This post is about my experiences with crypto, the many mistakes I made and how I hope to earn some passive income with it in the future. My first introduction to cryptocurrencies was in 2017. Someone we knew made a lot of money with Bitcoin, so we got curious as well. Paul got a tip to invest in a certain coin and that coin went up like crazy. Unfortunately we lost it all, because we had no idea what we were doing. If that initial investment was still there, we could have retired by now. Ouch! But I believe things happen for a reason, so it wasn’t time yet or maybe not meant to happen at all.
At the beginning of our travels I wanted to try again, did some research about a few coins and invested a little bit of money in them. They didn’t do much in the beginning, but 2 years later that investment was 40x more than our initial investment!! Awesome! It felt good, because I did a lot of reading about how to trade, and managed to get a good profit. At that time I thought I had good knowledge of trading in crypto just by reading a lot of articles on the internet, forums and trading sites. WRONG! I lost all of it! I know, stupid me, but I really believed that if I just Hodl, it would go back up. So what turned out to be a nice saving amount, went back to my initial investment.
I thought doing research meant that you look at the price prediction, what that website thought of the coin, reading a bit on what project it is, and that’s it. But what I didn’t know (rookie mistake) is that there is a lot of fake news on the internet, and I fell for it! I am so ashamed when I read this, because looking back on it, it just doesn’t make sense at all! Why would you trust an article from a website? The company most likely paid them to publish it, so people would invest.
When it sounds too good to be true, it’s most likely too good to be true! All good things take time, there is no way of earning a lot of money fast. Okay, maybe you’ll get lucky one time, but most of the time, you will lose it.
There is so much to learn before you should even invest in crypto. I had no idea which platforms were good, how they worked, how to transfer crypto, how to set up good security and much more. In the Netherlands we have this great platform to learn about crypto, it’s called: Alles over Crypto. Around 2019 they offered a masterclass. Back then I thought it was too expensive, so I chose not to do the course. And you’re guessing it right, I wish I did. Now it has tripled in price and it would have prevented me from making all of these stupid beginner mistakes and it would have saved us a lot of money.
So a couple of weeks ago, I finally decided to do the course and I have already learned so much! I was also confronted with my mistakes, I made every single beginner mistake that you can make!! A few important lessons that I’ve learned so far, is that you need to be patient, collect the RIGHT knowledge, only invest what you are willing to lose, and NEVER invest too much money in a project.
I truly believe that blockchain is our future, especially now I understand the technology a bit better, but I also understand that a lot of people think it’s just a big hype and that the bubble will burst really soon.
What do you think of crypto? Do you believe it’s the future or that it’s just one big bubble that’s about to burst? Let me know by sharing your thoughts in the comment section below.