ey everyone! How is everyone doing?
It has been a month since I started my journey with cryptocurrency, and I would like to share some of the experiences I have faced with anyone who is considering entering the crypto world.
picture was taken from:https://www.analyticsinsight.net/4-reasons-cryptocurrency-is-the-future-of-finance/
As an 18 year old that is trying to make some profit, I rushed into the crypto market thinking that I would make huge gains! Of course, as anyone that has been in the game for a very long time knows, that turned out to be very unrealistic, as big profit requires time and immense patience. I began with a deposit of 200$ on the Binance app and started putting them into random coins that I've seen on social media without actually doing my own research. One thing led to another and suddenly I'm down 20$, which made me directly panic sell and start my journey with a 20$ loss. Then as the newbie that I was, I transferred some of the money into the trust wallet and bought a coin that was rug pulled 5 minutes after launch. This basically means that the owner of the coin abandoned the project with all the money invested in it, thus scamming a lot of people. Now my wallet stands at 112$, meaning that I have lost 88$ just like that. Of course, that is not a huge amount of money, which is why I wasn't very badly affected by the loss, but it is a loss at the end of the day.
picture was taken from:https://www.fool.com/investing/2020/03/02/youll-never-guess-how-much-money-i-lost-last-week.aspx
However, I think that for every new investor, these losses are incredibly important to push beginners into actually understanding what they are putting their money into and how the market actually works. The research I have done to prevent similar losses has definitely turned me into a more aware and careful investor that takes cautionary steps before putting money into a project. Hopefully, this has helped any beginner that is thinking of joining the crypto world, and please invest wisely!! This is my first blog and hopefully, the content I give out here improves as I learn how to utilize this website! Thank you all for your time!