I woke up to a fall in the price of all cryptocurrency. Using the crypto term it is called a "dip". Ordinarily, I would not be bothered but this time it affected me.
Few months ago, I got intrigued by everything crypto. This prompted me to start asking questions from friends about how the whole cryptosystem works.
A friend of mine from way back in university was of great help. He told me all the basic things I needed to know, told me how the market works. He told me about the benefits and whatnot.
Suffice it to say after our conversation I wanted to invest. I wanted to benefit from what crypto has to offer. A few weeks later I told him to teach me how to buy some coins.
He told me to get a trust wallet, I am a beginner so he will not advise me to go to Binance. I sent some money to him to buy some coins and transfer them to my trust wallet.
Since he was someone I trusted and I was comfortable with the idea of giving him my money. We finalized and he bought the coins he thought were okay.
Fast forward to this morning, I woke up and every crypto enthusiast on my contact was talking about the dip. I checked my trust wallet and I felt different emotions. Ranging from shock to sadness to "whatever happens". My supposed investment was now below my capital.
My investment was supposed to be a long-term one. Something that will benefit me in the long run. That is one of the reasons I am fairly relaxed, there is a probability that the coins will rise over time.
I may have lost some money today but one thing I have gained is the lesson it taught and the experience that came with it. I now know better.
Moving forward I will do proper research into the crypto markets. Know the relatively stable coins, know the ones with prospects, do a general background check on each coin before investing and all
I have realized that even though my friend intended to help, sometimes one has to not rely on people's opinions. It is better to have a concrete idea of what I want and then ask for inputs from those who know better than me. It is also better not to go into the market when everything is "green."
I believe everything will be "green" again. It may take a while but patience is the key.
I'd like to know if you have been in this type of situation before and how you handled it?
Thanks for stopping by ❤️
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it has been a crazy week for all crypto enthusiast and pro, especially those into future trading, they got liquidated and lost all their money, i refused to let crypto break my heart, i converted all my coins to a stable coins, will be gone for some days till the market is green again..
Yeah a friend of mine had all his crypto liquidated. It's crazy.
Converting your coins to a stable coin means you will run at a loss right, because the value has dropped.
For now I have decided to stay away from my app till it's green again.
Thank you for your feedback
Researching about coins to invest in will help you a great deal. Learn how to study the market on your own and I believe the coins will rise again. Just like dry bones came back alive.
Yes I believe so too. Thanks for your comment
You are welcome
Same thing happened to me the morning. It's very absurd what could happen within 24 hours. People lost so much money last few hours.
Yeah, I checked my wallet last night before bed and I was happy with what I saw. Only to wake up and see something else😂😂
I hope it's only weekend dip. Hope the coins rise again. Better do yeild farming to grow your crypto.
What is yield farming?
Like staking your crypto in defi.
Oh okay. I get it now
Don't panic, crypto is like a roller coaster and especially Bitcoin will hit new highs in the long run.
Thanks for the encouragement. I do hope so though
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I was amazed too. A slightly different morning, we got used to the rise of cryptocurrencies in the last few days. We have nothing to worry about they are constantly rising and falling. I wish you luck. 💪😃
Thank you!
sorry about the loss. it happens, maybe not that often as before. the market is in constant flux. try to learn a thing or two from the experience. cheers!
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Thank you!
Sorry about the dip. It's called a 'bloody Sunday' because of the dip of BTC followed by the altcoins. An unpleasant situation for most people. Let's stay optimistic that these coins rise again. 🙂
Yeah I hope so too. Thanks for your comment