Steemit Crypto Academy Contest / S3W2 – My Experience Investing in the Crypto Market by @cutlass

Hello everyone my name is Oshoke and in this post, I will be taking you through an article fo how i started my life out investing in the crypto market here in Steemit Crypto Academy Season 3 week 2

Discuss your first experience investing in the crypto market

My first experience investing in crypto was at early 2021s and it was quite enjoyable, I remember then all my neighbors and friends were new into the cryptocurrency market as well and we have heard testimonies of people buying shit coins and turning multi-millionaires over night and I was keen on taking my chances as well
Cryptocurrency has just started to make waves in Nigeria everyone was investing crypto spaces were hosted on virtually every twitter space you could think of, shit coin gurus were constantly listing potential coin newbies should buy, I was excited to take a leap into the crypto world as well so I carted my first dollar which was around 5000Naira at the time and bought my first cryptocurrency and I could say for sure the experience was thrilling, I would wake up every morning and check my Trust wallet hoping for some miraculous X10 overnight so I can withdraw and join the circle of those who have gained profit from crypto

What is your first investment in the crypto market and what drives you to invest in the crypto market?

The first token I bought was Pitbull, the project looked promising at the time, and to be honest I didn’t make proper research about the token, every Twitter shit coin space Pitbull was always popping up as one of the must-have tokens
I bought purely out of speculation and cause everyone around me had a couple of millions of it, When I purchased my Pitbull at around 10$ at the time I doubled my investment in the coin and bought an extra 10$ totaling 20$, a few months later that year around May-June the token pumped up and I went from 20$ to around 130$, that was my first profit on the crypto market I swapped to usdt and bought 30$ worth again when the value dropped again and withdrew the remaining 100$
My purchase I could confidently say then was influenced by my environment, I bought because everyone around me was buying.

Have you ever encountered any loss as a result of the instabilities in the crypto market? Discuss

Yes, I have, matter of fact after withdrawing my profit from my Pitbull token I had to send 50$ back to my trust wallet cause buzz was being carried around that there are other potential X100 coins we were supposed to buy.
After reimbursing my wallet with 50$ I bought more shit coins like Wakanda inu, Micro pets, little rabbit, Dogecoin, and BNB token, the market was a bit favorable at the time but I didn’t open the wallet till the end of the year at around December, I met my 85$ wallet at a total of 16$ during that period, seeing the market condition has been bearish over a couple of months I decided to liquidate all the asset there and withdrew a total of 14$ from around 85$ total investment that was a huge loss if you ask me.

What crypto assets are you currently holding? Why did you invest in them? Please take a screenshot of your portfolio.

Currently, I am holding two cryptocurrencies in high quantities, First is the CNS token which I started buying in little fractions just after I started my Cryptocurrency investment but in the late 2021s, I first purchased CNS of around 30$ currently valued at the time around 0.0014 the project was promising and the token had a previous high of 0.012 so I assumed it would go back to that value, the goal of the project was to overcome the biggest problem cryptocurrency adoption was facing at the time I.e volatility. It attempts to do so by self-regulating its token by using the CNR token which was a reward token to recover CNS tokens in the market by doing so containing the flow of the token keeping its value stable.
The price kept declining due to the bearish market we were in at the time and I kept buying the CNS token lately the token has been going bullish and I have a total of 775$ worth of CNS staled in the centric wallet reward pool and its growing as I am earning rewards and more token by the day.

The second highest token I am holding is the Somee token formerly the ONG token is a crypto-based social media platform set to take over from the likes of TikTok and Facebook. The token I have been buying in little portions over the year I currently have over 100$ worth of the token stakes in my hive engine wallet and not currently earning much but I believe when they launch the token will increase in value by a lot.

As an experienced cryptocurrency investor, Do you believe in Holding or Trading cryptocurrencies?

Yes. Although I have a huge insight in the case of trading cryptocurrency I am more of a HODL person, trading can be quite tricky so I tend to just prefer Holding, I have a lot of different wallets where I am holding varieties of tokens. Holding tokens is a long-term investment you could wake up one day and meet your 100$ investment at 10$ after a few months or vice versa the most important thing is you invest in a project with a promising future for instance I am currently purchasing the ceek token in bits because the project has a huge potential in the metaverse. So yes I believe very much in holding tokens because it’s a smart thing to do if you are investing in the right project

What's your advice to a newbie investing in the cryptocurrency market?

The biggest advice I wished I had gotten was that the cryptocurrency market is not a get rich quick place it’s a gradual and steady rise, I entered the market with the get rich quick mentality and you have no idea how disappointed I was after a few months, I believe this would be the biggest advice I would give to any newcomer in the crypto space.
Another very crucial piece of advice I would give any newcomer would be learn how to do technical analysis and fundamental analysis on your own before you enter the crypto market else you would just be pushed around wrongly investing in projects with no vision and you will end up losing most of your investment

CONCLUSION

The cryptocurrency space is a market with a huge potential to turn a poor investor to a multimillionaire but this doesn’t happen without effort to learn and effort to learn to make better investment choices, I have gained quite a lot in the crypto market and currently, my main source of income is in the crypto market. Have a great week ahead and thank you for stopping by🤝