Five reasons why newbies give up on crypto
It is becoming a trend to give up on things you started out with a mindset that it could someday change your life. This trend is all bad and probably the greatest reason why people don’t have new year resolutions and just move with the flows. Well, giving up on things is quite evident in all spheres of this life and it could also be seen in the crypto world.
A colleague from the office recently sold all her crypto bags and used the money to take care of herself. In her defense, she has lost over half of the value of what she invested, and she cannot risk losing further so she decided to spend her money on bags, wears and food. A lot of people also fall into this pitfall when things do not go their way.
This article will be talking about five things that make newbies give up on crypto and how to navigate during this pitfall. The reasons are listed below.
- Dips
- Scams
- Wrong investment
- Inadequate information about the Crypto market
- Wrong Mindset
DIPS
Talking about Dips, even the most professional and veteran crypto is always affected when a major dip occurs to the coins in their bag. Most especially during a major dip period where a lot of coins dip and the value invested in the first place can not be gathered anymore. This stage worries everyone but worries the newbies most as they are scared that their money is gone.
While the experienced heads will be racking more dipped coins into their possession during the dips, newbies will be looking for a way out. That usually involves selling their bags and leaving the chain altogether. To ensure that you as a newbie make the most of the dip season, it is advisable to buy more of the dips and sell as soon as the market starts recovering instead of selling the dipped coins for peanuts.
SCAMS
Scammers target newbies in the crypto space a lot and that’s a major concern for the blockchain world. Even the oldie at times falls prey to the scammer's gimmicks but that won't result in them leaving the technology, instead, they learn from it and grow and that’s what the newbies should do too. Learn from their mistakes and recalibrate their desires towards getting the best from the blockchain. Mind you scams on the blockchain can happen in any form, it is your duty to ensure the safety of your bags and money.
WRONG INVESTMENT (REKT/LIQUIDITY REMOVAL)
Over the last three years, I have invested in the wrong coins which got away with all money and investment and on top of that, I keep moving and looking ahead. Newbies have always mistaken cryptocurrency as an oil-rich fertile ground where they could invest and get huge returns the next day. That thinking is wrong and hardly true. They are some coins that yielded nothing in form of return from investment as the owner withdrew liquidity and they are instances where the coin will REKT from lack of trading. The secret to avoiding this is diversifying investment and not putting all your eggs in a basket.
INADEQUATE INFORMATION ABOUT THE CRYPTO MARKET
The truth is that most newbie investor wants quick cash without having prior knowledge about how the market works. Most often than not, we see adoption when the market is doing well and it is all greens, newbies joining at this period. What the newbies do not know is that during the greens periods, they are days when the market is been inflated and the market will always correct itself, thereby leading to a loss in some coins, It called a correctional phase. At this juncture, it will be too late for new newbies as their funds would have been halved because they bought at the top. To go about this, newbies should leave the coin as it is and buy the dipped coin because the market always bounce back.
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WRONG MINDSET
Just as clearly spelt out, newbies believes that the crypto journey is a smooth one and they could become millionaire overnight by investing $10. That’s the mentality and they couldn’t be more wrong. So when they invest and in a week, their $10 has become $8, they become furious and opt out. The lack of patience also plays its part during this scenario, and it sums out how a newbie thinks. In this crypto game, you think long term and not short time and that’s the way to survive and make it big unscratched.
NOTE: Crypto investment is a very risky type of investment that you could lose all your capital but with the right coin, tactics, information and patience, it could change one life forever. So play the long game while getting your facts right, then smile to the bank every day.
Posted Using LeoFinance Beta
All valid points. We see a lot of people entering with the "get rich quick" mindset which then causes them to get REKT and fall for scams.
Unfortunately, that is going to persist for a while until people learn what it is all about. Until then, the points you raised will keep going.
Posted Using LeoFinance Beta
thank you so much for your input. As i said, getting the needed knowledge is the gate way to experiencing the richness of the technology
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