Topic: Cryptocurrency thought me Patience - page 2. (Read 305 times)

Naturally impatient people will struggle to keep bitcoins, patient people by nature will not struggle with keeping bitcoins. If you notice yourself to be a naturally impatient person, you have work to control the character. Impatience and cryptocurrency are not a good couple because it is not a way to get rich quickly without a process.  It takes time and patience to be a successful holder. Cryptocurrency will also teach consistency in habits, because it also requires consistency to continue to invest in cryptocurrency to gain.

When I started my bitcoin journey,  I was always checking the price of the coin. I couldn't take my eyes off my wallet because I wanted to know how my investment was performing. But with time I began to understand the workings of the bitcoin system and it was clear that checking my wallet consistency was needless for a long-term hodler.  Traders might always monitor the market but long-term holder follow their plans.

My take is that sometimes experience is the best teacher. Most newbies might not learn patience by reading but by experience. It was good that you put up this post to remind them but I also believe that they will learn as they spend more time in the Bitcoin ecosystem.

When you are in a situation where what you ever know is all you can rely on you will have all the patience to see it through, that's because you have nothing else, I remember when I started having this connection with crypto, and I decide to start investing, while I was trying to introduce many people to Bitcoin I realize that they all want the same thing, like invest today and cash out in few days, since Bitcoin doesn't work that way they believe I am wasting my time.

By the time the first bull market took place, the news reached them about how many Life's are changed because of crypto, that'd when they start to believe me, something they should have in a very long time but mind you, after teaching few they still can't withstand the long hold of Bitcoin, I believe it's really a blessing to have patience when it comes to investment stuffs, because most people in the world does, that's why they prefer some side road job or the type that pays instantly, but they don't know that investment is where the real money can be made.

While growing up, I also realize that parents have some answering to do, they are the main reason why most youths of today have no patience, they don't even want to hear investment advice, they believe it's a waste of time because their parents makes it look like that, they put pressure on them, as if they born those children for business sake where they can make money from.

The only cryptocurrency that worth patient is bitcoin and apart from bitcoin, I don't think that patience will help you gain from from altcoins, but rather it will make you run at big loss and you will regret it. Bitcoin is worth hodling for more than 10 years and the value might still keep on appreciating because it is decentralized. A hodler works with patience in other to accumulate more bitcoin to his investment portfolio and also, to be able to make profit in bitcoin you must be patient with your investment, since bitcoin price movement is cyclic. Don't use this method for any other cryptocurrency, in fact don't invest in altcoins.

Sincerely speaking, this is something that has happened to crypto enthusiasts and investors. It can be difficult to find anyone who will say they have not been in this situation, where you are under high pressure, but all you need is patience. At some point, I was very reckless when I invested money in Bitcoin. The only advantage is that my mindset changed, and I started thinking about the long term instead of the short term.

One thing to keep in mind is that we need to have realistic expectations when it comes to cryptocurrency. You shouldn't expect to invest an amount and see a huge return in a short or long time without taking note of the cycles involved. There is the bull season and the bear season, and during each season, there is a strategy to follow in the cryptocurrency market to avoid losing the money you've invested. This will require a lot of patience.

Fact: If you are patient, you will enjoy it, and again, the mistakes you made the first time when you almost quit were due to a lack of knowledge. If you have engaged in studying and researching about bitcoin, at first you will understand more about it before you start, so with that, you will enjoy it and have many profits.

My advice to other newbies is that before starting anything in life, not only bitcoin and other cryptocurrency, you should engage in research and studies; it will help a lot, and you should also be patient because patience is the key to success.

This is not just your case but everyone who is a newbie has a record of such incidents in their lives because when I was a newbie, I couldn't hold on to the coins I bought as advised by experienced people and later sold those coins at huge losses. If you are buying some coins for long term then definitely be patient because without patience there will be no progress.


@OP, absolutely right, all those who want to get into the crypto market or already have to have patience first. Because patience is essential to survive here. But you will be most profitable if you trade. Because if you trade, you get coins very quickly and have to sell them. Still you need to be patient for good altcoins.

I'd like to add something else too; persistence is also important. I gave up cryptocurrencies in 2018 after the market crashed, which, up to this day, has been the worst mistake I've made during my time with Bitcoin and cryptocurrencies. I wasn't patient nor persistent at the time; had I been and not given up completely for over two or three years, now there's a decent chance that I would hold up to one bitcoin for sure. Thus, you need to be able to sustain yourself during unpleasant periods. I wasn't and ended up with almost no Bitcoin when I had a pleasant amount at that time. Luckily, some survived and weren't sold until 2021.

It's true, working in cryptocurrency requires patience. Without patience you will never survive here. Again patience does not always work for those of us who are in the middle of the family situation. Lack of patience defeats. Here I had some bitcoins invested but forced to spend it for my family needs. That's why I'm forced to say here that I patiently tried to accumulate bitcoins but the scarcity didn't let me hold on. But I have enough patience that I will not lack throughout my life. I will patiently keep investing again when I am not lacking and I believe I will definitely succeed. But I am telling those who do not have family problems to be patient, if you are patient you will definitely get success. And those who don't have patience will never succeed here.

It means you're not impatient but self-destructive, like a person who keeps building something for a few weeks, then gets frustrated by a minor problem and destroys all his work to start fresh.
Unless you learn to control it, you'll be losing in life.

