I was speaking to a friend recently who has built a fairly comfortable life for himself by trading. Learning the strategies of "enter" and "exit" and mastering the art of trading for more than two years, the reason he preferred trading was because it allowed him to put to good use, his ability to make correct decisions based on thorough analysis.
He was the guru when it came to trading and overtime it increased his finances after initially starting out with a tiny basic investment. Trading brought the fast "money", the fast money brought the fast "life" and it somehow made it difficult to even build. So many people have built the wrong mindset towards crypto, they fail to see a certain sustainability in it due to the volatility in prices; the notoriety of the dips and the popularity of the gains.
They could hold on to jobs where the employers could owe them more than 3 months, but they find it very difficult to HODL when it comes to crypto especially when it came to prices.
The Fast & Slow Cash $$$
However, we all know that one can choose the fast lane when it came to crypto or choose to build as well. Trading, for example, helps people with very small basic entry money to expand their money overtime and when had happened, it can then be possible to diversify.
I've seen people who have been lucky in their first dealings with crypto: No trading knowledge, no experiences, nothing. Yet, they got so lucky following the financial advice of others and then suddenly they became unplanned millionaires. Most times, the Financial background of these people play an Important role in how they spend these moneys and the final nail in the coffin is them, failing to diversify and build a standing for themselves where they never have to be poor again.
The problem with these people is that they have created a "ponzi-esque" mentality to crypto which blinds them from seeing it as a tool to attaining financial freedom.
Crypto for one can change people individually, away from government's attempt to grow GDP and the country's wealth in general. In a country like Nigeria where unemployment and Inflation is rendering the average person poorer by the day, people have resorted to quick money, buying into MLM scams and fake projects offering them up to 50% APR for their money.
This is why an average Nigerian might make gains when they're exposed to crypto and instead of seeing it as a sort of capital, they see it as a lavish money and also believe that they would continuously get lucky without investing. Anyone who is either hodling or day trading understands the Importance of having basic capital.
While crypto can mistakenly make one rich, it depends on the person to decide if that sudden state of abundance will become a one-time thing.
The Dividends In The Right Places
Free money is occasional when it comes to crypto, with getting involved in the right place at the right time, people can easily change their financial standings, but staying in a job for 10-years for example might not. One of the nicest aspect of hive is that you can come in as a complete noob, but actively grow in all ramification.
It's the right crypto project for people who are transitioning from centralization in search of ways to better their lives, it is even better with the right amount of investment. While crypto is volatile and unpredictable it's miles better than inflated currencies, scrap jobs and unhealthy working environment especially in some African countries.
Back to my friend who trades, we have compared day trading and hodling, and we have come to conclude that the former is a great way to raise money for the latter.
The Essence Of The Right Decision
At the end of the day, most people will only get to live reasonable lives if they make the right crypto decisions. This is synonymous with every Nigeria who have been failed by the system but has managed to build a reasonable standing over the years by putting in time, hustling, growing at a minimal pace and hoping for the best.
The truth is, crypto gives an even better chance and while someone from a good country with a working system cannot relate, a person who isn't in such a system can definitely relate. Living in Nigeria for example is affordable but not if you're earning in the traditional currency, that would be tantamount to poverty.
However, earning from those little gains, those smart choices in dollar valuation of course can prove even instrumental in building sustainability to some extent.
Interested in some more of my works?
People & Assets: A Probable Investment?
Emotions: The Impressions & Expression
War-torned (An Original Poem)
Sunk Cost On Limited Resources & Time
Crypto: An Aspect Into Personal Finance
My name is @Josediccus, a young Nigerian entrepreneur who is a Vlogger, A Psychologist, Poet, Sports Writer/Analyst & Personal Finance Coach. I'm using my contents as a process to create shared meaning as well as create expressions through which people on/off hive can relate. I believe content is a process to be enjoyed and relished and I'm up for any collaborations in my field stated above. Cheers
@Josediccus, your brother-in-pen & heart
I'm hoping to reach more people who are broken at heart and spirit, so share on any platform or reblog
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When Hive dipped back to $1, i wished i had sold when it was at $3.50. anyway...things happen so we learn and also, i wouldn't want to rush into anything. But you're right in how most Nigerians view crypto.
Crypto is not short of all those wishing and all those regrets, you'd eventually see it as a rather useful experience for you overtime. At this price, it's still a great deal you know.
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I don't think I can fully understand what happens in Nigeria but I do think that crypto is a great tool for 3rd world countries. After all they don't have all the bloat the first-world countries have.
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This view of crypto being the quick get away, a chance to the moon and Lamborghini has actually deprived a lot of people from experiencing fruitful and true projects that you can build and get established from. The mindset of one seeing day trading as a means to the next is rear as we easily get blinded, with trading gains and unplanned overnight stories, causing people miss out on what's being developed and what can be achieved overtime... Amazing post here
I can relate. Earning in crypto, most importantly the $$$ is one of the best thing to happen to Nigerians. Except you invest so much,you are most likely to still be in a good position even if there is a dip.
Yes, right decisions! But a little mistake here and there shouldn't hurt if naira value keeps dropping 😀.
Ps: @josediccus ,I'm ready for you to share your knowledge, how do I contact you?
Not really a blockchain gaming article, please don't use the oneup tag for unrelated content.
Okay, so it's basically blockchain gaming, alright, noted
Crypto is giving a lot of people a new chance i believe.
We will see many more people pulled out of poverty by it.
:)
Unfortunately it is a transfer of wealth that is going on.
If there is someone winning then there is someone losing.:(
However
With The Hive Eco System, the tokens attached i believe we have an opportunity around that, Because regardless if your a content creator or consumer your activity is needed here.
Very unique situation don't ya think?
@josediccus
Have a wonderful day
I never really consider fast money as I have never really experienced that phenomenon. I think the reason is I look at Warren Buffet built his empire. Slowly 1 dividend-paying stock at a time.
Those are the business model that I find the most attractive.