Jump to content

Can Crypto Break You


Recommended Posts

Cryptocurrency can be a risky investment, and it's important to be aware of the potential downsides before putting any money into it. Here are some of the ways crypto could break you:

Financially:

  • Volatility: The crypto market is notoriously volatile, meaning that the price of your investment can fluctuate wildly in a short period of time. You could lose a significant amount of money if the price of your crypto crashes.
  • Scams: There are many scams in the crypto world, and it's easy to lose money if you're not careful. Be wary of any investment that promises quick and easy returns, and do your research before investing in any crypto project.
  • Technical difficulties: Crypto can be a complex and technical asset, and it's important to understand how it works before you invest. If you make a mistake, such as sending your crypto to the wrong address, you could lose your money forever.

Emotionally:

  • Stress: The constant ups and downs of the crypto market can be very stressful. If you're not careful, it can lead to anxiety, depression, and even addiction.
  • Fear of missing out (FOMO): When you see the price of a crypto going up, it can be tempting to invest in it, even if you don't know anything about it. This can lead to poor investment decisions and financial losses.
  • Regret: If you sell your crypto too early and then it goes up in price, you're likely to feel regret. This can be a difficult emotion to deal with, and it can lead to further bad decisions.

It's important to remember that crypto is not a guaranteed path to riches. It's a risky investment, and you should only invest what you can afford to lose.

Here are some tips for staying safe in the crypto world:

  • Do your research: Before investing in any crypto project, do your research and make sure you understand the risks involved.
  • Invest only what you can afford to lose: Don't invest more money than you can afford to lose if the price of your crypto crashes.
  • Diversify your portfolio: Don't put all your eggs in one basket. Invest in a variety of different cryptocurrencies and other assets.
  • Be wary of scams: If something sounds too good to be true, it probably is. Be wary of any investment that promises quick and easy returns.
  • Don't panic sell: If the price of your crypto goes down, don't panic and sell it all. The market is always up and down, and it's important to stay calm and rational.

Remember, crypto is a gamble. If you're not willing to take the risk, it's best to stay away from it altogether.

  • Like 1
Link to comment

Yes, crypto can either make or break you financially. I remember when i ventured into crypto with very little knowledge of how it works. I lost money to fraud, lost money to buying and holding worthless tokens, also lost money to signal groups where i was subscribing to get signals for trading bitcoin and other tokens.

Not until i stumbled on Bitget Academy, then i started learning more about crypto, eventually started using there copy trading platform to make some gains while growing my trading knowledge and skills.

So it really pays to get the right knowledge, be in the right community and also getting a professional and profitable mentor goes a long way to shortening the learning curve as well as reducing loses and increasing gains

Link to comment
4 hours ago, XTRAVAGANZA said:

Yes, crypto can either make or break you financially. I remember when i ventured into crypto with very little knowledge of how it works. I lost money to fraud, lost money to buying and holding worthless tokens, also lost money to signal groups where i was subscribing to get signals for trading bitcoin and other tokens.

Not until i stumbled on Bitget Academy, then i started learning more about crypto, eventually started using there copy trading platform to make some gains while growing my trading knowledge and skills.

So it really pays to get the right knowledge, be in the right community and also getting a professional and profitable mentor goes a long way to shortening the learning curve as well as reducing loses and increasing gains

Yup, Bitget academy is a good play to learn basic necessary things. Also their official PR handles are good place to seek advice/learn. They also never encourage to invest without having proper knowledge & risk involved in crypto!

Link to comment
On 28/01/2024 at 16:36, Bitroko said:

Cryptocurrency can be a risky investment, and it's important to be aware of the potential downsides before putting any money into it. Here are some of the ways crypto could break you:

Financially:

  • Volatility: The crypto market is notoriously volatile, meaning that the price of your investment can fluctuate wildly in a short period of time. You could lose a significant amount of money if the price of your crypto crashes.
  • Scams: There are many scams in the crypto world, and it's easy to lose money if you're not careful. Be wary of any investment that promises quick and easy returns, and do your research before investing in any crypto project.
  • Technical difficulties: Crypto can be a complex and technical asset, and it's important to understand how it works before you invest. If you make a mistake, such as sending your crypto to the wrong address, you could lose your money forever.

