If you are a seasoned investor in cryptocurrencies then you can probably stop reading now. But if you are new I'm sure you are breaking your head with the huge dips in the prices of whatever token you have been hodling.
It's a mistake everyone makes when they are new to crypto. It's an extremely volatile space where things change rapidly. A month in crypto is a year in the real world. Things shift way too fast, so much that if you can't digest the pace of these changes you will be left pulling your hair out.
Crypto also tests your patience when you are in it for the long haul. There are times when things are never going your way and it can feel forever. You wonder where in the world did those 50% pumps disappear?
There would be times when random shitcoins would pump 250% in matter of hours for absolutely no reason at all. Then there are times when undervalued cryptocurrencies such as Steem will keep a low price for weeks with no major movements in price.
This is the nature of the game my friends who have gotten on the cryptocurrency train in the last 6 months.
Let me give an example of Steem. I've watched this blockchain from even before it's currency went on an exchange. When it first did, it had over $4 in value and it dropped all the way down to $0.07 cents and then went as high as $8.50 before making it's way down again to it's current rates.
Many of us who started on this journey never expected to see over $5 in the first two years of the platform running, let alone $2 within a year. But it happened.
It's not easy to watch your portfolio value go 3x in a few days and watch it slide back down.
There's no right way to playing this other than entering low, and selling high. Holding and accumulating further when market prices are in the dumpster and booking profits at the peak is the correct way to go about this place.
Remember, when you are selling, someone else has to be buying. Therefore, when you profit, someone else always makes a loss.
That's how this game works. Stick around, learn from those who have more experience than you.
On Steemit, you can earn free tokens from sharing your content. If you don't need to live off it, just save it up for the future. Maybe it would be worth more or maybe it'll go back to a few cents and be worth nothing at all.
Remember, there are no guarantees to earn a profit or prevent a loss in any speculative market. However, blockchain technology, and cryptocurrencies are here to stay. Steem blockchain is the first of it's kind!
Steem blockchain is the most used blockchain tech in the world today and probably has the most users as well. So, maybe when the development goes in the right direction, we may see greater results as well as greater value to the tokens we hold here.
Learn to stomach the dips. It's okay to feel bad and talk about it. But don't feel disheartened at every dip.
Remember to be smart with your money and let it work for you. Also, never get emotional about any token you hold whatsoever!
Keep your chin up. Bad times never last. :)
If you like my work kindly resteem it to your friends. You may also continue reading my recent posts which might interest you:
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