Investing in cryptocurrencies seems to be something that everyone with over ten euro in the bank has been doing. Although, it’s not always so simple as, convert money to cryptocurrency, wait and be rich. It is far more complex than this and the values of these cryptocurrencies is rather unpredictable. Before you change money to a cryptocurrency in hopes of becoming the next cryptocurrency millionaire, make sure you have read into it and know what you are getting yourself into.
There is no guarantee that the value of the cryptocurrency is going to go up, so we urge you to do your research before even thinking of putting a cent into cryptocurrencies. We have seen too many people that are looking at cryptocurrencies as a quick one-way route to success and have decided to compile a list of the feelings a non-crypto enthusiast goes through when changing their money into a cryptocurrency.
You’ve just put your first €20 towards your cryptocurrency of choice. You’ll be a crypto-millionaire in no time. Checking the value of the crypto you invested in every 5 minutes and every cent that it goes up brings a smile to your face.
It’s been over 24 hours since you changed some money to crypto and you’re not rich yet. You begin noticing what a slow train to unlimited wealth this is going to be.
Day 5 comes and you are 17c up from your initial investment. This doesn’t necessarily mean that you’re now rich, although you are 17c richer without doing any work. The faith grows and you’re sure that you will be on your way to crypto-stardom.
Two weeks since you’ve invested that blessed €20 in your cryptocurrency of choice and you’re not rich yet, in fact, you are now 5c under your original €20 investment. You’re unimpressed with the fact that you are back at square one, two weeks later.
5. Losing hope
It’s been a month since you invested in your cryptocurrency of choice and not much has happened that is going to speed up the process of becoming a crypto-millionaire. Here is where you decide to panic-sell at a loss or hodl.
Are too many people uninformed when investing in cryptocurrencies? Tell us what you think in the comments below.