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Introduction

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The steemit engagement challenge is back. We are already into week 2 of season 3 of the engagement challenge. As I always say, Let us all try hard to leave quality comments on the posts of other users.

For this week I will be participating in the crypto academy contest which seeks to know about our experience in the crypto market.

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Discuss your first experience investing in the crypto market

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Cryptocurrency has been with us for a very long time. It has been with us over the past 10 years. When it was first introduced into the world, a lot of people were sceptical about investing in it. People who saw how innovative it was earlier on invested in it amd held on till they made a profit. A lot of people didn't understand the cryptocurrency space thus they preferred to stay away.

My first experience with cryptocurrency was in the year 2018. In 2018 I was in senior high. I had little knowledge of cryptocurrency, I remember I took to youtube to watch a few videos about how bitcoin was mined. I wanted to mine BTC but after watching the youtube video I realised I didn't have the potential and financial resources to mine BTC.

Then I was told about the pi network, which I am sure a lot of people have heard about. The pi network is a platform where users can mine pi coins by using their phones. All a user does us register an account and makes sure he or she checks in every 24 hours to continue mining pi. For now, it has no value but it has been listed on coin market cap as an untracked listing.

What is your first investment in the crypto market and what drives you to invest in the crypto market

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I have made a lot of investments in the crypto market. Most of them have ended up in losses. Few of them have ended up in wins and in some cases I was scared so I took out my funds after it got to my buying price.

It's hard to remember your first investment in the cryptocurrency market after you have a lot. But if I can remember correctly, I think my first investment was in Bitcoin.

After hearing and making a lot of enquiries into the BTC market, I decided to make my first purchase. At that time I bought BTC worth 200 cedis(24 dollars). I made the transaction on Paxful and I must say it didn't feel real.

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At first, I thought my money will be stolen if I didn't do the processes right. I didn't even know that the one making a buy order needed to pay the seller first before crypto will be released into ny wallet. I can still remember that when I entered into the p2p market on Paxful, I immediately clicked on the paid tab without making payment to the seller. The seller had to explain a few of the processes to me
before we could complete the transaction ( the beauty of p2p☺️).

Would I motivate anyone to invest on Paxful? No.

First of all, they have only 3 coins(BTC, ETH and USDT). The only reason why I bought my first coin there was because I had an account, a friend had introduced it to me.

Secondly, their escrow fees are too high. When you compare it to binance or houbi you will realise that these two places are 10x better than paxful. So I think if we want to advise anyone on where to invest, it should he binance or houbi or even any other place, not paxful.

I think the thing that drives me to invest in cryptocurrency is amusement. Upon hearing about the crypto space at first, I was surprised that all you needed to do was to buy low and sell high. I was amazed at the fact that I could see my funds go up and down according to price fluctuations in the market.

Up until now, I am still surprised at the way the crypto market has grown and I have never doubted it.

Have you ever encountered any loss as a result of the instabilities in the crypto market? Discuss

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As I said earlier, I have made more losses than wins in the cryptocurrency market. The losses I made in the last few months have been small. I think a major loss I made was in the Luna crush.

We all remember a few months ago the price of Luna started plummeting from a price of 119. I follow a lot of crypto-related accounts on Twitter. So as things were happening I knew what was going on. I didn't care about what was happening because I was not holding any Luna or UST. I monitored the market closely but I had promised myself I wouldn't invest in a crushing market as a lot of people didn't believe it was crushing.

I was on my bed when a friend texted me saying his roommate had just invested in luna when it was at 1 dollar with 100 dollars and has made a profit of 800 dollars. At this stage, the price of Luna had moved from 1 dollar to about 4 dollars. I didn't want to miss out on this opportunity, I had wanted to wait until the price got back to 1 but I didn't have that patience. I didn't think that opportunity will come back again. At a price of 4.5 dollars, I bought luna for 100 dollars.

After the purchase, my portfolio started to pump. I was happy cause I thought I bought the dip. I had some steem left in my accout so I converted the rest and pumped it all into luna. After my purchase, it seemed the price refused to go up again. It started plummeting and I thought it was normal since it got to 1 dollar and went back to 4.

I didn't panic as the price went down to 1 dollar. I didn't take out the funds, I thought there was hope of th coin rising again as do kwon the founder of the luna foundation kept on motivating holders.

As I write this post, my lunC holdings is still in my Binance account and it is worthless as you can see from the screenshot.

What crypto assets are you currently holding? Why did you invest in them? Please take a screenshot of your portfolio.

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I looked to build my cryptocurrency portfolio to contain all types of coins. I started it very nicely but at a point, I needed those coins to solve a financial issue. I was lucky I didn't sell those coins when I was at a loss though.

As of today, I am only holding trons. A cryptocurrency is given by the steemit blockchain as a reward. The trons Friday initiative which has been introduced by the Tron-fan-club community has made the interest in the accumulation of trons a big thing for me now. Apart from the fact that I can partake in the Friday initiative contest where I can win Trons, I also love the accumulation of trons simply because I can stake them and use the Tron power gained to vote for super reps. Voting for these super reps allows a user to earn trons every day.

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As an experienced cryptocurrency investor, Do you believe in Holding or Trading cryptocurrencies?

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Holding to me is something only determined people can do. Holding of cryptocurrency involves sticking to a plan, having a target and until they target is reached the user doesn't leave his position. For instance, steem is currently at 0.24 dollars. I can decide that j want to hold steem till it reaches 10 dollars. As far as steem has not made it to the 10-dollar mark I will keep on accumulating until it reaches there.

Trading in coins doesn't involve a lot, all you need to do is buy low and sell high. The only thing a trader needs to do is make sure he is able to buy the dip. Trading in cryptocurrency can be known as scalping too, where the trader looks to get minimum profits in the shortest possible time.

I believe in trading cryptocurrencies. The cryptocurrency market is a volatile place and the best way to make the maximum profit to me is by continuous trading. Holding and trading have their downsides but to me, a holder is someone who has a lot of money or someone determined that keeps to his principle. But if you are someone who depends on crypto to live, holding cryptocurrency will be very difficult.

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What's your advice to a newbie investing in the cryptocurrency market

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The cryptocurrency market looks very bullish from the outside world. My advice to any newbie investing in the crypto market is

• Firstly, not follow the trades of others.

There are times that we tend to follow people on Twitter or telegram pages who give out buy signals based on sentiments. Now there is no problem in following ghe trade of others but we should also make sure we do our analysis before investing.

• Secondly, invest money you can afford to lose.

This is a lesson I learned the hard way. As a newbie and any trader at all, we need to always invest in money we are not scared of losing. We should know that a trusted project can crush at any time. It is not for anything that the Luna token proved this to us.

• Thirdly, never FOMO into buying a token or coin.

As a newbie, we are most likely to always look for coin that has made gain or is on the rise. This is when FOMO( Fear Of Missing Out) sets in. We tend to think that we will miss the opportunity if we do not invest while it is rising.

• Fourthly, the market always provides an opportunity.

Who thought we will see BTC at 22k again? No one. When BTC reached 69k I for one thought it will never go below 30k again. But as we know it, the market is volatile and a bear market hits hard. Thus when a coin us rising we should wait, it will surely provide you with an opportunity where you can trade it at its lowest.

This is the little I have about my experience in the cryptocurrency market.

Thanks for reading.