I quit buying coins and this is why
Bitcoin is no new game to anyone anymore. Even the smallest child have heard about Bitcoin. As good as it may sound, it has a few downsides you must know about.
This is quite a story. I feel reluctant to share but It is necessary I tell you how sucking it is to have your hopes up. Maybe you are currently a flocking bird who is in search of earning big and you happen to be given a few choices on "how" and " where"to get your money from and maybe someone somewhere silently spoke into your ears"Get the coin, and make some dope money". It should be the devil with it's trick again. Don't listen
Let's jump right into what really happened.
The entire mentality has been changed, it feels like the atmosphere is being poisoned with " Incomplete Information". A lot of people are out there speaking much of the ever bright side of getting the coin stacked up and waiting for it to rise but a lot really get disappointed just like my friend.
My friend happened to be ignorant, a little boy who was told the bright side of having coins as an asset.
According to me and every other folks investors, an "Investment is a game of numbers, knowledge and a heart for risk" my little friend met with a dealer who is willing to sell his bitcoin at a cheaper rate, he felt too desperate having the prices so low. Maybe due to the dip he felt these dead bones can't rise again.
Well,my "less-informed" friend took off on a sprint and placed everything he owned on it. Yeah, he was so dumb to have his life on a fluctuating market without the knowledge of how to earn, when to buy, when to sell, how to sell and a few petty things that can be called "Knowledge" so said, after a few months he wanted his money back, he was expecting a quick return after a month."Why don't I have a big load of cash after putting in a lot? Why is my money reducing?I wasn't told I could lose money? So sad the beauty of owning coins was shattered because he refused to seek knowledge before investing.
I felt we all need to speak much about the risk attached to owning cryptocoins so anyone can be deem sure of what they are getting into before they blindly have their lives placed on a fluctuating market only to hear the word "Dip" and voula! They are depressed and thinking of suscide.
THE UN EXPLAINED FACTS ABOUT OWNING A COIN
1. The fluctuating market headache : Probably before you think of placing your life earnings on owning a coin, why not take a quick look at things lately.
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Cryptocoins is much of an investment if you understand how the game is being played. You shouldn't play it with ignorance.
Learning about few details will save you some stress.
The market is fluctuating, never stable. You need to know your game well to win.
Never invest in a business you don't understand- Warren Buffet
2. YOUR WALLET ISN'T HACK PROOF
Before I get the heat,I know a wallet is built to be "Secured" well it still doesn't sum up to the fact that therr can't be loose ends. You wallet may likely be lost to a scammer or due to carelessness you have your details unconsciously displayed. With other loop holes you can loss your coin and Investment.
Don't you think owning a basic knowledge of these petty things can save you some headaches? I thought as much.
3. Maybe the extra fees can be considered.
On every crypto currency purchase you pay a fee, for wanting to take out your coin, you pay a fee, for brining in new resources 🥂😅you also pay a fee.
These might really be something small but banks also charges fee too. There's no big difference.
Before you invest, take a chill pill, gain the required knowledge, learn about its odds and after a proper analysis you can then invest enough that wouldn't hurt you much if you are to lose it.
Disclaimer : This content is written out of experience and knowledge from others. If you find it wealthy enough, good, if you disagree still good, don't take too personal.
If you find this lovely, reblog and leave a comment. I'll love to hear your side of the story
Posted Using LeoFinance Beta
All valid points. It is absolutely necessary to know what you are getting into. One should understand the pros and cons and the risk associated with the market and assets someone is getting into. This market is early and volatile. Risking your lifesaving is never a good move, but tempting. Controlling emotion is the single biggest flex you should have in this market.
Definetly. It can really be tempting but it is important we manage emotions well so we don't run at a bigger loss
It is for sure extremely important to know what you're getting into. There is so many saying "only invest what you're willing to lose" for a good reason - because it is so volatile, you can always lose everything you entered with.
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Definetly. Knowledge first🥰
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