked for this contest.
.jpg)
Discuss your first experience investing in the crypto market.
Everyone must start from somewhere; for me, I started investing in the crypto market when the Binance Smart Chain (BSC) Blockchain was launched, and it was not that popular back then. I was fortunate to be very informed on the use of the blockchain, and I got helpful intel on how to get the best from the BSC Blockchain. So, my first experience investing in cryptocurrency was in 2020.
What is your first investment in the crypto market, and what drives you to invest in the crypto market?
Well, as of the time I made the first investment, it was on three coins, namely:
- CAKE
- BAKE
- JUL
What drove me to invest in these coins was that the concept of DeFi was trending at that moment. The coin listed above were the first set of DeFi coins ever launched on the BSC Blockchain. I was driven by the fact that I could get more coins just by staking it on their respective platforms on Binance Smart Chain. The high APR on these coins of those days also pushed me into investing in them, coupled with the meager gas fee the Binance Smart Chain offered at that time.
Have you ever encountered any loss as a result of the instabilities in the crypto market? Discuss
Of course, I have suffered many losses from the instability of the coin market. The most painful as of now was that I held my CAKE coin even though the coin clocked $47 per one. As of then, I had over 40 CAKE, but I was naïve, waiting for the coin to clock 100$ before I cashed out. I lost terribly as the value of CAKE is currently below $4 as of the time of writing.
What crypto assets are you currently holding? Why did you invest in them? Please take a screenshot of your portfolio.
Well, I hold a lot of crypto assets as of today, but I am holding them because they are stakable, and some have use cases yet to be appreciated. Hence the reason why the value is low. Since my private wallet (Trust wallet) was hacked, I had to buy and invest only in coins that are available and listed on the Binance trading application.
As of the time of writing this post, the crypto assets I have are:
- Busd
- Cake
- Ada
- BNB
- SOL
- DAR
- STEEM
- TRX etc
I have over 20 crypto assets in my wallet, and although they are small in value, I can assure you that they used to be worth over $7k at a time, but it is what it is now. The reasons for having these tokens are simple: Binance provided a lock saving or flexible saving option. I took both options whenever available as I believe saving rather than spending is best. I have some STEEM tokens saved in my Binance wallet.
As an experienced cryptocurrency investor, Do you believe in Holding or Trading cryptocurrencies?
With the current level of experience that I have now, at this very moment, the concept of trading seems more reasonable to holding. The simple reason is that the market is quite unstable at the moment, which is depicted with BTC being under $22k as of the time of writing despite being around $23+k just three days ago. To gain much more in this market, buying when low and selling when high makes more sense, and the more frequently this has been done, the higher the turnover expected by an investor. Uncertainty in the market makes trading the best bet in this crypto market as of today.
What's your advice to a newbie investing in the cryptocurrency market
I have just four pieces of advice, which I have always done my best to preach from time to time. I want newbies to avoid the common mistakes I made when just starting in cryptocurrency.
The advice I have for newbies is that:
- Newbies should always conduct proper and adequate research on any project coin/token they intend to invest in. Conducting this research is vital as the scams and rug pull projects continue to litter the crypto market.
- Always invest what you can lose. The crypto market is unstable, and one could tend to lose all investment in an instant. The unstable market condition makes it advisable for newbies to invest funds they can lose.
- Continuously diversify your portfolio. Do not put all your eggs in one basket. Buy coins of different projects just in case a coin/token instant is doing well; the others could be experiencing a better fate.
- Always take profit at every turn. Never be the bigger fool of believing that you are going to the moon when the price of a coin skyrocket; take your investment back and maybe make a little profit. If it continues to rise, take profit from time to time.
From $7k to $2k. That’s quite a significant reduction. I believe when you continue to hold. In the near future you should recover your money and hopefully make profit. Thank you for sharing and good luck
Holding is the only realistic choice if you ask me. It is what it is
Aw this one hits really hard.🥲 From $40 to $4 is a huge loss.
The advice you have for the newbies are all on pint. Make research and invest what you can lose. If you don’t heed to this and invest with money you need, you might as well get really to sell all your physical assets.😅
i don't understand that last part.
Oh sorry. I mean if you invest with money you need, it’s a very bad idea and you’ll face a lot of problems.
i agree
I agree with your pieces of advices one should invest that money if someone is ready to lose that because crypto market is volatile and it is necessary to invest accordingly.
And the other most wonderful point which I have liked us that we should get profit at each turn. Because there is nothing which goes up directly but there is a dump after every pump and in this way coins go up.
Thanks for sharing your experience.
Glad that you agree my pointers for newbies. It is not really easy though to follow through but it will save one from loss . Thanks for stopping bye
You are welcome dear
Your advices for new investors are really meaningful thanks Alot for sharing your knowledge and experience with us you did really a good job good luck stay blessed
Thanks for going through my post. I appreciate
This is a work well written, a research well done.
I must commend you @lebey1 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
Okay, I will check out your post. Thanks for stopping by
Your post was upvoted and resteemed on @crypto.defrag
Everyone who invests in the crypto market has experienced losses. But from this we must be optimistic and not discouraged. From these losses it becomes a valuable experience so that in the future we really have to be able to so that the losses that have occurred become the basis for obtaining large profits.
I also made a post about the experience of investing in the crypto market. If you have time, please take a look.
Thanks for checking out my post. i will check out yours also
This made me remember the time Elon musk was all in on doge coin. I had some eth back then but then I didn’t have any usdt to convert and there were no funds. The coins was shooting at that time and bought it with the eth that I had. I converted all my eth assets to usdt and bought doge. I was able to get doge at around 0.41 dollars.
After a while it clicked 0.7 but then I was naive and greedy. I wanted the price to reach 1 dollars before cashing it. It was because of the rumours that musk was about to hype it more at a programme he was set to attend.
Well long story short he called the doge a hustle and it started plummeting 😂. It fell significantly and I regretted every bit of it.
Wow you have a whole lot of different crypto assets. If I may ask how long have you held onto your coins to earn such interest on them. I know that binance has a stake to earn policy but it looks like you have held onto most of the coins for more than a year now right ?
I hope you know that you can lock steem too as binance have introduced lock to earn for steem.
yes.. i lock some steem
Ei CAkE hit $47 and you weee hold 40 tokens and didn’t sell waiting to hit $100. Greediness to the next level my man, now CAKE is worth below $4 dollars. I’m sure it will be a regrettable moment in your experience in crypto.
Ooh I’m so sorry man, how did it happens. It’s only pax flu that I know people complain about hacking. I never new they could hack through personal wallets.
Trading in a volatile market is very interesting, when assets price drop we buy and sell when the price goes up. We have to appreciate the little profit here and not be greedy.
Your advice to newbies are very comprehensive, focused on your own research, diversify your capital.
Great work and good..!!