You have heard it a hundred times. That people in the cryptocurrency market are different from other people. That we had enough of an open mind to see how the world really works. The problems that exist, and how cryptocurrencies like Bitcoin or Ethereum are the answers that can fix them. That we will become rich, and people who aren’t invested in crypto will stay poor.
The truth is that people just entering the cryptocurrency market are told a lot of things. Some have truth in them, and others are lies. The difficult is being able to separate the two. It can mean the difference between having success in this market or losing money.
Getting Rich Fast
We have all heard the stories of people buying a random altcoin or meme coin, it going parabolic resulting in them becoming rich overnight. The fact is that these people had the same luck as someone winning the lottery. People will chase these gains, and keep buying lottery tickets. Only for them to keep losing, seeing their tokens go to zero, and eventually leaving this market with the impression that everything is a scam.
The truth is that we need to admit that we are not lucky like these people. That we won’t hit the lottery and get rich overnight. By doing that alone, you will be able to eliminate a large amount of the potential heartbreak in this industry. We are all early to Bitcoin, Ethereum, and crypto, and can become rich from them. But we need to have a long-term timeframe. That is the winning formula.
Crypto is Easy & Stressfree
Perhaps the biggest myth of crypto is that getting rich is easy and stress-free. That people who know nothing about finance and are looking for the easy road should come here. The truth is that the crypto market is the most difficult and stressful financial market you can invest in. Exchanges never close, volatility is off the charts, and there isn’t regulation. It can affect your health, sleep, appearance, and even relationships. It can leave you longing for a time when you didn’t worry about money, or days when your portfolio wasn’t down thousands of dollars in only a few hours. For some people, it can be difficult to find peace while they are investing in the crypto market.
Crypto’s Success is Guaranteed
Potentially the biggest lie that we are told is that crypto’s success is guaranteed. That we are all going to make it and become rich. That couldn’t be further from the truth. That fact is that there is nothing guaranteed in crypto, and while we are all hoping that this market goes mainstream. There is also a chance this entire market could go to zero.
That is why most experts in the industry will tell you to never invest more in crypto than you can afford to lose. That in some ways, you should consider the money invested into this market already lost. That is the approach that you need to have in crypto. There is always a chance that Bitcoin could have a fatal bug in the software that causes people to give up on it. The government might not ban Bitcoin, but it could make it very painful and inconvenient to use. There are many things that stand in the way of Bitcoin and crypto’s success, and we must always be aware of that.
Overall, I am as bullish as possible about Bitcoin, Ethereum, and the future of this market. With that said, people always need to be aware of all of the facts and risks that are involved in this market. As the famous phrase goes, knowledge is power.
How about you? What lie have you been told about crypto?
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