When we scroll through our social media feed, especially X, we often find a lot of discussions on cryptocurrency. Most people will be bothered about the dip, some will be bullish about a particular coin. The former may Rush off to sell and the latter will likely HODL. You could be one of those who decide to buy a particular coin and hodl. Whatever you choose to do with your money is your concern as long as you keep up with the trends.
Source
Before cryptocurrency became a thing, most people preferred the safety of regular financial institutions. Today, a good number of people left their comfort zone and opted for the crypto market. This doesn't take away the fact that there’s a bit of fear of losing money. And this is because the crypto market is uncertain.
Of course, there is never-ending news on the mainstream media that can actually ruin people's stand with crypto. As Nigerians, we've had our fair share of trouble and uncertainties when it comes to crypto adoption. Our government have tried to make life unbearable for the youth who decided to take their destinies into their hands and adopt crypto.
If you ask me, I would say, the media helped us take our stands when it comes to the digital world. All of us could move past the different restrictions because we had fellow Nigerians on different social media platforms talking about the way out of every situation we found ourselves in.
The thing is for some of us, cryptocurrency is the closest we've gotten to understanding how the market works. I am pretty sure a large number of us did not know there was something called timing the market. Nor did we know we could buy low and sell high but all of this changed when we embraced digital currency. We would probably not have been aware of any of these things if we did not have access to news, and information provided by the media.
Even though there's a positive side to all of this, there's a negative part as well. As much as we learn better ways to earn more through the media by adopting cryptocurrency, there are still bad eggs out there. These folks are out to make sure we lose money instead of making it. They spread false information and sometimes promote coins that do not have any value. We fall victim to pump and dunpls, as well as a lot of rug pulls. Fake and spammy airdrops here and there. People lose even the little money they had in their wallets because they click on phishing links on the different social media sites they patronize.
With this in mind, we need to understand that there’s every tendency that we could lose our investment or we could win.
We should understand that some of the coins we are holding dearly can dip and the time will come when there will be an increase. The latter is a promise of financial gains and a possibility of becoming wealthy. Then again some people sell at a high rate only to find that its value still increased beyond what they had thought. This action might have been triggered by predictions in the media. It goes to show how great its influence is on the crypto market.
I remember a friend of mine who held strongly to a coin, he was quite optimistic about its increase in value. There were several talks about it on social media platforms. The coin showed promising signs and those who had a great reputation for making good predictions had only the best to say about it. Until downturns occurred, still he remained steadfast in his belief despite all that was ongoing. Looking back, I think it was because of the self-acclaimed experts and the predictions of people on the media platforms. When we warned him, he would often say “ Remember no one took Binance and Ethereum seriously, now look at them?”
It didn’t turn out the way he had expected. It dipped further than he had expected. However, there are times when these predictions actually fall through and the coins get back on their feet. And people who held become twice or more richer than they were.
The truth is it's better to do one's research properly instead of leaving it in the hands of others to tell you what to do. Let’s not forget words on the street that go “If you no hustle for yourself, you go manage wetin you see!”
By now, you already know that local news has a lot of influence on the crypto trends. Even social media platforms play a great role in this. There’s usually the banters and predictions from people who claim to know the market very well. When there’s good news you’d notice people buy more coins but when it’s quite the opposite people sell off. In fear. It’s very important you verify any information you get so you don’t end up regretting your decision.
Facing writer's block? Join the lnleo April Writing Prompt today and say goodbye to, "I don't know what to do write about today".