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

Hello Friend,

Greetings to you from @jasminemary. It is my pleasure to have you here at my post today. In this post, I have discussed about my experience investing in the crypt market.

Investing in cryptocurrency is one of the sweetest and at the same time difficult type of investment that one can think of most especially for those that don't understand how the crypto market works. Well let's take a look at my experience starting from a novice up to the level that I am right now.

Discuss your first experience investing in the crypto market.

My first experience investing in the crypto market was in August, 2020. As at August when I started investing in the crypto market I was thinking that buying cryptocurrency that is very cheap is the best option and fast way to make money not knowing that such type of cryptocurrency are known as shitcoin.

As at when I started investing in the crypto market o make so good amount of profit from the coins that I bought and also I equally run lost because of greed. Then instead of me to sell off after making profit and reinvested when the coin fall i would rather stay and be waiting for the coin to keep on rising without know that the market is highly volatile anything can happen overnight or within the twink of an eye.

Due to my greediness and lack of knowledge,orientation during my first month of investing in the crypto market,I lost a lot of money to the extend that I even hate myself and as to why I even get to know about cryptocurrency. Then I was seeing the crypto market as a get rich scheme quick untill after some months.

I can even remembered, there was a lady that dupe me back then because, I never knew that I can even buy cryptocurrency from exchange wallet direct. According to the person we mad an agreement that once I send her money she will will send my coin to me, but after sending her my money the storyline changed and that was how I lost my money to a scammer online.

Thank God that I didn't give up in the crypto market despite all what I faced. Today most of the challenges that I encountered as a novice in the crypto market are all what has make me to be strong and understand a lot in the crypto market. Experience there said, is the best teacher.

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

My first Investment in the crypto market was Ethereum (ETH). Then when in my street and among my friends everyone around me was just discussing about Ethereum smart contracts and there was making money from it.

As I have earlier said, I started my journey in the crypto market in August, 2020 and ETH was the first crypto that I bought and stored in my Lunu wallet.

I transferred and amount of money worth 1,000Naira 9.5Steem) to someone that I met on WhatsApp and the person then sold an Ethereum that worth the amount of money that I send to him from his Roqqu wallet to my Luno Ethereum when Ethereum was trading at NGN 737.00 (184,447 NGN/ETH) when Ethereum prove was around $262.

Due to the high cost of Ethereum gas fees and the high charges of Luno Wallet, I received ETH worth NGN 737.00 instead of NGN 1000 worth of ETH.

What derives me to invest in the crypto market, was how cryptocurrency like Bitcoin and Ethereum was trending up and down both on social media and friends everyone around me then would always be talking about cryptocurrency this, cryptocurrency that.

My biggest motivation was the day that I went to the bank to send money to someone in China through Western Union transfer which was about $50 and my bank told me to pay $5 for processing the money which will takes about 3days before the person can receive the money. Hmmm it wasn't funny to me that day because I left the bank without sending the money and came back home and called the person that I was unable to send the money across to him through Western Union.

However, the person gave me another option to send the money in form of cryptocurrency to him and then I didn't know much about cryptocurrency of which I met my friend and she helped me out and send the money to the person within about 30minutes and immediately the person received the money into his crypto wallet within a minute of sending it I was like is this real, because this is something that has stressed me up a lot. The only thing that my friend could said was "Stayed there no go start to dey invest for cryptocurrency before it would be too late for you."

With what my friend told me I couldn't sleep that day, I started making research about cryptocurrency and finally I got convinced and started investing in the crypt market.

In a nutshell,he transaction fees that I bank asked me to pay that I didn't pay and how my friend helped and send the $50 to the person that is in China within about 3minutes was what derives me to invest in the crypto market. I feel motivated and challenged by my friend....

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

Yes I have encountered losses as a result of the instability in the crypto market which I was trying to discuss above at the beginning of this post. My loss is something that I can't count, but the true fact is that as a novice backed then I encountered several losses as a result of instability in the crypto market.

