What was your biggest fear with starting in crypto?

Daniel91

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Interesting question OP.
Before bitcoin I invested heavily in various PTC, RevShare, MLM and Forex programs and mostly lost money everywhere.
I have heard the words, "This is new and revolutionary and will bring huge profits to everyone" so many times that I have almost stopped believing in such announcements, I have simply heard it too many times.
However, a friend persuaded me to join this forum and after some time I gained confidence and faith in bitcoin and decided to invest my money. It was the best decision of my life.
Today there are so many scams on the internet that it is very difficult to distinguish between good and bad projects and that was my biggest fear, that I made the wrong choice again Grin

Asuspawer09

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Quote from: Stef_C on May 18, 2023, 07:42:30 AM

Genuinely want to know what prevents your friends/gf/ colleagues from investing? Did you have any barriers when you first started?

My experience I started to learn Bitcoin when I was just a student, I try to find ways how I'm going to invest in Bitcoin but since I'm a student my biggest barrier was the money, as a student I do not have the money to invest on Bitcoin, And I imagine now that if I did but bitcoin that time, it's going to be a huge profit since the market price of Bitcoin that time as just around 400$ if I did have enough money to invest on Bitcoin I did make a big amount of profit.

I would say that knowledge as well is really plays a big part here, I don't really have enough knowledge on Bitcoin at that time so I don't really know what to do at that time, If I have the knowledge that I have today that time I'll probably going to buy with my own money using my allowance just to invest on Bitcoin. I'll probably still make a decent profit if I did that. Money and knowledge I guess was probably the most common that prevent beginners and newbies on starting on investing on Bitcoin.

Taskford

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Quote from: sokani on July 08, 2023, 07:27:57 AM

Quote from: Stef_C on May 18, 2023, 07:42:30 AM

Genuinely want to know what prevents your friends/gf/ colleagues from investing? Did you have any barriers when you first started?

I had a bumpy start to crypto. Looking around on the internet on how to make money, I got introduced to a ponzi scheme that didn't go well. I bought bitcoin and invested in it and it turns out it was a scam. As a result of that experience I distanced myself from Bitcoin because I thought Bitcoin was a scam too. I was afraid of been scammed the second time and it took me some time to overcome it. Some years later, Bitcoin came up through a discussion with a friend. So I decided to source for more information about it and then I got to know that it was just a medium through which I was scammed and that bitcoin is actually real.

Ponzi schemes is everywhere on crypto so expect that this is the first thing introduce if you learn crypto outside of this forum. To many scammers wandering on social media sites promoting their scams there and luckily we have bitcointalk which we can hear a lot of feedback and many people here are filtering scams and pointing out those possible best investment to take.

Common thing what people fear about crypto is the scams happening and people need to be aware about it.

Fullcoinese

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Quote from: Stef_C on May 18, 2023, 07:42:30 AM

Genuinely want to know what prevents your friends/gf/ colleagues from investing?

i think fear and doubt are the most factors that hinder someone from investing. everyone who does not fully understand how to invest and knowledge about investing will definitely be one of the inhibiting factors.

Quote from: Stef_C on May 18, 2023, 07:42:30 AM

Did you have any barriers when you first started?

the obstacle that i experienced the first time might be considered difficult to understand because of a lack of references when i first learned about crypto. but the more we often read and interact with people who are equally interested in crypto, the more references and knowledge we will have.
and in my opinion at the first time to learn it takes determination and strong enthusiasm because before in my opinion it really spent time, energy and mind to learn what cryptocurrency is and how to invest in crypto.

sokani

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Quote from: Stef_C on May 18, 2023, 07:42:30 AM

Genuinely want to know what prevents your friends/gf/ colleagues from investing? Did you have any barriers when you first started?

