The longer that you are in the cryptocurrency market, there is only one guarantee. This is a market where you will make many mistakes. Some will be small. Others will be bigger. And then there are some that will haunt you for years. The only hope you have is to learn as much as you can, listen to those who have been in the market for years, and hope to minimize your mistakes.
Mistakes will be made, but the important thing is that you learn from them, and apply that knowledge in the future.
Many of you who have been reading my articles for some time will already know how passionate I am about Bitcoin. That I believe in cryptocurrency, Bitcoin is the name of the game. And you need to be trying to accumulate as much as you possibly can. After that, I’m also passionate about Ethereum. In my opinion, BTC and ETH are the only two “blue chip” cryptocurrencies in the market. All of the rest are much higher risk, with much less guarantees.
With said, that doesn’t mean I don’t own other cryptocurrencies; I do. In fact, over the years I have owned several other altcoins including Polkadot, Cardano, Chainlink, Solana, Litecoin, Kava, Cosmos, Tezos, XRP, Internet Computer, Arbitrum, Uniswap, and the list goes on. I’m always researching the market, and keeping my eyes open for the next great opportunity.
With that said, there have been a few coins that I’ve owned and sold way too early. Causing me to miss out on millions of dollars worth of profits.
One of those cryptocurrencies was Dogecoin, something I have talked about in the past. When I bought into Dogecoin, it was an absolute joke coin that had no merit, and no hope of becoming anything. At one point when DODGE was worth next to nothing, I had several millions of coins. If I had held on and timed the selling somewhat well, it would have been worth millions of dollars near its top. But as my luck goes, I sold out of that position long before I saw any profits with it. But not a day goes by that I don’t think about “What if?” The only saving grace is that I know I would have never held on long enough to make those profits. As I had no passion or belief in DOGE. That is the only thought that gives me a little comfort.
The cryptocurrency market is full of opportunities, and that also means I have even more stories of how I missed out on making a fortune. This next tale sometimes still gives me nightmares still today.
It was March 2020 and the covid crash had just taken place. I was in a lucky position that I had been setting aside cash just in case a monumental crypto opportunity presented itself. Finally, that opportunity had arrived. I decided to go All-In with everything I had and buy as much Bitcoin and Ethereum as I possibly could. It turned out to be one of the best decisions I ever made and completely transformed my portfolio.
However, during that time my original plan was to buy a third cryptocurrency outside of BTC and ETH. I had my eyes set on Polygon (MATIC). During the covid crash, Polygon fell to under 1 cent. During the bull run its price went all the way up to $2.92. Nearly a 300x increase in value. Unlike Dodgecoin, Polygon was a project that I was passionate about and would have held onto for the long term. Even after all of the price drops during the last two years, Polygon still sits at a price of $0.80. In my opinion, MATIC has one of the brightest futures ahead in crypto and is one of the few projects that is seeing real adoption and usage.
This is the missed opportunity that haunts me the most to this day, and leaves me asking the question, “What if?”
With all of that said, this goes to show that there will always be more opportunities in the crypto market. It’s important to not get too caught up on your missed opportunities. Instead, learn from them and apply this information in the future to help ensure your success. We will all make it.
How about you? What crypto mistakes still give you nightmares today?
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As always, thank you for reading!