How To Create a Mindset That Will Help You HODL Your Cryptocurrency!

in hodl •  2 years ago  (edited)
Image Source knowyourmeme.com
Do you know what is the difference between Stock market and Cryptocurrencies? Well, I myself had no clue! But lately after allocating a lot of time to crypto research, I have found out some things which I would like to share with you guys, my fellow Steemians!
Image Source chapplerei.com
There are two kinds of worlds on Earth, the physical world, where we all live and the digital world, where we spend most of our time at. The digital world is currently on its rise and is not planning to stop anytime soon! Almost all of the minds in the physical world are on the digital world buy some means, whether it may be social activities, entertainment etc.
Image Source marketwatch.com

Now, the physical world has the stock market, where there is a centralized physical entity, or a company, whose shares are being traded. Much like its physical counterpart, the digital world has the cryptocurrencies, which are rather decentralized and gets traded on Crypto exchanges ( most of the crypto exchanges are centralized as of now! but decentralized exchanges are on the rise ). The global stock market cap is about to hit a 100 trillion dollars ( Source ) whereas the global cryptocurrency market cap is about $431,685,335,291 USD (as of February 10, 2018, Source).


Cryptomarket is just starting to take off, so it is prone to have a lot of fallbacks and crashes. We could see a coin got straight up 10 times ( or 10x in a trader's slang ) or go straight down. These are supposed to be present, nobody could learn to walk without falling down.


Check My Profile @jaedea

The stock market trades happen in the Share/Fiat Currency pairs which means that there is only one entity that fluctuates, which is the stock value. But in the case of crypto trading, for a newbie, what he/she sees is a market where both the pairing quantities (Altcoin/BTC) fluctuate with respect to fiat currencies, what he or she doesn't realize is that importance has to be given to the net amount of bitcoins that the crypto you hold values.If you take fiat currencies out of the picture, a crash like what happened later would have never happened because almost all of the Altcoin/BTC pairs are still having somewhat the same ratio.


Everything in the crypto world circles bitcoin, even if you don't realize it. It is the base for all cryptos. Everyone who panic sells don't realize the big mistake that they are making. A good trader will always check the net worth of his cryptos during a crash. Bitcoin is a Million Dollar Idea, hands down! It will hit a Million as the market progresses, it may not be today or tomorrow, hell! it may not be even after a hundred years, but it will surely reach there as more people come to understand about it. As mainstream adoption progresses, Bitcoin will hit top heights so will the crypto market cap. If the crypto market cap could grab at least 1% of the global market cap, we will see bitcoin sitting at around 25,000 USD which would be likely be happening this year.


What I would like to tell you is to leave fiat currency completely out of your mindset while you indulge yourself in cryptos. Bitcoin will rise and rise and rise, it is not a bubble as many others say, it is the future. Try to grab onto as many cryptos as you can see.


Cryptos are like Pokemon, you gotta catch 'em all, not just catch them and when they become weak, release it to the wild or trade them with someone else ( Remember the story of that little Charmander who became the fan favorite **CHARIZARD** ).

It is better to sell a currency when it alone crashes and even if you do so, make sure to strengthen your position in that currency when it becomes stable and start to rise again, which is a great tactic. But selling off your cryptos during a total market crash, like the one which happened during the time period of December 2017 to February 2018 is absolute foolishness. HODLing is an art, believing in cryptos is the only way you can be successful in this field. Cryptocurrency market is something that is meant for people with patience. It is not a "Get Rich Quick" scheme ( well maybe if you are lucky ), rather you have to be interested in cryptos, you have to be a believer. Invest only what you can afford to lose.


Finally a quote by a believer in BitCoin:

"The customers we’re talking about aren’t trying to be anonymous. You know they’re willing to be known, so the Bitcoin technology is key, and you could add to it or you could build a similar technology where there’s enough attribution that people feel comfortable that this is nothing to do with terrorism or any type of money laundering.– Bill Gates"

From Bill Gates Says "Bitcoin Is Better Than Currency"

Source



Disclaimer: 'The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a duly licensed professional for investment advice.'

qara-xett.png

Check out my most recent Steemit Posts.

img

Hi There! Check Out My Introduction Here

img

My Views About Steemit -The Decentralized Social Media Network!

img

How To Improve Your Post Appearance And Appeal!

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
Sort Order:  

Congratulations this post will be promoted by our Steem Medal! If you want more promotions upvote content on @how-to-basic and @petar.pekovic

image