ABout Us
My experiences in crypto
I have been in cryptocurrency for nearly three years now, so I have a few experiences that I would like to share with you all, as well as some tips on what to do and what not to do. I got into cryptocurrency in the year 2020. the concept of cryptocurrency was really confusing for me; it took me a few weeks to understand the basics. After that, everything began to fall into place, and I understood all of the basics of cryptocurrency and started trading it. At first, I used a couple of hundred dollars to get started and made a profit in my first trade, which was good, but then I got kind of greedy, and I put more money into trading, money that, if I lost, would hurt me financially, so I have gotten all in, and I lost nearly 80 percent of what I have in one trade. I learned a lot from this trade, and the most important thing is that you only put in money you are willing to lose and not get too greedy. A few months passed, and after that, I learned more and more about trading and cryptocurrency until I stumbled upon a cryptocurrency called ‘Elongate.’ It was a meme coin, meaning that it was made just for fun and has no real utility. I bought a few hundred dollars of elongate, and to my surprise, after a few days of buying this cryptocurrency, it went up nearly 1000 percent, which means I 10X my money. As you can see, I gave you two examples where I lost nearly all my money in an instant and where I gained a lot of money in an instant. The cryptocurrency market is very volatile; you need a few months to start trading with it, and you need to start small because you will most likely lose your money on your first dozen trades.
Another Experience
I have another experience I would like to share with you, it’s a painful one, but it should set an example of what not to do in the cryptocurrency space. I have a friend who started trading cryptocurrency; he was successful and made a good amount of money from it, so he thought that because he had been in the cryptocurrency space for quite some time, he was now experienced enough to put all of his money into cryptocurrency to make life-changing money, not only that, he took loans from the bank. He also asked his friends to give him money to trade and promised them a fantastic profit on their money. He took nearly 300k dollars from his friends, and that is not including his own money and the bank loan he took; he started trading with the money, and everything seemed to be going well until the collapse of the 2021 cryptocurrency; all cryptocurrencies lost 90 percent of their original value. At this point, my friend nearly lost 90 percent of the money he put into crypto, and till now, he hasn’t been able to make the money back. He is currently in debt to the banks and his friends and has no money for himself as he also used all of it for investing.
This is an excellent example of why you should not invest money that, if you lose, would ruin your life. Please do not take loans from your friends or the bank to trade with it; you will most likely lose that money and be in debt with them. The best practice is to start small and trade with money that, if you lose, would not affect you in any way financially.