Hello! The Steemit community, I believe we are all doing well. I am glad to share with you my experience with cryptocurrency investment today.
First and foremost I want to define cryptocurrency as a form of digital asset or currency used as a medium of exchange that is not controlled by any government. All transactions are carried out digitally.
HAVE YOU EVER INVESTED IN CRYPTOCURRENCY?
Yes! Two years ago specifically in the year 2022, I was introduced into the cryptocurrency investment. I took my time to read books, watch videos, and attend classes on cryptocurrency investment. When I felt I was knowledgeable enough, I registered with the Olymp Trade as my broker and traded for a while.
The experience was bad though but I pushed on from the encouragement I received from my mentor. With the experience I gained
WHAT KIND OF CRYPTOCURRENCY ARE YOU INTERESTED IN INVESTING IN?
While I was trading I used USDT paired with other currencies and when I started using the yellow card, I strictly invested in bitcoin. Therefore, my interest is in USDT and Bitcoin.
HOW MUCH DO YOU KNOW ABOUT THE RISKS AND POTENTIAL REWARDS OF CRYPTOCURRENCY?
Cryptocurrency investment has high risk and also high reward
HIGH RISK
Three of the risks attached to cryptocurrency investment that I encounter while trading with the Olymp are:
- price volatility. Prices in the crypto market fluctuate. It can rise and fall at any time thereby leading to a loss of asset or investment.
- Mistake. A small mistake in cryptocurrency investment can cost someone his entire investment.
- Technicality: The cryptocurrency investment has some technical complexity that can easily beat an investor's knowledge and imagination, thereby leading to a loss of investment.
When I started in 2022, the three points listed above affected me negatively. I funded my account with just 20usd and I lost it completely within two days. I encouraged myself and funded the account for the second time. This time around, I lost my investment that same day. I became sick immediately and abandoned trading for a while.
POTENTIAL REWARD
Truly, there is a reward in cryptocurrency investment. For me, I don't trade bitcoin I only buy, hoard it, and sell when the price rises and I make my small gain because I invest just a small amount. Anytime I sell my bitcoin and check my reward it makes me feel excited and willing to invest more.
In conclusion, Cryptocurrency investment is a good venture but one must be ready to take the risk associated with it as he or she is hoping to receive the reward. Bravo to @khursheedanwar for organizing this contest.
I invite
@vickyson
@josepha
@dave-hanny
You entered the world of cryptocurrency investment by learning and trading through Olymp Trade in 2022. While you initially faced challenges such as price volatility, mistakes, and technical complexities leading to losses, you persisted with encouragement from my mentor. Your main interest lies in investing in USDT and Bitcoin, with a focus on buying and holding Bitcoin for small gains when the price rises. Despite the high risks involved in cryptocurrency investment, the potential rewards make you excited and motivated to continue investing, even after initial setbacks and losses. Well presented experience, Good luck.
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