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RE: AskSteemit: What is something you wish you had known earlier about cryptocurrencies?

in #crypto7 years ago (edited)

@acidyo Similar Stuff with the trading. I would move in and out of altcoins too much in November to jan and fomo alot.

I later decided to pick a few coins and not touch them at all. Keeping them in cold storage on my nano ledger hardware wallet has worked at this and thinking long-term. I also started writing altcoin reviews on steemit to reinforce my own research and understanding of the projects that I invest in as well as my commitment to and excitement for them.

You can't get rich overnight in crypto, and my timeline during the mania was that I would. You need to HODL for at least 2-3 years + to start making substantial gains. At the end of the day there is a million times more opportunity to get rich in this market then in traditional financial markets though if you do some research and pick sound projects prepared to ride the lows and highs and wait it out.

This Bear Market has been a great period for all of us to sober a little and actually start doing the research and reading whitepapers. As the market becomes more competitive and saturated it is important to pick the best projects with the best teams, business plans, marketing strategy and working platforms/development. There is a lot of junk in the market today and the bear market has flushed out a lot of the shit projects as well as the weak hands.

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At the end of the day there is a million times more opportunity to get rich in this market then in traditional financial markets

Exactly! I lost over $5000 in FOREX after building it from $500 investment. I think FOREX is highly manipulated.

@eurogee