Couple of years back when I had started exploring the crypto world I was very cautious about the new projects which were popping up everyday and considered all coins except Bitcoin too risky to get involved with. I strictly followed the principle that one should only invest in crypto the amount he was willing to lose completely without any impact on his lifestyle.
Initially this thinking made sense as I could realize how risky crypto as a concept was considering how new it was and no one knew for sure how and when it will reach the critical level of mass adoption to be considered successful.
However over the following months and years as I understood more about crypto I realized how revolutionary a concept it was and I started developing more faith in it. I now feel that it might take a long time in gaining mainstream popularity but that day will surely come.
Soon there was a drastic shift in my attitude towards crypto and I was getting more and more obsessed with everything to do with crypto, whether it was a new project, new exchange, new wallet, new concepts like staking and DeFI.
I think this phase comes for most people involved with crypto at some stage and I think some of the signs to identify if you have reached the obsession level to be labelled a cryptoholic are:
- What’s the Price? You need to know every hour what is the current price of your favourite coins. It doesn’t matter whether you are at home or in office or even out on a vacation. You have multiple apps on your mobile to keep a constant watch. Funny thing is you don’t have any plans to buy or sell anything in the coming days but you just need to know.
- Where did that Come from? You genuinely get shocked to the point of getting offended when you see a new coin appear on the top 50 by market cap on Coingecko. It was not so common till last year but with the hype the new DeFI projects are generating there were many new coins who will suddenly jump the charts within a week of being launched. Once you see a new coin you just feel the urge to research everything available about it on the net.
- Not all Altcoins are Sh*tcoins- Majority of the people start getting involved in crypto as a Bitcoin maximalist which is actually not so bad as it makes sense to start off with the oldest and biggest coin which has survived till date all the ups and down of the crypto market for over 11 years now. Slowly you start exposing yourself to other coins as well, generally the progression is with the bigger and more popular projects like Ethereum, Cardano and Tezos. Next you feel like exploring coins which are beyond the top 500 by market cap as the idea of bagging the next coin to do a 100X starts looking more and more appealing. Steadily your risk appetite for crypto starts expanding.
- Crypto Social Media- You start getting active on all the crypto related social media platforms like Publish0x, Uptrennd, Hive (or Steemit), ReadCash. In a few months you find yourself spending more time on these platforms compared to Facebook, Instagram or Twitter. I don’t remember the last time I opened Facebook. The conversations you have with the fellow crypto enthusiasts on these sites start feeling more meaningful than the casual conversations you had on Facebook.
- Experimentation to Commitment- During the initial months everyone is really cautious to put any of their hard earned money in to crypto and when they play around with some coins it’s usually through the rewards they get on the platforms, the airdrops they received or any signing up bonus. You are basically just experimenting to see how this unfolds. Once you get comfortable you start gaining confidence in Crypto as a solid long term investments and you regularly start channeling some part of your savings into your favorite coins.
Overall there was a major shift in my attitude during the lockdown due to COVID as I was always a Bitcoin maximalist but I used the spare time now to start exploring about other Staking and DeFI and it has been a deep rabbit hole since then.
I have still not reached the point where I would exchange all my assets for crypto but now the man who sold his house for Bitcoin doesn’t seem so crazy as he once did.
If you had missed the story about this guy check it out here - https://www.businessinsider.com/man-in-the-netherlands-sold-everything-for-bitcoin-2017-10?IR=T#:~:text=Didi%20Taihuttu%20believes%20in%20bitcoin,near%20Venlo%20in%20The%20Netherlands.
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