Emotionally:

  • Stress: The constant ups and downs of the crypto market can be very stressful. If you're not careful, it can lead to anxiety, depression, and even addiction.
  • Fear of missing out (FOMO): When you see the price of a crypto going up, it can be tempting to invest in it, even if you don't know anything about it. This can lead to poor investment decisions and financial losses.
  • Regret: If you sell your crypto too early and then it goes up in price, you're likely to feel regret. This can be a difficult emotion to deal with, and it can lead to further bad decisions.

It's important to remember that crypto is not a guaranteed path to riches. It's a risky investment, and you should only invest what you can afford to lose.

Here are some tips for staying safe in the crypto world:

  • Do your research: Before investing in any crypto project, do your research and make sure you understand the risks involved.
  • Invest only what you can afford to lose: Don't invest more money than you can afford to lose if the price of your crypto crashes.
  • Diversify your portfolio: Don't put all your eggs in one basket. Invest in a variety of different cryptocurrencies and other assets.
  • Be wary of scams: If something sounds too good to be true, it probably is. Be wary of any investment that promises quick and easy returns.
  • Don't panic sell: If the price of your crypto goes down, don't panic and sell it all. The market is always up and down, and it's important to stay calm and rational.

Remember, crypto is a gamble. If you're not willing to take the risk, it's best to stay away from it altogether.

You've said it all cos I've been bitten deep with say panic selling, fomoing among others which has made me come up stronger than before leveraging on the one stop copy trading at Bitget. 

Link to comment
On 30/01/2024 at 16:09, gandalf03 said:

You've said it all cos I've been bitten deep with say panic selling, fomoing among others which has made me come up stronger than before leveraging on the one stop copy trading at Bitget. 

🫥 Personally I'm not a fan of Copy Trading. But yup, Bitget is my primary CEX for some reasons like, Candle chart order & ofc their live CS .

Link to comment
  • 1 month later...

The only way cryptocurrency can break anyone is if they haven’t fully understood the blockchain technology, i am used to investing in the commodity market and stock market but when i first tried investing in crypto, i lost all my funds to fake investors and unregulated platforms,i had to contact safepal.contact to help me freez my cryptocurrency transactions .It took my son to convince me to trust cryptocurrency again and i now make more profit than commodities and bonds 

