I've invested quite a lot in cryptocurrencies for the past three months : money, time, emotion, health, and if I must say, sanity. The mainstreaming of crypto-trading due to the sudden surge in the price of bitcoin during the 4th quarter of 2017 has created a hullabaloo in different communities and social circles.
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The problem I had is I joined the bandwagon... with very little knowledge on how it really works.
A week after the news broke out that the value of bitcoin reached $20,000 apiece, I immediately cashed out some of my well-hid savings and conditioned myself that am about to be a millionaire in the young age of 23. However, what I experienced was a roller coaster of stress and sleeplessness. Never in my whole life have I experienced going to work with less than an hour of sleep. It affected my efficiency at work... as well as my social life.
The most horrible thing is that my savings continued to wither away from my bank account.. leaving me thousands of bucks poorer than I was three months ago. It took me a while to realize that what I'm doing will hasten my downfall.
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By the time I realized that everything's going crazy, I have already lost some of my friends, my savings went from six to four digits, and my health deteriorated badly.
I'm currently in the process of building myself again. Now that I've learned my lesson, my first goal is to get back all the wasted resources by working hard and not depending on the hype of new tech such as cryptocurrency.
Now that bitcoin, the largest cryptocurrency, is in great decline, I hope you guys realize the same. Some might say that it's the best time to buy 'cause it's a dip, but for me, there are a lot of industries you can invest in... industries that are less risky and unpredictable.