Financial advice? No. I just share some experiences
Hello community of Project Hope, and Hive in general, today I want to share some learnings that I have had from not very good experiences in cryptocurrencies, but that undoubtedly has taught me, surely many things of which I will speak next are already stage more than roast for many, however, I know that there are many people entering the crypto-world nowadays and may be the main focus of many projects that behind them there are those who are only interested in taking advantage of the situation without caring about the efforts they might make to obtain some capital to be able to invest.
So, speaking from my experience, I'm not a financial analyst, much less a financial advisor, I just want to share some things I've learned since I've been in the cryptography world.
Investing in cryptocurrencies always carries a risk
One of the main characteristics of cryptocurrencies is its volatility, which allows the price to have great fluctuations, although it is true that on the one hand the traders take advantage of this to make profit, the reality is that for many this is usually practically frightening. If they buy a token at 0,5 dollars, and after a few hours or minutes its price falls to 0.1$, any person who is entering the crypto-world for the first time could think I lost my money. And this is not necessarily true, unless you sell immediately, but if we are guided by the reality of these prices, it is that in a few days you could multiply your price, and exceed by a lot the original purchase price, or simply stay for a long time below that initial purchase price. Or do you?
Working with cryptomonedas is something that requires a lot of patience, achieving a balance between greed and the fear of losing money, something that really is not that easy.
Do not invest money you are not willing to lose
This phrase is literally a "CLASSIC ", however there are those who even knowing it dare to go into debt to "invest in cryptocurrencies". Of course, everyone has their own way of managing their personal finances, but, this is something to keep in mind. How volatile and fast the crypto market moves can make some projects lose interest from the community in general, and that it devalues in even disappearing, it can happen, it is a reality, and the money invested can be lost that way, or take a long time to recover. So, be careful, I repeat: "Don't invest money you're not willing to lose."
Educate yourself and study the projects very well before investing
Recently I saw, along with other colleagues, an option of good return, actually very very good return, we tried it for a while and indeed, there was good profit, everything was going well, no trace of fraud or anything like that. But, this was our impression from the knowledge we had until that moment, which ended up not being enough to avoid falling into losses. We were guided by the previous rule ("Don't invest money you're not willing to lose"), however, seeing the possibilities of profit, we commented to a group of friends so they could make a profit too, but after a few days, literally this profit option disappeared, and they took part of the capital invested by all, some if they could recover some part of it.
I know that this incident had a strong impact on the economy of some people, for not respecting the previous rule, but beyond that, I learned that the best thing is to keep some things quiet, so that in some way there is no commitment on my part in some loss of others. That somehow you can end up hurting someone's economy when you wanted to help them.
For now, not to make the story longer, I have shared some of the experiences that I have been able to gather in these years of work with cryptocurrencies. I have become a little more cautious to invest, clearly, it is necessary, but it has been after some losses, that obviously I don't want to have anymore, but being in the cryptography world, there is always that possibility, like in any other business.
Which has been your biggest experience in the Crypto-world? Which has been the one that has taught you the most?
I'd like to read you in the comments
Thank you very much for reading me.
Until a new publication.
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Good and valuable post, Jose! Especially for those that have just come into this crazy crypto world... :)
This is true, but I would add just one thing more... INVESTING of ANY kind carries a risk...
Take care and thanks for sharing your experience... ;)
Hello @ph1102
Certainly, every investment has its risk, it is something that must be taken into account, very present always.
And very much in agreement with this; "The crazy world of cryptocurrencies "
Thank you for commenting
Greetings @ josevas217, thank you for sharing part of your experience in buying and selling cryptocurrencies.
As you well point out, investing in cryptocurrencies carries a risk that, in my view, is an unsuitable topic for people who tend to have an impulsive character with a fast-paced lifestyle, as this aspect will not help them to be successful in this world. , essentially because of the volatile nature of the markets. I will tell you about my part of my experience, I remember that when I started buying and selling cryptocurrencies, in the first entries it was excellent, then the setbacks began and with it the big losses, however, I did not give up and was getting used to a strategy It was hard to respect her, as I have been educating my mind and following my strategy to the letter, I have achieved balances that generate modest profits.
Hello @lupafilotaxia
You mention an important point, is educate the mind and follow the estarategi, no doubt that is something vital in the world of cryptography. Otherwise, impulsiveness can lead you to lose everything.
Thank you for commenting.
It is true what you express investing in crypto currencies always entails a risk, one of the most outstanding characteristics to consider of crypto is its volatility, something that terrifies them a lot but others like it and take advantage of it to obtain profits.
Your article is very educational since you share with us important points to consider if we want to introduce ourselves in the world of crytomonies.Thank you for sharing
Thanks for your comment @rbalzan79
Yes, starting in the world of cryptography is not easy, it is very difficult to understand it without advice, but we do not always have people who collaborate with us.
Hello friend @josevas217 I have also learned a little about these processes, unfortunately through losses just like you, but I think that to learn from mistakes it is necessary to make mistakes.
Hello @franyeligonzalez
Yes, I believe that mistakes are the best to learn... The human mind is a particular thing.
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