I had a bumpy start to crypto. Looking around on the internet on how to make money, I got introduced to a ponzi scheme that didn't go well. I bought bitcoin and invested in it and it turns out it was a scam. As a result of that experience I distanced myself from Bitcoin because I thought Bitcoin was a scam too. I was afraid of been scammed the second time and it took me some time to overcome it. Some years later, Bitcoin came up through a discussion with a friend. So I decided to source for more information about it and then I got to know that it was just a medium through which I was scammed and that bitcoin is actually real.

Falconer

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Quote from: Bako97 on July 07, 2023, 07:20:27 PM

In my opinion, the barriers that prevent many individuals from investing is lack of source of finance to maintain a consistent trading.

I know that many people want to invest in bitcoins or trade them, but they don't have enough budget to get started. On the other hand I think you can start in a simple way, like saving first from your income and after you have prepared a budget then you can invest.

If you are consistent in this way, then you will probably have more bitcoins in a year or in a few years if you have known for a long time. Another problem is sometimes not about the budget, but it can also be because of their doubts about their potential and their fear of loss. I can say that if you can't invest in high-risk assets, then it might be difficult for you to decide to invest earlier than someone else.

Bako97

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Quote from: Stef_C on May 18, 2023, 07:42:30 AM

Genuinely want to know what prevents your friends/gf/ colleagues from investing? Did you have any barriers when you first started?

I knew about bitcoin a long time ago, and over the years i've witness how much people have elevated in standard through bitcoin investment, but i have been hesitant to join the trade because one needs another source of income/job in order to have an effective trades, not until last year when i decided to start a search for an in-depth knowledge about bitcoin pending when i'll invest into it.

In my opinion, the barriers that prevent many individuals from investing is lack of source of finance to maintain a consistent trading.

Sakanwa

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Quote from: Stef_C on May 18, 2023, 07:42:30 AM

Genuinely want to know what prevents your friends/gf/ colleagues from investing? Did you have any barriers when you first started?

My biggest fear was the fear of missing out (FOMO) and this very common in the industry but I'm glad im getting over it because I'm already willing to buy and hodl at every time I have the spare money to buy.
And the second fear was the fear of regret if there was a loss at my end because I've always known bitcoin to be very volatile with absolutely nothing guaranteed in it, hence I always try to stay very careful while hodling a d that's why I don't joke with risk management.

Cookdata

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Quote from: Halime Anatolia on July 01, 2023, 09:50:49 AM

Maybe this is common and often said by people. In my opinion, the main thing is still capital. But, the main base and fact and I have felt is When I started in crypto my biggest fear was ignorance and the feeling of losing significant money. those emotional peaks and it's obvious especially when you see the price taking a free fall like it was a while ago.

Yes. this is what makes the psychology of the user react and I think it is very important to control and understand the risks and invest according to your risk tolerance because the first intention is to make even a small profit.

Looking at your portfolio and seeing that your coins depreciate in value is kind of scary, especially as a new person but with time, it becomes part of you because it is something you have no power over. However, that shouldn't be mistaken for investing in a bad coin, putting money in a coin that is full of hype, deceit and fake promises are dangerous and that is my greatest concern with these coins, buying them doesn't guarantee anything in return but we are always hopeful with a historical cycle that the halving effect should always occur but when you invest in a bad coin, even in good times like this, it will become a difficult task to get your capital talk more of the profit.

Halime Anatolia

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Maybe this is common and often said by people. In my opinion, the main thing is still capital. But, the main base and fact and I have felt is When I started in crypto my biggest fear was ignorance and the feeling of losing significant money. those emotional peaks and it's obvious especially when you see the price taking a free fall like it was a while ago.

Yes. this is what makes the psychology of the user react and I think it is very important to control and understand the risks and invest according to your risk tolerance because the first intention is to make even a small profit.

Kasabus

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Quote from: AakZaki on May 30, 2023, 08:03:47 PM

The biggest fear when I started investing in crypto was losing money on the investment I made. I feel that the crypto investment that I did at first will not get any profit, because I only see short-term gains. When I made a long term Bitcoin crypto investment I felt that this profit was extraordinary. The fear that initially made me doubt, finally made me believe that crypto provides bigger profits. But the risks that will be experienced are also greater, so you have to be more vigilant with crypto investments.

