Steemit Crypto Academy Contest / S3W2 – My Experience Investing in the Crypto Market by @jimah1k
Greetings lovely people of this community, Today marks the beginning week 2 of this season’s engagement challenge. With the theme “My experience investing in the crypto Market”. I have so much I will be sharing with you and without wasting much time, let’s head straight into it.
1 - My first Experience investing in the Crypto Market
Its quite a funny story actually, I stated investing long before I joined steemit. I was introduced into it by a friend, as students we were always searching for ways to make earns meet. He told me that there was an online currency called Bitcoin and when you buy it, the next day you will start seeing profit. I was super excited about this opportunity so I hastily enquired more about it and created an exchange account.
I bought my first BTC with 100ghc, which as of today is equal to 57 steem. With so much excitement, I waited for 24hrs and to my surprise my 100ghc worth of Bitcoin was left with 75ghc. (This wasn’t the result I expected) so I called my friend and he told me that I should be patient as it usually falls and rises again. So I waited for another 24hrs and the decline continued now I was left with 70ghc. So I told him I wanted out because I didn’t want to lose all my money. So he sold it for me, I netted a loss of 30ghc = $3.75
Within 3days my friend came back to me and told he made profit of plus 20ghc = $2.5. I was like how come and he told me that’s how the Bitcoin market is. It falls and rises at some time you just have to be patient. (I guess if I was patient I would have also made profit).
2 - My First Investment and what drives me to invest
Like I mentioned earlier on, my first investment was Bitcoin. Which didn’t go as planned because, I wasn’t properly educated on how the market works and also because I wanted to make quick money.
To answer the next question, I have read on many occasions where individuals make millions and millions from just investing as little as $17 on a crypto currencies and within a few years at most they become millionaires. This is a LINK on how Someone made millions by investing in shiba INU
You can follow up on the story. When I see articles like this. It motivates and I get the feeling that if someone has done it, I can also do the same or perhaps even better than that. And this keeps me going no matter the losses I might make on the way I always go back harder.
3 - Have you ever encountered any loss as a result of the instabilities in the crypto market?
Yes !! I have had so many losses as a result of instabilities in the crypto market. The most recent one I can recall is LUNA now called LUNA classic. The simplest way to make profit in the market is buy low sell high I remember buying 127 LUNA tokens for $100
Screenshot from Binance exchange
Due to the depegging of the LUNA stable coin UST, LUNA coin suffered a major instability and crashed from its usual makrket price of $110 to now $0.000097. Now currently my 127 LUNA tokens which were worth $100 are now worth $0.01. Which means I have lost $99.99.
Instabilities in crypto market are surely going to happen the best way to encounter this is to do your fundamental analysis and technical analysis before you jump into any trade.
4 - Crypto assets i’m currently holding? And Why i invest in them?
As of now I’m currently holding Tron (TRX) in my TronLink app. The reason why I choose to invest in them is I believe in the future of Tron, that is to say
It is decentralized in nature and currently it has the highest number of stable coins in circulation.
Another reason why I choose to invest in this coin is, it’s a shitcoin. What this means is that it’s value id less than $1. So it can be easily afforded by anyone especially in large quantities. With as low as $50 you can get about 765 TRONS. When the is a significant increase in the price of Tron, you can make a decent amount of profit.
Again, Tron has the support of popular partners like Poloniex, Samsung, BitTorrent, Swiss.com and many more. Aside this it is also listed In almost all exchanges you can think of Binance, huobi, Poloniex, Coinbase, kraken and many more.
These are just a few reasons why I choose to hold TRX. Let’s take a look at my portfolio.
Screenshot from TronLink
5 - As an experienced cryptocurrency investor, Do you believe in Holding or Trading cryptocurrencies?
When I first started investing in cryptocurrency, if this question was asked, I would say trading because I would be able to take the little profit I get. But with the experience I have gotten over some period I would say I prefer to hold than trading. Thou this answer may differ from person to person.
The are many investors who are driven by emotions in the market. Let’s look at a scenario where ADA for instance makes a growth from $0.4 to 0.5. The person trading will be prompted to sell and take little profit, and later in the day or 72 hours later ADA is now worth $1. Who would have gained?? The person holding or trading.
In another case where the is a downtrend or a pull back, traders will opt out in other to stop making significant loss what they don’t know is that it might be a pull back in other to gain momentum and rise back higher so in this case, the holder will gain again from this scenario. And this is why I love holding
6 - What's your advice to a newbie investing in the cryptocurrency market.
Well my advise to newbies is don’t be like me in the beginning. The crypto market is very volatile which means at today it might be rising and the next time you check it’s falling again. Before you start trading make sure you know everything about the asset you want to invest in. You should know basic things like the fundamental analysis and technical analysis on the asset.
