My thoughts on cryptocurrency
Challenges stimulate progress. Technology, pretty much like life itself, cannot be static. Only dynamics stimulate positive changes
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Amid the collapse of the cryptocurrency market in march, many retail and institutional investors began to lose faith in the bright future of cryptocurrencies in general and Bitcoin (BTC) in particular. However, most people do not realize the depth of changes that the space has been through in recent years. Emotions are the worst enemy of an investor or trader in a rapidly growing digital asset ecosystem. It is worthwhile to look dispassionately at the facts and analyze the changes to understand the true value of ecosystems growing on the fertile soil of the block chain.
HOW I GOT TO KNOW ABOUT CRYPTOCURRENCY
I got to know about crypto as far back as 2015 from my Elder brother. Though I wasn't interested back then because he told me it was time consuming and needed utmost dedication. oftentimes I saw him spend hours on the laptop just to study charts to know when to buy and when to sell off, funny enough most times he'll still end up loosing money. To me I didn't care much on anything that will make me loose my hard earn money. I never knew success was all about taking risk.
Early 2020 during the national lockdown I was poised to try something new, almost all my friends were into crypto so I couldn't help, just had to start somewhere. So from then I started learning the robes.
Yea peer pressure made me start trading crypto.
MY EXPERIENCE ON CRYPTO
Being a financial planner and adhering to the power of MPT (Modern Portfolio Theory) and Diversification, I decided not to go all in on one coin and instead spread my risk. The coins I chose were Bitcoin, Etherum and Litecoin. Bitcoin was an obvious choice since it’s the most popular and well known. I had vaguely heard of Etherum and Litecoin, so I decided on those to round out my three purchases. Being a diligent investor, I tried to Google research on the above coins. However, there isn’t much in the way of hard research and numbers aside from trading volumes and charts. Probably the most intense debates you find on these coins comes in the form of Reddits and Subreddits. So basically, this was obviously one of the first red flags for me when it came to investing money in Crypto. With Crypto, accessing information on an investment was pretty difficult.
HOW CRYPTO AFFECTED MY LIFE
Crypto has affected my life both positively and negatively. Firstly on march this year I had the worst loss of my life. I lost $10000 in 8hours from my investment with bitcoin, this really affected me financially, I couldn't believe my eyes when I checked my wallet that morning, my account valuation of $15000 had dropped to $5000. this really made me obsess
In the space of two days I also lost $100 from my investment with dogecoin. I bought 50 of it at $0.5 but before I knew what was going on, the price dropped to about $0.3. I just had to angrily sell it off to recoup part of my money. it was hell of an experience for me. though I'm glad I've bounced back now
CONCLUSION
Cryptocurrencies are still considered risky and not very transparent due to the fact that it's a decentralised system. Although, it has been around for years now, they are uncharted territory for most people, and like most great innovations through out history, it will surely take some times for people to warm up to the idea of using them.
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