As first when I started my crypto journey, my thoughts was that cryptocurrency will keep on rising gradually without falling even more than how it was rising. With the type of mindset that I have them I will just by coins and with for it to rise and once it rise I will still be waiting for it to keep on rising up to thousands or millions before I can sell it. This is what I called greediness

Instead, of me to sell when the coin that I purchased has rises and given me 2X my Investment I will say until it get to million or thousands before I will sell and the next morning or day which is usually when I am broke the coin will just fall down wotowto.

However, the current loss that pained me the most was that of LUNA coin. Honestly,speaking this Luna own pain me badly in such a way that for good 2days I wasn't myself and thank God I have bounce back without been fade up.

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

The crypto assets that I am currently holding are;

• STEEM
• TRON
• Shiba Inu
• LUNC
• ENJ

I invest more in STEEM coin because I strongly believe that Steem will rise and I see it today, as an opportunity for me to start investing in Steem. As at August , 2018, when I checked the price of Steem on Coinmarketcap I saw that Steem was trading between the range of $3 to $5 dollar which I believe that if I should start investing in Steem now that the price is low when it rise back to about $3 I woul become a big girl.

Another good reason why I am Investing in Steem is that I want to acquire more STEEM Power (SP) in Steemit platform since I am a content writer that knows the important of having SP in her Wallet. I believe that if I can be able to have 100K SP above in my Steemit wallet I will be earning 3.11% as a reward.

You can imagine earning about 3,111 STEEM POWER everyday hmmm with this I got no problem with some things that has to do with money. God when I will I have 100K SP.

I really want to invest in STEEM because I believe that Steem is going to pump. As for the rest of the cryptocurrency like in the aspect of Tron I love investing in Tron (TRX) because is a very nice coin that doesn't fall like that.

I invested in Shiba Inu, because of the way I have been hearing about the coin. A lot of people Haas predicted that Shibba will rise and I don't want to be at the loser side if it rised which is the main reason that I invested.

As for Lunc which was the previous Luna coin I invested $10 into it after the Luna crash because I see it as and opportunity for me to accumulate the coin in a large quantity. However, as for the coins that is in my Binance earn wallet, there are mostly the coins that I bought during the time of our crypto academy trading class.

As first when I bought the coins, I made profit, which makes me to have small trust on my coins. However, their fall during the time of Luna crashed and the reason as to why I put them in Binance saving is because of the interest rate that I do received. To cut the story short STEEM is the crypto that give me confidence.

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

I believe in holding. The reason why I believe in holding and started staying away from trading is that whenever am trading I do lost and gain and my mind isn't always at rest.

However, trading is the fast way to make more money in cryptos and it's also the fast way to lost money in crypto, whereas holding is a way of receiving interest gradually from crypto and it give someone rest of mind. However, there is also big risk that is attached to it and also big gain that is attached to it.

You can imagine those that were holding crypto before the Luna crashed what they have lost an those that started holding after the Luna crashed what they have gained.

I strongly believe in holding because I know cryptocurrencies will rise soon and based on how expert has been predicting that BTC will hit $100k I see it as and opportunity to start holding cryptocurrencies. Finally for now I can't even be trading cryptocurrency now because of time fact, you know trading cryptocurrency has to do with studying of different analysis which am too busy for that now.

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

I have some few advice to a newbie investing in the cryptocurrency market and these are my advice;

• When investing in the cryptocurrency market, always have your entry price and exit price before Investing.

• Carryout a proper research and analysis about the crypto that you want to invest in as some projects are fraud.

• Understand the market very well before Investing and try to make use of the type of trade that you know best and I will advice you to start with Spot trade or better still just look for a simple wallet that you can buy without using market order and sell when it's high.

• Don't be greedy to take your profit as cryptocurrency market is highly volatile which is the reason as to why I said you should have your entry/exit price so as to take your profit fast.

I am Inviting @simonnwigwe, @olabillions and @yakspeace to also join me in this contest.