Hello All Dear Steemit Friends,
So guys today i want to share something to you that will helps you to understand that why you need to invest in any crypto currency very Wisely and carefully because if you are thinking that you can just buy any crypto currency and gain huge profits by holding that for long term, then you might be Wong.
A crypto currency with good development team and real value is the one who growup in the future and only that kind of cryptos are safe for long term holding but their are some crypto currency also which are not safe for hold in long term and if you invest in them and leave them for long periods then you might get a huge loss from those coins,
And a good example of this case is "BitConnect" well many of you already know about BitConnect that it is a lending platform where you can lend you Bitcoins and earn interest on them and this coin is hiked up by many youtubers and because of that it reached around $400+ and that's why people hold it for more longer and expecting huge profits by this cryptocurrency,
But unfortunately BitConnect published a news that they are going to discontinue their Exchange in a week and pay all its lenders in Bitconnect coin and that is very bad move by BitConnect because they are allowed to generate as much BitConnect coins as they want and they just simply give it investors BitConnect coin instead of their Bitcoins that they use to lend on BitConnect,
And because of that the price of BitConnect got dumped unimaginably and if you see the last 7 days chart then you can see what is happening with BitConnect and how much sell pressure is there in the market right now,
And now you can understand that their is no guarantee that if you hold a cryptocurrency for long term then you can 100% get profits because sometimes this type of things happens that will totally destroyed your portfolio within a week or so,
You can read the official news where BitConnect says to discontinue it's lending operations and exchange in coming week with a lot of more important information,so just read this news fully to understand this whole matter.
So guys i think after reading this post you are now do more study about a cryptocurrency before buying it and leave it for long term and in my personal opinion we never leave any of our invested cryptocurrency for long term because or if you wanted to do that,then i would suggest you to use "Stop Loss" to minimise your losses.
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That's why the crypto market is unpredictable and no one know what will happen in next minute.
By the way i am lucky that i didn't invest in it.
Hahah that's great and that's why i always use Stop Loss feature :)
BitConnect is a great example of why it is so important to diversify your portfolio in crypto. Whether that be holding bitcoin, alt coins, setting up mining rigs, cloud mining, investing in ICOs. The possibilities are there and it most definitely mitigates some risk in the long run! Great post, I see this as a learning experience for the crypto community. Happy Trading
Yes very well said my friend and we don't forget the risk of losses all in crypto trading :)
Nice analysis bro.even i have also stopped reinvesting and started to pull out interests for my other crypto investments.davor coin and dekado are some other good lending platforms,if anyone wants to try(shouldn't invest more than $110).
thanks and i personally don't like to stuck my btc in some kind of lending platform so iam happy with my current holdings :)
I wish I had read posts like this earlier.
thank you
Thanks buddy :)
welcome. followed!!
Hello @thecrytotrader...i am Abhishek Rawat ...i saw your posts today i liked them very much can i get more of the information personally...if yes then pleass whatsapp me ...here is my no. +918878629970 ..thank you :)
well you can chat with me on Steemit.chat bro :)
Ok i will create acc on it ..thanks :)