Whenever I say something about bitcoin or cryptocurrency, people keep asking me same questions every time. “Can I get $10,000 if I invest $100”?, “can my money get completely liquidated”?, “how much will I be making everyday”?, “can I remove my money after investing”?, this last part is the funniest one because I can’t help it but laugh, “do I need to bring people to earn from my bitcoin”?. These are my answers for every question above.
- Well the market is volatile and nobody knows. You could be lucky but never get your hopes that high.
- Yes it can, if you invest in a crypto that has no utility nor liquidity and scam coin. You can be rug pulled and you will lose all your money. But if you invest on a crypto with utility, liquidity and has a high market cap, the odds of getting liquidated is minimal.
- Nobody knows the crypto market is unpredictable. The crypto works on supply and demand, and a lot of people are trading it and I can’t tell you the directions because the market is based on traders emotions. I give example with our famous chaotic market mover “Elon Musk”, you could be having high hopes on the market for a particular week and it takes one tweet from that man to destroy all your technical analysis.
- You can always remove your money after buying bitcoin by simply selling it. Except you invested on a fake exchange.
- This last one is funny because Bitcoin is not a Ponzi scheme or a multilevel Marketing organization. Bitcoin or cryptocurrency is not a pyramid scheme. Except scam coins that the developers make only to pump and dump the price and sometimes rug pull it.
After giving them all these answers I settle down and have their attention. I start by explaining that the market is a very volatile market meaning that it rises and fall a lot and it doesn’t care about your feelings and emotions. This means that you have to prepare yourself mentally. Most times it’s scary, like watching your $10,000 fall down to $4,000, or buying when it’s high and few hours later the price comes falling down. You should know that this is part of the package and the experience and wait is all worth it.
image from Bitdegree
Personally I love buying more when the price dips. It’s like my personal guilty pleasure. I derive joy in buying the dip, I see it as my own “crypto Black Friday sales”. Because I don’t know when the price will get that level again. So yeah, always remember to buy the dip.
You should always keep this at the back of your mind that crypto is risky and you shouldn’t invest what you can’t afford to lose. But of course you know higher risk, higher rewards/loss You choose .
Another thing you should know is that you should do what the Whales usually do. Yes, you might be asking what are whales? I don’t mean the literal whale 🐳 animal, whales are big time investors in the market. Their actions on the market reflect conspicuously. What they usually do is sell when it gets high and buy when it gets low. So you can do that too. But for my personal peace of mind I hodl. Because no one knows when the is going to fall or rise. So instead of always being scalping in a vigilant way, I hodl. But I stake my tokens to get incentives.
So these are things you know before investing into crypto Currency as a newbie. You can share your ideas and thoughts below let’s interact.
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Lol I find this part funny....well, it’s not like it hasn’t happened before anyway, but anyone that comes into crypto with such hopes must have some guts.
I wonder what will happen to the markets should Elon declare that he’s selling his 1.5B dollars Bitcoin lol...the dumping will be epic but it will be his loss.
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I kid you not man. I think about that too
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