The second advise I will give to newbies is never invest what you can’t afford to lose. The crypto market is very risky even with the technical analysis you might make, the price may not go as planned or as shown by the indicators because certain factors like the whales who like to manipulate the market. So investing all your money on an asset can prove to be deadly. An example is LUNA crash, this crash affected a lot of investor across the globe.
Conclusion
Basically this is my bitter sweet experience in investing in the crypto Market. Profits will be made as well as losses. However we can manage the losses we enquire by doing more research about the asset we want to invest in.
One important thing I want to remind you about is Do not invest what you can’t afford to lose. You might go bankrupt when things don’t go as planned. Thank you.
Thank you for publishing an article in the Crypto Academy community today. We have accessed your article and we present the result of the assessment below
Comments/Recommendation
Overall, you have done great to discuss journey as a crypto investor. The losses encountered and experience help us to learn and we can only get better. Thank you for participating in this contest.
Total|8/10
It looks like every student I’ve come across is always searching for new ways to make money whiles he or she is in school. This makes me wonder why😂.
Come on man, you got scared too easily. For some people they would have preferred seeing my money go down to zero even though they were new😂.
You know what? I’ve always had a problem with being patient. We know the coin will rise, the question is how long will it take to rise if you are in need of money.
I’ve never seen this story though. 17 dollars is really small and I must say the fellow is blessed to make such a huge amount from 17 dollars. The one I read was when an investor bought 1000 dollars worth of shib and within 4 months he was a billionaire. All this stories as you rightly said continue to motivate me to buy shit coins, the problem I have is with how easily they can be scam.
Oh boy loosing money in Luna has been one of my saddest days. I actually thought I was gonna turn my 200 dollars into 1000s of dollars whithin a few hours. I didn’t know I will be holding worthless tokens up until now.
Sometimes I believe experience is the best teacher. I believe no matter how experienced of a trader you are, you will still loose money in the market. The market is very volatile and there comes a time that even the most accurate indicators give out false signals.
The money we get from our parents wouldn’t suffice our needs. I know you would understand that
That was my last hope bro😅
The problem was I wasn’t told that. I was still very new to BTC at that time. All I knew was after buying the coin, I will start making profit
I provided a link you can look it up if you want.
I taught I was the only one. I bet we will still read probably the same stories from other steamians. Who thought they could also take advantage of the market😂
That’s why it’s good to invest what you can afford to lose. Thank you for stopping by I wish you good luck buddy.
Guess you learned how unstable the market is the hard way.😂 I can just imagine how you felt then cos it wasn’t easy to raise 100 cedis at the time.
It’s good to see you’ve studied into crypto and now do fundamental analysis before you invest
Thanks for sharing.
Maybe if I had been introduced to steemit earlier that wouldn’t have happened 😂. Thanks. For stopping by I’m looking forward to your entry.
OMG It was huge Loss in Luna I can feel because I also faced loss in Luna and Now I have some amount of Lunc I hope it will recover soon good luck for Contest stay blessed
Hopefully it recover so that we can make up for our losses. Thanks for passing by
This is a work well written, a research well done.
I must commend you @jimah1k for this detailed explanation on your first experience to the cryptoworld
Many individuals were introduced to the cryptoworld because of steemit and this is nice, many were introduced by friends, I personally was introduced by my friend
You really took your time to make this detailed and interesting post, I really enjoyed going through it.
You have explained your first experience in the cryptomarket, which is quite appreciated and well understood
You also explained the first investment you made in the cryptomarket, which is nice.
The first investment I made was on safemoon which I'm still holding on to 😂
You also explained to us the loss you have made in the cryptomarket, you know, loss is unavoidable but it can be minimized and I believe you have taken measures to minimize your losses.
Another point I found useful from your post is the advice you gave to newbie, I just hope they will heed the advice and prevent huge losses in the future.
Thanks for sharing this important post.
Kindly visit my assignment Post and do not forget to vote and drop your review.
Here's the link to my post
Thank you for stopping by. I will surely look into your post. I wish you good luck buddy
Wow, that is interesting to hear that you already knew about cryptocurrencies before joining steemit, but unfortunately on my side, I got to know about it when I was introduced to steemit platform and it even took me days before I learned them until this noble community started with their cryptoacademy classes.
Steemit CryptoAcademy has really helped us a lot especially me it helped broaden my knowledge in the crypto space
Good luck
Thanks bro.
Your first experience is quite interesting and funny looks funny when you start it. good luck with your contests and investments.
Your post has a lot of valuable info especially why one should buy Tron rather than the other cryptocurrencies, and you've encouraged me to go for it.
Your experience with investing in cryptocurrency was rather unfortunate since from the beginning of it you were making losses but I'll say it's a part of growth, I sure right now you have experience that's why you chose to hold coins rather than trade them.
I’m very delighted you found my post interesting. Thanks for stopping by.
You are very welcome