Link to comment

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • image.png

  • Posts

    • The long adage “what a man can do, a woman can do even better” might have gained traction in the crypto space. Although most of the top influential people in the industry are men, their female counterparts are exhibiting finesse too; not many beat Gracy Chen in terms of deep-rooted knowledge, skill and her inspiring rise to the top. Since 2014, as a notable TV host, Ms Chen found her interest in the dynamic world of blockchain technology and cryptocurrency deepen through her interactions with some of the industry’s OGs. Her growing passion would soon drive her to invest in various crypto startups, including Bitkeep (now Bitget Wallet). In June 2022, she joined Bitget as its novel Managing Director (MD), and left a positive impact with her excellent managerial ability; contributing her part in Bitget’s success in the fiercely competitive cryptocurrency landscape. Some of her most remarkable achievements include co-leading the strategy that multiplied Bitget’s user base through high-profile partnership with footballing GOAT, Leo Messi, as well as the establishment of a robust global affiliate network. Her expertise, in-depth knowledge, efficiency over the years as Bitget MD have earned her the CEO position, succeeding Sandra Lou, who will be leaving the platform to chase her own business goals. From TV host to Bitget CEO, Gracy Chen’s story is a reminder that if you dream it, you can achieve it. You agree?
    • Following strong earnings and rising commodities, the FTSE and DAX consolidated near record highs. Dovish ECB and BoE signals, along with upcoming UK inflation data, could influence future rate cuts.   Source: Getty Images   Indices Commodities Inflation Core inflation DAX Technical analysis Written by: Tony Sycamore | Market Analyst, Australia   Publication date: Tuesday 21 May 2024 05:02 After a record-breaking rally, fuelled by strong corporate earnings, rising commodities and expectations of rate cuts, the FTSE and the DAX spent last week consolidating near record highs. While sticky inflation is expected to see the Federal Reserve keep rates higher for longer, underlying inflation in the UK and in Europe has made good progress towards target. In response, the ECB and the BoE have sounded more dovish. The expectation is that they will cut rates once or perhaps twice before the Federal Reserve starts its rate-cutting cycle in September. Whether the BoE is able to cut rates at its next meeting on 20 June, will depend to a large degree on this week's inflation report for April, which is previewed below. UK inflation data preview Date: Wednesday, 22 May at 4.00pm AEST In March, the headline annual inflation rate in the UK fell to 3.2% YoY from 3.4% prior, its lowest rate since September 2021. The annual core inflation rate, which excludes volatile items such as energy and food, dropped to 4.2%, the lowest since December 2021. Inflation's steady progress toward the BoE's target has significantly contributed to the bank's dovish tilt. The rates market is now 50% priced for a 25 basis points (bp) BoE rate cut in June, with a full 25bp rate cut expected by August. The market's preliminary expectation for this month (April) is for headline inflation to ease to 2.3% YoY and for core inflation to fall to 3.6%. If correct, this should increase the chances of a 25bp BoE rate cut in June. UK CPI data   Source: TradingEconomics DAX technical analysis The rally from the mid-April 17,626 low is viewed as the final leg (Wave V) of an impulsive rally from the October 2023, 14,630 low. (Within Elliott Wave theory, a Wave V is usually the final leg of an impulse move before a correction unfolds.) This wave count is supported by bearish divergence in the RSI indicator, showing that new price highs are not confirmed by new RSI highs. A break below short-term support at 18,567, stemming from the April high, would indicate that the rally has run its course and a pullback has commenced. However, before the pullback begins, the DAX may yet extend its gains into the 19,000/19,200 area. DAX daily chart   Source: TradingView FTSE technical analysis Since mid-March, we maintained a bullish stance on the FTSE, capturing its blistering run higher. However, we shifted to a more neutral bias ahead of the BoE meeting on May 9th, anticipating a pullback to rebuy. Although a pullback has yet to develop, the FTSE's overbought readings via the RSI indicator suggest a pullback may not be far away. FTSE daily chart   Source: TradingView Source: Tradingview. The figures stated are as of 21 May, 2024. Past performance is not a reliable indicator of future performance. This report does not contain and is not to be taken as containing any financial product advice or financial product recommendation.     This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.
    • Nyan Heroes is an innovative NFT game built on the Solana blockchain, designed to be a key player in the burgeoning "play-to-earn" metaverse. This project aims to combine high-quality gaming experiences with a robust, player-centric economic system supported by a comprehensive tokenomic structure. Game Mechanics and Player Interaction In Nyan Heroes, players can collect unique NFTs in the form of Nyans (cats) and their Guardian Robots. These NFTs are not merely collectibles; they are integral to the gameplay. Players use their Nyans and Guardian Robots to engage in battles against other players in a shooter-style action game. The game is designed to reward players for their participation through a variety of in-game activities such as completing tasks, winning battles, and progressing through adventure mode. As players immerse themselves in the game, they automatically contribute to and benefit from the player-based economy. Tokens are awarded as rewards, which players can use within the game or trade on external platforms. Expanding the NFT Collection Beyond the core gameplay, Nyan Heroes offers additional layers of engagement through its NFT ecosystem. Players have the opportunity to mint more Nyans, clone their Guardian Robots, and collect rare and unique weapons and skins. All these items can be traded in the marketplace, allowing players to diversify their collections and potentially profit from their gameplay. Significant Funding and Upcoming Developments Nyan Heroes has garnered significant financial backing, raising $13 million from prominent investors including Mechanism Capital, Delphi Ventures, and Shima Capital. This funding is a testament to the potential seen in the project's innovative approach to combining gaming and blockchain technology. In a recent announcement, Nyan Heroes revealed an upcoming airdrop for game players, which is expected to further enhance player engagement and expand the community. Additionally, NYAN deposits are now open on Bitget, with trading set to commence shortly, providing players and investors with new opportunities to engage with the game's economy. Nyan Heroes is set to make a significant impact on the play-to-earn gaming landscape. By delivering a high-quality gaming experience enriched with NFT mechanics and a player-driven economy, it aims to attract a wide audience of gamers and blockchain enthusiasts alike. With strong financial backing and an active roadmap for future developments, Nyan Heroes is poised to become a major player in the metaverse. 
×
×
  • Create New...
us