Today I want to talk about a big trap that many people fall into. That is checking the digital currencies too much and believe something magical will happen. It won’t! Especially not fast. Things will grow in value slowly… Or go down.. But why would it go down when the whole world is going digital and it’s the future?
The Winklevoss twins have been calling Bitcoin especially for Gold 2.0. That it’s the new way of trading value which is much better than the old system. But checking the stats everyday, every hour will drain you emotionally. My strategy is to hold and whenever I need some extra money I will just take out what I need. Because Bitcoin for most people is an investment. And if you take out and in too much then you lose lots of money because of fees.
My suggestion would be that you take out a little and start a project and start build your dreams. Put the digital currency to use if you make a profit and build a successful company. And then even if crypto market would crash you wouldn’t be so emotionally affected because you already got a successful business going on the side. I look at this crypto thing a bit like a video game. It’s a bit fun to play around with but I only use with money I am willing to lose.
I’m not coming at it to make some quick money. I’m in it for the long term 5+ years time! I want to become involved more and learn about the industry and various other coins that enters. What I find exciting is the engagement people put into these projects. That is very fascinating and exciting to see. It’s very inspiring because it means that innovation doesn’t end with social media. But that we are building Gold 2.0 and Social Media 2.0 with Blockchain technology!
▶️ DTube
▶️ IPFS
If you are smart about choosing your coins. Then their are a lot of coins that get you a decent ROI, without needing to put a lot of efforts in them.
I rather choose to spend my time writing on Steem. Instead of being worried about the stock charts every other minute.
When one of your holdings goes on a bull run it does happen suddenly. You randomly check it and see a coin has just doubled in value you need to be on the case and take some profit at the top.
Well it depends. After you have profit in hand there may not be something useful you can do just having it in fiat. May be better to just keep it. But if a person want a profit to go on a trip or something then of course it could be nice to cash out!
I guess that's how you can see it, but that's only good advise for those wanting to make a long time investment. In the same time though, considering the volatile nature of the market, you really need to be up to date as there is the risk of a currency just falling out of the trend and will just plummet into the ground. Therefore you risk a lot if you don't check often enough. Besides that your point about crypto currencies being safe for the future is very misleading. Yeah, the whole concept of a blockchain based currency is most likely capable of at least taking over some of the worldwide cashflow. But we also have to evaluate the practicality of them. Just updating the Blockchain for you Bitcoin wallet takes up an enormous amount of time the first time you install it and it's going to grow into oblivion. This also carries the danger of to high energy consumption for every new wallet and with every new wallet the consumption generated by every transaction also rises. This combined with the rising cost of Bitcoin mining, which kinda is the "king" of crypto currencies, is dangerous. I predict a steady rise in most relevant currencies of today for at least some years to come, but there will be a crucial point at which they will become too unpractical leaving us no other choice but to either swap to a newer currency, instantly destroying whole tons off cash invested in Bitcoins and other cryptos of the time, or getting exponentially increasing energy sources. The second is obviously not a possible long term solution, therefore the first applies, making this point in time very crucial for those still holding onto their currency at that time. Therefore actively checking values is necessary to not lose everything when this moment arrives. Also the rising energy consumption ensures a steady increase in value before this crucial point, so some currencies will start to lose their appeal for any other use than daytrading and investing. This will be the starting point of any currency's downfall, kinda like a "Bitcoin doomsday".
Thanks for the in-depth comment! I'm sure you are right that we will see many major crashes. But as long as you invest and is fully aware that it can go to 0 then it's all good. But making a profit and constantly scan the market for what is going on is good. But the world is pretty safe so even worse case scenario is not that bad for most people. But everyone also have different levels of risk tolerance. We don't know where stuff will go tomorrow with going up to 10 billion humans anything could happen! But it does seem like we are going to a more digital age that seems to be the trend. Some people thrive during chaos and others thrive when things are calm
Good content, please more.
Thank you! Yes I will do that. Got many other topics to cover!
I am not saying you are wrong, But i disagree. I don't think there is anything wrong with checking the market a lot. This market is VERY volatile and if you invested in a coin that you are not willing to HODL, then you may miss a huge bull run if you don't check often. Coins can sky rocket and then plummet in the same 24 hours, i have personally witnessed this!! It is absolutely amazing and thats what i love about it. If you are simply buying and HODL for the long run, then sure there is no reason to get emotional every hour looking at the market. I personally love the rush. Anyways your post is not right or wrong, simply an opinion , same as mine. That is what makes Cryptocurrency so awesome!!!! Good luck with your investments. I am posting a link to a poll i just started. Feel free to check it out and get involved. Thanks
https://steemit.com/crypto/@keepinitreal/what-crypto-are-you-holding-non-promotion-poll
Yes as you said there are many that love the rush of things going up and down ;) I do both!
can't help ! It has become an addiction .
I would become too stressed haha. I mean it's not like anything magical will happen. For sure it will go up in value in the long term. Which is the most important part for me that I have made a solid future investment that my friends won't do. Not anything magical the digital currency can do for me once it's invested. What I think about is if I take some out how I can invest it the best in building my business.
And I always consider if I make €5000 per day how would that change what I do and how can I maximize the value I give. Most of the time you realize that money above 300 euro per day won't really make any real difference in your life. Other than material things you can upgrade and pleasure. But those are just fleeting. Building a long term business that is super rewarding every single day. The world is becoming more like a video game and as you say it can be an addiction. Video games are exciting and very engaging!
yeah , i have planned to withdraw some portion out of crypto and invest in some real life business in future .
The fact that it trades 24/7 does not help either.
yeah but that's also the beauty of it. You can make money 24/7 if you are a good trader !
This is true. I’ve spent may a nights trading at 2am. What coins are you looking at now?
i am in wabi , they announced masternodes . Bnty announced partnership with Lamden . Holding ven . wbu ?
I’m pretty diversified: LTC, ETH, BTC, XLM, XRP, TRX, EOS and QSP. It’s all about cost dollar averaging.
get some wabi , ven both are must . Do some research on it. EOS and QSP are good ! TRX is high risk !
get some low market cap coins. All of your coins are high mcap . None of those except QSP and EOS will give 10x in mid term.
And imagine when pay outs are in 5 minutes from services like Steemit! Haha now we are talking of truly a world that never sleeps! Anybody can do anything at any time because they have the money instantly... Very curious how that will transform society. Talk about many that will be left behind! Good luck trying to control it...
The next thing that will truly change society is when we can hand in all our material objects into a machine that automatically detects what it is and it's value to the world and instantly give you a payout of cash digitally. This would reduce so much of clutter from people's lives and make them more focused!
yeah crypto , blockchain , IOT ,AI are next revolution !
Which cryptocurrency is more risk free?