The Bitcoin market is a game of survival. Those who can maintain their conviction, patience, and hold through the difficult times are those who see the greatest success.

As hard as it is to believe, this might be the most important determining factor in how successful you are in this market. It really is that simple.

Bitcoin is a place where your own decisions and self-inflicted wounds can ultimately destroy your own portfolio.

The longer you have been investing in Bitcoin, the more you hear the phrase, “having paper hands.” This is when a person cannot handle the stresses of the market, often resulting in them buying high and selling low. This is the most common result that new investors will experience in this market.

They hear the stories of how other people have gotten rich in crypto essentially overnight and are hoping for the same result for themselves. However, when people rush into this market because of that word-of-mouth, that is exactly the moment that we have nearly topped in price for the cycle. We then go through several months or years of downward price action and pain. That is the exact moment that is too difficult for most Bitcoin tourists to handle and end up selling at a loss.

With all of that said, there is a different trap that Bitcoin veterans are also in danger of that could destroy your portfolio.

This market is a place where it is extremely easy to compare yourself to others. In the US, we call this “trying to keep up with the Jackson’s.”

You see your friends, acquaintances, or peers who have been invested in crypto longer than you and got into Bitcoin, Ethereum, or even Solana at a much cheaper price than will ever be possible for you. They have a several-year head start on you in this market, and therefore, their portfolio has reached levels that you can only dream about.

To be successful in this market, you need to always remember that this is a personal journey. You are not in competition with others. The moment you begin to become jealous of others in crypto, and want to reach their portfolio levels quickly. That is when you are in the most danger.

The reason is that it is when people try to make up for lost time and take on much more risk, and start making bad decisions.

Perhaps they ignore the blue-chip cryptocurrencies such as Bitcoin or Ethereum, and instead invest in risky altcoins that have a high chance of not surviving. But it is also possible that they start trading with leverage. Taking on extreme leverage is a fool’s errand that will quickly separate you from your money.

I’ve seen this exact situation play out with some of my peers. They got tired of waiting and wanted to increase their portfolio quickly, so they decided to trade Bitcoin with leverage.

There is one thing that you need to always remember about Bitcoin. It has a mind of its own and loves to be a contrarion. Almost as if it is hunting those who are making stupid bets against it. When it moves, it pumps or dumps faster than anything you’ve ever seen. Most who try to trade with leverage in this market soon find themselves liquidated.

The hard truth is that it is very easy to become wealthy with Bitcoin. All you need to do is consistently dollar-cost average with a long-term timeframe. The tortoise wins the race against the rabbit. Never get caught in the noise, resulting in you panicking and selling. If you can do this through multiple Bitcoin cycles, you most likely will be able to change your life financially.

How about you? Have you ever made mistakes in crypto, trying to compete with other people’s portfolios?

As always, thank you for reading!

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