Cryptocurrencies are one of the newest ways to increase & store your wealth. Despite being only 12/13 years, old cryptocurrencies already have more than a 1.60 Trillion market cap right now. We all know that Bitcoin holds more than 600 Billion of the total market cap of cryptocurrencies because it was the 1st ever cryptocurrency to release in 2009. There are over 17000 cryptocurrencies globally, and they are increasing day by day.
The crypto market is more accessible than other markets like stock, gold, and bonds because of less paperwork and laws. Many people came into the crypto market because of the hype it had over the years, and most of them didn’t even understand what is the market cap was, So they first went into youtube and sought help, as we all do! It’s their luck if they find good YouTubers that are good people that are not greedy and scammy.
Crypto Influencer Hype
Social media is the most popular platform for cryptocurrencies. So there are so many new people in cryptocurrency and many acts as cryptocurrency influencers. They show that the only way to become rich is by buying the cryptocurrencies they show you. As people in crypto for years, we know it is not valid. Many of them got lucky as early investors in Bitcoin and Ethereum. So do you put your life savings in a place that they are telling you? The decision is yours.
Buying the Dip
Are you following someone that keeps telling you to buy the dip? Have you ever wondered why they keep telling that? Many altcoin-holding influencers hold the coins they promote on their social media most of the time. So when the price drops, they lose their profits, so they keep telling you to buy the dip to keep the coin alive. Sometimes purchasing the dip of something new is one of the idiotic things you could ever do. Because you never know what will happen to that cryptocurrency. Before buying any cryptocurrency, including Bitcoin, do your own research because you should trust that and the team behind it before putting your hard-earned money into anything. I also have lost thousands because of new cryptocurrencies because you never know what will happen in the future. So DYOR before buying the dip like crazy.
Education is Important
Education is vital in everything that we do. The same goes for learning and researching cryptocurrencies. Your financial literacy is essential in finding suitable projects and profiting from trading. Many online influencers only show you the charts, but they never teach you how to do it yourself and its idea. But some good YouTube influencers teach what they know, Like CryptoCrewUniversity, Ivan on Tech, etc. Find honest people on social media and follow them; don’t follow pump & dumpers.
Sell when you think it’s the right time.
Cryptocurrency has been made to be the best replacement for traditional money. Most people are in cryptocurrencies because of their dollar value and how much profit they could make. Not because of the value of the technology. Many crypto YouTubers hype bitcoin telling it is going to the moon! One million in 5 years! But who knows what will happen? Do your research and find the true value of the cryptocurrency you’re holding. What is the problem it’s going to solve? Otherwise, you won’t know when to stop saving and selling them to get you to live a happy life.
1Bitcoin = 1Bitcoin.
Bitcoin could be worth millions in the future(I don’t know when). Let’s think we live for another 100 years. But bitcoin will be mining until 2140. So stacking without having fun is not wise. The crypto influencers rarely tell that they sold their positions. Don’t think your beloved YouTuber will ever tell you before they sell your altcoin. So Be careful and take responsibility for your money.
Plan it Long term
Cryptocurrency is no short-term game you play. You could make millions if you manage it wisely and let your responsible decisions work for a few years. I bought Solana for 1.80 dollars and sold it for 200$. Why didn’t I sell at 260$? Because you never know what will happen in the future. But when I saw It losing value, I sold at 200$. Did I regret selling it before 260$? A little maybe, but now I’m happy because now Solana is about 90$. But in a few years, Solana could hit 1000$, so dollar-cost averaging is the best thing you can do because you never know the top or the bottom. If your Crypto influencer not talking about plans for the next 5 years just dump them.
As new investors, you should be careful because many fake people scam people telling you to invest in scam cryptocurrencies and Ponzi schemes. Don’t ever put your money into a project without knowing its owner. If anyone told you to invest in something, do your research, and if you’re sure, hop in there. EtherealCrypto will soon be on YouTube to give you honest ideas and knowledge about the cryptocurrency market, so be alert and join our newsletter for more details in the future.