I started my crypto journey in january 2018 with buying bitcoin, xrp and eth at high levels. I remember the first XRP i bought at 1.6$ thinking it would make me a millionaire buying the dip in a parabolic rise. At the time the community was so driven, greedy and there were so many moonboys shilling every single coin they could find. I went full retard when the fomo was at it's absolutte peak in january 2018.
The first two years I continued to accumulate bitcoin and other crypto projects I believed in. The despair peaked when i was down somewhere between 80-90%. At times I was anxious bitcoin would blow up and never be appreciated again. I was afraid of a death spiral if miners would capitulate and drag the entire network down with it. I was afraid of tether imploding. I feared the energy consumption of the network would cause legal actions from politicians.
Despite being in doubt, I continued to educate myself about bitcoin's potential. I had plenty of time to sell with a loss and transfer my money back to my account - at times I wonder if i should just do it and get over with it. Yet, I didn't only stay - i kept investing despite loosing more money. By the time i got more patience and aware of price movements. Market is tough to time, but I bought at a bigger retracement rather than at fomo times. Last time I bought some bitcoin was when it hit 5k in spring. Being in the red for two straight years is tough for everybody, yet i never lost hope that bitcoin someday would rise again.
What's the catch? I know that many people are fomoing in to buy crypto and there are many moonboys predicting bitcoin to go to 100k, 200k or more. We don't know when bitcoin will top. This parabolic rise can continue for much longer. You are not a millionaire tomorrow, because you just found the holy grail.
Tip: If you are new and decide to buy, because you fear of missing out: please be aware that nobody knows what would happen and your investment could easily plummet 40% within the next couple of months. Please be aware that crypto is volatile and you don't want to be at the wrong side of the market when it tanks if you cannot tolerate a loss - if it tanks: don't be in a high risk alt coin if you fear volatility.
Tip 2: You need to have patience, confidence and have good nerves, otherwise you would likely sell when bitcoin retraces and makes a dip - most people loss money investing. Many people panic sell to avoid more losses. Think of how many people sold bitcoin at 4,5 and 6k in the spring, thinking bitcoin would die because of pandemic fear (look at the massive trading volume at tradingview). This is when I accumulated more bitcoin.
Tip 3: You have to believe in bitcoin. Why is a great investment? It is hard money that cannot be printed. It cannot be sanctioned in the entire world unless you shut down the internet. It is the first global peer to peer system, and the network has never been more secure than it is. If you truely believe bitcoin can change the world then stop being affraid of loosing money in the short term - keep hodling your investment.
After two years. I am finally at 50+% profit despite being 80-90% down.
Lastly: I wanna thank the community for keeping me in the space.
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