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Today, I’m writing about something common in the crypto community. It is more important now that there is an increased interest in Bitcoin and cryptocurrencies because of the amazing rise in Bitcoin these past few weeks.
Over social media, you’re seeing social media posts with a common phrase:
Imagine if you bought Bitcoin when it was at ________ in 2017.
Well as newbies, they are coming into the market with wild expectations that are different from the realities of cryptocurrencies. You can ask some what market supply, total market cap or what circulating supply means and all they will show you is the 3-5% gain on Bitcoin they made some days back 😆
You might wonder, is this a critical issue? Well, cryptocurrencies are booming like crazy. People are making a shit ton of money trading cryptocurrencies and this attracts a lot of investors into the industry, both small and big alike.
For example, a giant digital asset management company, Grayscale currently has more than 500,000 bitcoins. Some smaller investors are buying bitcoin as an investment plan.
So what entices people to cryptocurrencies and trading? I think the major factor is the double-digit gains they see on different platforms. Humans are greedy in nature. No one wants to miss out on an opportunity to make a 50% ROI on their investment within a week even when this is logically impossible.
They join and get caught up in a web that will only let you go when you lose all your assets. What happens after making profits on the little Bitcoin they have? They move to trade other currencies without any knowledge on how to trade without liquidation and lose all assets.
Skip 3 months and they are back to social media claiming cryptocurrencies are scam projects 😆
So what are the expectations many newbies have when joining the crypto space without proper knowledge of blockchain and cryptocurrencies?
So many people miss out on Bitcoin and Ethereum when they are trading at a low price. They have watched Bitcoin move from less than a dollar to be worth more than $32,000 some days ago. They have watched Ethereum move from being worth less than $100 to be worth more than $1000. A lot of people regret selling the little crypto assets they had. Heck, even new blockchain projects prey on this and encourage potential investors to invest in their projects while it is low before it skyrockets depending on its use case and functionality.
So now they want to buy all coins that are pegged at low prices and hope that one hits $10,000 and they become rich. As a popular saying goes, they’re here for the money, not the technology.
As I said, humans tend to be greedy. So many gullible ones jump on any ads that promise to teach or show how you can make double your investments by trading cryptocurrencies. Well, Spoiler Alert!! A lot of trading gurus are as clueless as you. Some are still learning how to trade and think they can use the copy and paste formula to make some side cash.
I can rightly say that there is no way you can make up to 50% of your investment trading cryptocurrencies. If you feel otherwise, I’m open to hearing your thoughts on that in the comment section.
Now that we have highlighted the expectations you might have when joining the crypto space, let’s take a trip down reality lane.
The truth is, you can make profits trading cryptocurrencies but it can’t be daily. Neither should you expect making mad gains on trading regularly.
Always be prepared for a loss. How much you lose depends on how much you’ve learnt about how to trade with effective risk management.
One last thing: Cancel any thoughts you have on making 50% profit on your investment. It’s close to impossible. Most persons with this mentality are those who use money meant for important things and hope to make a profit from these funds before using them to solve issues.
Never use money meant for rent, tuition fees or hospital bills to trade cryptocurrencies. It is not advisable at all. Always trade with money you know you can lose without breaking a sweat.
If you’re new to the crypto space, and you know you are for the money and not the technology, this section is for you.
I get it. You want to earn as much as you can. Everyone wants to be financially independent. What if I told you there is a way to earn while learning?
What if I told you there is a way you can learn about cryptocurrencies and still make 10-15% ROI on your investments?
Well, Lightblocks Academy gives you an opportunity to earn while learning about blockchain and crypto trading. The academy even has a mentorship program if you need someone to personally show the way to getting greens on your portfolio. What’s more?
A premium subscription allows you to receive free trading signals for 12 months and become part of a robust community of crypto traders.
In my opinion, you should take up this offer than take a lonely journey and come back broken and wrecked.