Steemit Crypto Academy Contest / S3W2 – My Experience Investing in the Crypto Market by @nwabueze
- Discuss your first experience investing in the crypto market.
Crypto has been around for a while now and many people are adopting it as some sort of legal tender for the blockchain. The creation of the first cryptocurrency was in 2009 and at the time people didn't really understand the concept. As a person, I first heard about crypto in 2014 when I was still in junior secondary but didn't put much interest in it. In 2019, a pandemic started to spread in China and by 2020, it had hit the whole world. As a result of the pandemic, everybody had to stay at home and that gave so many people the chance to explore the internet and I am one of them. The coin that caught my attention was Etherium because I found the project interesting and attractive. I literally invested 50 dollars of my money in Eth through LUNO just to experiment. Still, after about 3 weeks the value of my investment was above 100 dollars and I was very excited. I then decided to invest in Ripple and Bitcoin, and the value still increased, I had to really embrace the ecosystem and it has remained that way till today. On that note, my first experience in the crypto market was a good one.
- What is your first investment in the crypto market and what drives you to invest in the crypto market.
So many people do things because other people are doing and it usually has varying outcomes. The crypto space is a place where one should make decisions based on personal findings and consultations. My first investment in the crypto market was Eth and it served as a stepping stone for me in the world of blockchain technology. What really made me invest in the crypto market was effectively the dynamic nature of the market and the people in it. Human beings always look out for challenges and crypto helps to give that exactly what they want. People sell their assets while some other people decide to hold theirs. The relationship between the bullish and bearish markets makes me feel challenged as to why people do the things they do.
- Have you ever encountered any loss as a result of the instabilities in the crypto market? Discuss
Being in the crypto space generally can be traumatizing for some people and at the same time enjoyable for some other people. Every day people make profits and some other people make losses; that is the market and we have to embrace it as it is if we are to make progress collectively. I have been actively involved in the crypto market and I can say for a fact that our emotions cloud our judgment and that leads to poor decision-making. I made a terrible loss in a trade with IOTX coin and it really broke my heart. No one else was to blame but myself. I invested a particular amount of money but I ended up losing 80 percent of my investment. What really caused my loss was bad technical analysis. I had just learned to use candle stick pattern analysis and just decided to try it out. I had analyzed where the price should have gone and in my mind I was confident but in the end, it went the opposite and I lost out. That was my first major loss and I sure learned my lesson from it.
- What crypto assets are you currently holding? Why did you invest in them? Please take a screenshot of your portfolio.
The crypto market has been really unstable and it has affected so many people around the world negatively, of which I am among. The value of my assets showed signs of a steady decline, so I did what I felt was best for me and my future; I sold my assets and used the proceeds for other physical investments. For that reason, I do not have any assets t show now but I am actively building my finances in other to hit the market stronger and more experienced.
- As an experienced cryptocurrency investor, Do you believe in Holding or Trading cryptocurrencies?
This is relative because difficult times require difficult decisions to be made. But generally as an investor, I am not a big fan of always trading assets. My philosophy has always been to hold assets for as long as possible unless there is an unavoidable problem the investment can solve. Holding helps an investor to gain more influence and control over the market and that will open more opportunities for better investments in the future.
- What's your advice to a newbie investing in the cryptocurrency market.
The crypto market is very tricky and we must not let our emotions cloud our judgments because we would definitely regret it in the future. So, as a person who has been in the ecosystem for quite a while, I would advise newbies in the space to always think through their decisions and also make proper analyses and consultations before making any move in the market.
Conclusion
The crypto world is a fascinating one yet so scary. Blockchain technology has the potential to change the world positively by actively pulling people out of poverty and helping them become independent.
Unfortunately, despite the acceptance of what you have submitted as content, you are still not eligible to participate in the Academy competition for the second week in a row, for the following reasons:
Your use of the #club100 tag without actually belonging to this club, which requires your commitment powering up for only 3 months.
The length of your absence on the platform for more than a month, which reduces the percentage of your profits that can be added to your SP portfolio.
The last month you withdraw more profits than your transfer to SP, which excludes you from all clubs.
Try to participate and write articles in your communities so that you re-belong to the clubs and you are welcome.
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Nothing is impossible when you have entered the crypto market. Loss and for sure we will experience. Thank you for sharing.
Much appreciated 👍