The cryptocurrency market is a place that many of us have come to hoping to change our lives financially forever. Hoping to finally get ahead in a world that always seems to have the odds stacked high against us. Many of us have gotten ourselves into a rough financial situation and are hoping to find any way possible to crawl out of it.
We’ve been told that crypto is the next big thing and that people will be able to become rich with it. That is why most of us first became interested in crypto. Unfortunately, many of the people who come here initially have very little previous investing experience. The financial skills that they learned in school were next to nothing. All of this results in new crypto users looking to others for advice and help. If there is one thing that we can agree on, it is that the crypto market can be incredibly complicated and overwhelming.
But the crypto market isn’t like other financial markets. There is danger lurking all around. People will lie to you to either help pump their bags or in an attempt to monetize from you. Often times you are the product.
In crypto knowledge truly is power. Once you finally begin to notice the lies that are being told to you; that’s your first step toward having success in this market.
1. Getting Rich from Crypto is Easy
The first lie that we are all told is that getting rich from crypto is incredibly easy. This couldn’t be further from the truth. In fact, investing in the crypto market will likely be one of the most stressful and mentally challenging experiences you have ever gone through. Most can not handle the volatility of seeing their portfolio down 75% or more, and eventually sell. While it is true that you can make great financial gains in this market. But, only if you are able to maintain conviction, and the valleys of bear cycles.
2. Anyone can be a Trader
One of the most popular types of crypto YouTube channels are those that focus on analytics and trading. They try to tell you that trading is easy and that anyone can do it. All you need to do is to learn the skills that they are trying to teach you.
The fact is that trading financial assets such as stocks is difficult, but trading crypto is on a whole different scale. Most of us won’t have what it takes to actually become successful at it and could lose everything. Investing in the crypto market is already very risky, trying to be a crypto trader compounds that risk drastically.
3. Crypto Influencers “Care” About You
This lie is a continuation of crypto influencers lying to you. The truth is that they are using you for their own financial gain. Advertising trading to you so that they can earn from referrals. Or shilling low-cap altcoins to you that they have either already been paid for, or are planning to dump on you.
This is something we see time after time in the crypto market. New users flock to YouTube or Twitter influencers. They begin to consume their content and become attached to them. Thinking of them as a friend or even a family member. Not being able to comprehend that they are being used and lied to.
4. The Market isn’t Stressful
The crypto market is open 24/7/365. There is no break, and circuit breakers can’t be unplugged when the market is tumbling. From the previous bull cycle, there are many altcoins that dropped by more than 90%. Even the two blue chips of the market; Bitcoin and Ethereum, both dropped by more than 70%.
Fortunes can be made in this market, but they can be lost in an instant. It can cause people to lose sleep, change their personalities, affect their health or relationships, or even cause them to become depressed. This market isn’t for everyone.
5. It’s Safe
Some of the biggest crypto advocates like to declare that the market is safe. Perhaps hoping to appeal to the mainstream. However, this couldn’t be further from the truth. There is danger lurking all around you, and with one brief moment of carelessness, you could lose your entire portfolio.
Sending to wrong addresses, using wrong blockchains, falling for scams, investing in pump and dumps, buying coins that have no value, wallets or bridging being hacked, crypto exchanges or businesses becoming insolvent, losing your private wallet keys, and the list goes on. Before making any decision in crypto, you should double-check and even triple-check to make sure you’re not making a mistake.
6. Our Coins Will be Around for the Long-Term
Finally, the last lie that many of us believe is that all of our crypto coins will be around for the long term. The truth is that most of them will trend to zero and be worthless in only a handful of years. That is why so many people advise you to stick to the blue chips; Bitcoin and Ethereum.
These are the two cryptocurrencies that have the best chance to be around 10 years from now. Those low-cap altcoins such as Floki, Shiba Inu, Pepe, and others will disappear. You wouldn’t buy penny stocks expecting them to be the main foundation of your portfolio 30 years from now. Crypto should be treated the same.
How about you? What are some more crypto lies that we are all told?
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