You'll break up with a partner after a small argument, you'll quit your job because  you didn't get promoted this time or didn't get a raise and so on so forth.


You did quit because selling at a loss is quitting. What you did is quit and come back to it to start fresh.

Yes — but make sure you actually know what you're buying. Being impatient is bad, but being very patient with coins that are going to end up crashing and being useless is far worse. Do heavy research always, and take time in thinking out your investment.

Since you didn't mention the particular crypto you are talking about, let me remind you that most altcoins are short term coins, thus you shouldn't be hodling them for the long term. Sell altcoins immediately you make ROI, and do not hodl it even when it is dumping, sell it at a loss or you end up being a badholder.
You underwent crypto courses to learn how to hodl crypto assets, lol, are you kidding me. Finally, mind you that Ethereum and BNB aren't high value cryptocurrencies.

Actually, your this statement just triggered a feeling or a memory in me, I also used to be so impatient that I even booked losses and was always in a hurry to make money that I always made impulsive trades. And I also learned from that mistake. I not only learned about patience but also how I can control my feelings of greed and how I can control my FOMO sentiment.

I don't think any person can actually suppress such feelings totally but partially yes they can. This means, sometimes I am able to control my feelings of not falling prey to market sentiments and losing my patience but sometimes I am not able to control them.

Newbies always take BTC and the crypto market as a quick rich scheme, but to be honest, those who did not take it as a quick rich scheme are the ones who are still safe here and getting rich every day. And you know what rich minds say. Holding is better than trading.

Because in the long run, a person is making efforts daily or weekly or whatever time period he has selected and earning and losing money at the same time, while facing market pressure too which might make that person mentally sick (of course for some time). But the ones who have done holding in BTC for a longer period of time are the ones free of all kinds of tensions and pressure from the market because they have a strong belief that the market will go up due to the scarcity factor of BTC.

That's the worst thing that any trader does because selling one's assets at loss is mostly done by the ones with weak hands. The trading requires patience and if someone doesn't have control over their emotions then it's almost impossible to make any profits. I said trading because it's not the way of investing as investing needs patience and belief in an asset and that type of approach requires understanding of the assets and the market conditions.

The traders often lose money because they set the goals to earn 1% or more per trade and when their trades go wrong they start selling their assets at loss in belief that they'll recover the losses and earn profits if they continue trading. Those are the traders without any proper trading plans and that's the main reason of such losses.

Good traders are patient by nature and they don't rush buy an asset because the market is pumping it instead they do proper research and make proper trading plans before placing any buy orders. I must say that without patience no one can be successful in life whether it's trading or investing or anything else, the ones who have patience will always have lead over the ones without it. Now you have learnt the way of investing which requires holding an asset for a long period before making any profits.

One key thing is being patient in everything but another thing is been patient on what you actually have hope for. You can only have hope for something that you know a thing or two about but not something you basically do not have knowledge about. This paragraph of yours that I quote means that you weren’t only impatient but you basically didn’t have any prior knowledge about bitcoin or cryptocurrency at large and you went on to just invest without the knowledge.

When you went back to seek this knowledge that was probably when you were taught patience in holding bitcoin and Altcoins because they are volatile. So one thing I also guess when I see people either buying shitcoins or selling off their bitcoin holdings is that they don’t have knowledge and not really patience. Once you have the knowledge the patience will be instill in you because you already foresaw the drop in price and also have the optimistic of it raising, a less knowledgeable person wouldn’t posses this



Most at times this is true but sometimes it is not, selling off during bear periods could also be from a patient person but in need of funds due to unknown emergency that arises. Someone will say you should keep extra money for emergency before investing in bitcoin so you don’t sell at loss but there might be some big emergency that will arise which even the emergency funds would not cover and the last resort will be selling your holdings at a loss.

Correct. Trading is just transferring of money from impatient people to patient people since you will never loss on crypto trading unless you sold or the project you are investing turns into scam. But currency like Bitcoin has no way to turn zero value so selling at loss doesn’t make sense while the price will eventually recover and go ATH in due time.

Patience is the key if you want to be successful in crypto trading. I think it will be helpful if you attached the link to the courses you take that makes you improved on trading to help newbie user here that struggling on same problem like yours before.

You need patience to attained anything in life and crypto us just one of it but this patience varies though, you can't hold a worthless shitcoins and think you are patience, you are only wasting your precious time because those coins were pumped to exit profits by some people and they are not coming back. If you manage to be lucky, new money may come into the shitcoins if they pump it in the future but it is not an assurance and patience will be a waste of time and emotions.

Always look for good list of altcoins to buy so that your patience will be worth it.

During my early days in the crypto industry I struggle to hodl crypto asset because I am naturally impatient person, of a truth I struggle to hodl, I mostly sell my asset at a loss.

One thing I observe is that the moment I sold. it at a loss, not quite long, the crypto asset start appreciating in price .
It got to a point I almost quit, the only thing that makes me not to quit is i believe that quiter are for failures.

Through reading and under going through crypto courses, I became more enlightened which made me hold high value asset like Bitcoin, Entheruem and Bnb.
Now when I think back of my struggle in holding an asset in my early days, I just laugh, because I lost a lot due to impatient.

My advice to every newbie out there, without patience you cannot be successful in crypto.