Probably most of us have fear of losing our hard earned money because of how unsecured and volatile the investment is. That's the reason why only few take the risk and brave enough to enter Bitcoin investment even if there's no assurance to be successful and profitable. But when you start experiencing its profits, there might be a change of mindset afterwards. Now, I realized that you won't gain anything if you never take some risks, so one should take some risk but do it with high caution. Invest at your own risk.

reagansimms

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Quote from: Stef_C on May 18, 2023, 07:42:30 AM

Genuinely want to know what prevents your friends/gf/ colleagues from investing? Did you have any barriers when you first started?

Worrying about losing money is one of the most common reasons that hold someone back when they first start investing. This mindset makes a lot of sense, especially Cryptocurrency investing is like a double edged sword. But behind obstacles or doubts there is always a way to overcome them.
For those who are just starting Cryptocurrency investing, never invest more than you can spend, you must allocate cold money so that it is not too risky if the worst happens.

I always adhere to the principle "no risk, no profit", big or small the risks faced are inseparable from everyday life even if you don't invest in Cryptocurrency. I always try to take risks with the amount of money I have to make a profit by investing, Bitcoin is always my first choice because it has been tested and has strong fundamentals. After getting to know Bitcoin better, I feel safer saving money in Bitcoin because I think it's safer there than keeping it at home which is very at risk of theft.

Marykeller

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Quote from: Stef_C on May 18, 2023, 07:42:30 AM

Genuinely want to know what prevents your friends/gf/ colleagues from investing? Did you have any barriers when you first started?

What has been preventing my friends from investing in bitcoin is mostly not having the financial capacity to do so, the news they heard about bitcoin from the media, bitcoin being illegal to purchase from banks, taking bitcoin as a Ponzi scheme due to its volatile nature.

I understand their reasons and fears for what prevents them from investing in bitcoin, I have had one of the challenges of not investing in bitcoin a few years back due to I have no financial capacity to do so. But thank God that I can do that today without having anything preventing me to invest in bitcoin any longer

Ojima-ojo

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Quote from: Stef_C on May 18, 2023, 07:42:30 AM

Genuinely want to know what prevents your friends/gf/ colleagues from investing? Did you have any barriers when you first started?

The only hesitant for me was when I first heard about Bitcoin in 2013, I was a nobes so I could not fully understand what Bitcoin was only that I know it was used to play games or buy stuff online, but how to get access to satoshi became a big set back for me, until recently when I finally had the resource to invest and hold bitcoin.

Presently, I have tried to encourage a few of my colleagues into holding some of their savings in Bitcoin, but their major drawback is that Bitcoin has been used for many unretrievable transactions, but I always tell them that even the dollars are also used for such transactions and that is what makes a currency of total control once you own it, it your responsibility to sustain and secure it.

Lanangsarka

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Actually, I doubted... whether this is a fraud or not... but after hearing the experiences of my husband's friends who have been involved in crypto for a long time, it really motivates me now to get started.

AakZaki

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Quote from: TelolettOm on May 31, 2023, 06:34:31 PM

Fear is normal, everyone must ever feel that feeling for the first time investing in crypto. I also feel it when I was a beginner, I ever feel that how if the crypto disappears after I spend money on some crypto coins. Moreover, I read some cases about many people getting losses with huge money at that time. But after a few years in crypto, I realize that it was just FUDs. There are people who want we sell crypto with cheap prices, then they will take an advantage if crypto coins drop the prices drastically. You must understand that this way is used by whales to manipulate crypto market.

For Bitcoin, it is not really proper for a short-term investment, you need to hold for at least 4 years for bigger profits. Unless you have big capital, you can get enough profits by holding it for months. If it is for the short term, I prefer to choose altcoins. They have higher volatility, so we have the potential for bigger profits in a short time.

