Image source edited with canva
One thing am grateful to hive for is the exposure to the crypto world. I have learnt a lot yet so little. I now know what the bear market, the bull market and hodl mean. If you are like me and confuse about these words. Bear market means the period when the price of crypto is falling, bull market means the price of crypto is going up and hodl means holding on to your cryptocurrencies during the bear market. Hodl is also an acronym for hold on for dear life.
Crypto is presently in the bear market now because of the case of FTX. FTX is a crypto exchange company owned by SBF. The price fell to zero in just one night and SBF went from a billionaire to someone that has nothing.
I was confused about this for so long but thanks to @josediccus who shed more light on the matter. I got to know that as the business world has shrewd businessmen, so also do those in the crypto world. SBF played on people's emotions to get them to invest in his crypto exchange. This is a terrible scheme and lots of people lost their investments when FTX fell. The fall of FTX has affected the crypto world a lot, prices have fallen drastically and lots of people are leaving crypto because of the bear market.
As a newbie on hive, I would have gotten discouraged if not for @josediccus @starstrings01 and @hopestylist. They have been a source of encouragement to me, they made me realise that bear market is something that does occur but instead of fretting about it, I should stay strong and accumulate my hive. Am thankful to them, so if you are a newbie also don't be discouraged, stay firm, accumulate your hive and build your investments, hodl during the bear market so that you can reap profits when the bull market comes.
I have learnt that @leofinace is also a great platform to learn about crypto, I haven't been active in the community because I feel like everyone there is experienced and know about finances however I have been made to know that it is simple and easy and not only for experienced people but also novice like me. So now I have to go over there and take my time to know and learn. I believe am going to learn a lot this month, because the leofinace community is my target this month.
This post is for the dreemport challenge, thanks for reading through.