The Five Lessons I Learned From Ignoring Bitcoin For Years
It wasn’t until recently that I finally decided to wake up and smell the cryptoflowers. After years of seeing the rampant success of Bitcoin whilst standing on the sidelines, my curiosity got the better of me and I decided to get onboard the Bitcoin train. I won’t lie and say it wasn’t an emotional roller coaster, but thankfully, I’ve learnt a few key lessons from my adventure.
1. Patience Is a Virtue
I was lucky enough to experience firsthand what hold ups and delays in the buying process feel like. I had to wait for new IDs, wait for transfers to process and just generally wait for things to move along. Although it felt tough at the time, I now appreciate the importance of patience when it comes to investing in something as new and volatile as cryptocurrency.
2. Learn Your ABCs
I quickly realized that if I wanted to make smart investments and truly understand what I was putting my money into, I needed to get educated. I learnt the terminology, read lots of articles and followed experienced cryptotraders to get as clued up as possible. In the end, I feel much better informed and ready to take on whatever the crypto market throws at me.
3. Don’t Be Too Eager
My eagerness to get involved quickly proved its own downfall. It seems so simple: the more you chase something, the less likely it is that you’re going to get a good deal. The opposite is true, too: be patient and you can end up finding much better investments.
4. Set Reasonable Goals
Making a list of what you want to achieve before getting involved in the market is really important. Do you want to make quick gains? Do you have plans to hold your asset long term? Thinking carefully about what you’re aiming to do is key to making sure you don’t make any rash decisions or spread yourself too thin.
5. Don’t Fear Failure
Throughout my journey, I experienced success, failure and everything in between. And guess what? That’s OK. The reality is that no one’s going to get it right every time, and that’s all part of the learning process.
These five lessons make up the foundations of my cryptocurrency journey, and I’m sure many others have followed in the same path before me. Hopefully, some of you newer crypto traders can take something from my story and be informed and ready when investing in cryptocurrency. After all, knowledge is power!