It is important that when we have a lot of experience in the crypto market, it will be a reminder that no one is safe. FUD will always come and give a bad situation to the crypto market, even some time ago I tried to enter in memecoin with a few dollars left, but in the end the price continued to fall and was worthless. It is better to invest in coins that are truly trusted.
Bitcoin is the main investment, but not how long to hold it for up to 4 years, but about the target to be achieved. Of course we have the same target, namely the new ATH in Bitcoin or Altcoin.

TelolettOm

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Quote from: AakZaki on May 30, 2023, 08:03:47 PM

The biggest fear when I started investing in crypto was losing money on the investment I made. I feel that the crypto investment that I did at first will not get any profit, because I only see short-term gains. When I made a long term Bitcoin crypto investment I felt that this profit was extraordinary. The fear that initially made me doubt, finally made me believe that crypto provides bigger profits. But the risks that will be experienced are also greater, so you have to be more vigilant with crypto investments.

Fear is normal, everyone must ever feel that feeling for the first time investing in crypto. I also feel it when I was a beginner, I ever feel that how if the crypto disappears after I spend money on some crypto coins. Moreover, I read some cases about many people getting losses with huge money at that time. But after a few years in crypto, I realize that it was just FUDs. There are people who want we sell crypto with cheap prices, then they will take an advantage if crypto coins drop the prices drastically. You must understand that this way is used by whales to manipulate crypto market.

For Bitcoin, it is not really proper for a short-term investment, you need to hold for at least 4 years for bigger profits. Unless you have big capital, you can get enough profits by holding it for months. If it is for the short term, I prefer to choose altcoins. They have higher volatility, so we have the potential for bigger profits in a short time.

tvplus006

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The fear of losing your money is what unites everyone who is facing cryptocurrency for the first time. This is not only due to the fact that newcomers know almost nothing about how the cryptocurrency market works, but in fact they are not legally protected from fraud.

Alpha Marine

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Quote from: Davidvictorson on May 30, 2023, 01:56:15 AM

The barrier I had that prevented me from investing in Bitcoin initially was my mindset. I thought that I had missed the train so I opted for a shitcoin because I thought it was going to make me a lot of money in the shortest amount of time. I sold my car so as to have enough funds to invest in the shitcoin which they promised was going to the moon. It didn't. I lost everything. It wasn't until I decided to do my own research. I read some Bitcoin books for beginners, watched a lot of Crypto YouTube channel, listened to podcasts and engaged actively with other Bitcoin enthusiasts that my mindset began to shift and change.
When that happened I bought a small quantity of Bitcoin and started to invest in smaller units monthly.

A lot of people fall into this. They just start with a shitcoin that would most like always be shit.
In some cases, these people just see all cryptocurrencies as scams and they might go ahead to miss out on the opportunities that they can get from investing in Bitcoin.
Shitcoins are really a problem and the people that always portray them as the next best thing after Bitcoin are a bigger problem. They always present it as something that is without risk which is the first red flag. They mostly target people that are new to the industry.

tech30338

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Quote from: Stef_C on May 18, 2023, 07:42:30 AM

Genuinely want to know what prevents your friends/gf/ colleagues from investing? Did you have any barriers when you first started?

Here are the things that make me hesitate when i first started
Way back 2011 my friend ask me for us to invest in bitcoin, my first reaction is its a scam that make me regret everything:

Aside from thinking that its a scam which later i realise its not, is because i don't have the money to invest
I thought there is no other way than investing money, later I found out that you can earn without investing money
Some Friends discourage me not to invest since its a waste of time , unlike working 8hrs work
Ransomware before i thought having bitcoin will me look like a scammer, since some office are being ask for ransom
Lastly lack of support will really bring you down, but try to focus on it if you like , you may find the light at the end and finish at the top someday

Topic: What was your biggest fear with starting in crypto? (Read 800 times)