I have been following crypto experts like Robert Testagrossa since things first got exciting back in 2017. Back then I felt that it was too late to get involved and not long after that the market crashed anyway. Even after that crash however I still kept my finger on the pulse of crypto and in the middle of last year I decided to invest. Things of course have gone swimmingly in the last 12 months, and I hope that it all continues for a long time to come.
Given that many of you are looking to invest for the first time, I want to talk a little today about the things that you learn when you do get started with crypto investment.
It Isn’t That Scary
When I first invested I was so scared of making transactions, I was scared of using the exchange and I had no idea where to store my crypto or even where to find it. The reality however is that things are not scary in the slightest, and the large majority of what you do online is very easy to understand and very easy to get your head around. The exchange is the best example of this, which looks so intimidating that many people will actually buy straight from the platform instead of the exchange, and a much higher cost. Take your time and make notes as you get started, it all becomes clear very soon.
The Value of Money
I am very much in crypto for the long haul and I have no desire to trade or leverage my investments. With this being said, watching your portfolio can be very stressful indeed. I watched my portfolio dive by $18,000 in a single day, which completely freaked me out. Had someone taken that much out of my bank account I’d be completely lost. Two days later that $18,000 recovered, and actually rose a further $5,000. This is what it is like to be invested in a volatile market and you just have to accept it.
Everyone’s an Expert
There are two points to make when it comes to the way that other people look at crypto. The first is that everyone really does think that they are an expert, and it is why you should ignore most people. The second point to make however is that the large majority of these people who do have opinions on crypto, probably haven’t actually invested any of their money, which is why they find it so easy to talk about it. This is your investment and yours alone, take advice by all means but always look to back it up before you take any action at all.
This will be a steep learning curve for you and there is no doubt that the first couple of months will involve the odd mistake. Take your time and always make notes of what you are doing.