Are you suffering from the current cryptocurrency market retrace?
This post is for everyone who’s feeling down about the current dip in crypto prices and/or is potentially experiencing some financial problems as a result of losses in cryptocurrency investments made when prices were higher. Let’s talk about this for a moment. We will cover three points as seen below.
The recent history of crypto-prices
So if we look at how cryptocurrency prices behave today. We will see the market cap of all cryptos as a whole: They are of course markedly lower than what they were like 90 days ago. Four months might feel like a big whopping time-span but we will see that it is the current level of the market cap we’re at nowadays. That’s right! We’re at about the same level about four months ago. If we look at it from another perspective, we might get scared because a lot of people probably feel like it is the end of the crypto-world! But it will help if we look further into the past.
Looking back farther into the past of crypto-prices
It is entirely possible that we are headed into another dark-age in crypto-history. If you have been around the crypto-space for just three months, it’s but natural to be afraid now. The last time that it happened was towards the end of 2013 and it lasted for nearly a year. If our expectations are influenced by only the more recent upward trend, we might feel quite frustrated, broke or at least it’s been a nerve-racking experience. But as I said earlier, we’re just at the same level as it was about four months ago.
It could get even lower! In-line with historical expectations, we can expect it to stay as it is for a year. It makes me think: This is a long game! Indeed! It really is I think that investing in cryptocurrency in the year 2018 is just about the longest game that a human could hope to play in the world. The only longer finance games I could think of are like life-plan/insurance and retirement investments made in early adulthood.
My story and what I learned from my past experience
Most people, when they started playing around with cryptocurrency, trading or whatever, most people buy high and sell low. I know I did, right? That’s how I found out that I’m not suitable for the day-trading game. If that’s you, don’t feel bad! Overcoming those tendencies to buy high and sell low involved overcoming like a part of your primal instinct, if I can call it that, that gets really excited about shiny things and then becomes sad or bored when they're not anymore new and exciting.
Ok, so that's fine. You can overcome that through practice or better yet, preparing for a longer game. In terms of the prices of things that you may be invested in right now. Let’s say you only entered the market in the last three months. You’re definitely down! Let’s talk about that. -I totally know what that feels like.
That’s what happened to me and of course many others. We were at the end of a spike, a few years ago, and then suffered a major crash (as they called it). Let me tell you about my response to that. So, around that time when you know, the retrench was steep and really fast, I had a major expense come up. Nearly everyone I knew advised me to pay this expense and I seriously considered it. -But I knew I could only pay it if I sold off a significant portion of my cryptocurrency savings. I remember contemplating it for hours, at times, looking at the sky, asking for guidance. If I were to pay this expense, I would have to sell off a significant chunk of what I considered part of my future. And so with much thought and deliberation, I eventually decided to hold it. I decided to forego the expense and these are things that you can do to safeguard your future.
Sacrifice
People generally don’t like to sacrifice right? I mean people search the web and watch videos for instructions on how to make things easier, not harder! so I don't expect this post to be popular. A more recent example I want to give you is when I started investing in some altcoins, about a year ago.
My wife and I made our expenses so low, a lot lower than before. After I resigned from my job and decided to earn on my own time, It was quite scary, so I watched all the money going out. For some people, it’s quite normal to go to coffee shops everyday, but I prepare my own drinks and we cooked food home (even now). I just don’t need to eat out that often since I no longer work in the office. We hardly ever had vacations and I have been spending a huge chunk of my time studying ICOs and new coins to see where there’s a good future waiting. Letting go of an 8-hour job meant having to learn more and working smarter.
Your future is in your hands.
Now, this is not financial advice and as usual, please do your own research and make your own decisions on what to do with your money. In my opinion, and based on my experience, if I feel that I believe in a coin or project, and I feel like I’m selling part of my future by selling a huge portion of it, I won’t do it. What I do is just look for ways on how to cut down costs more and be more careful (even stingy) when eating the grains that we stored for the rainy days. I won’t ever sell all of my cryptos to people who wish to buy them at a low price.
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