Those were considered losses because he made the wrong choice of investment; either the token that was chosen was pulled or the price dropped below expectations. If the token just suffered a little dump and the project is still actively developing, then there might be a higher possibility for him to recover his money. That's only if he did not sell out of panic, but if it was a scam token, then he will have to learn from his own experience and decide what to buy next time.
People fail to understand most of the time that not every coin listed on any exchange is actually worth buying; they should learn how to do their own research before they go into buying any token. Some tokens out there don't even have any good use cases, which could be a reason why the token price is being pumped and sustained at the level that it might be, which could be as a result of a manual pump done by the team itself to attract victims who could be scammed.
Unless newbies who are coming into the crypto community make time for themselves, learn how to do their own research, and don't be dependent on what people tell them to buy, they will never stop being victims of losing to some random cheap tokens.
Topic: Why Crypto may go wrong for some people - page 8. (Read 835 times)
A friend of mine recently complain to me about how he loses thousands of dollars to crypto after invest in a token. He now said he is quiting crypto and now comparing crypto investing to that of gambling.
Most people hear about crypto and wish to invest in it without the knowledge of how crypto works. It is a good practice for one to learn the do and don't of whatsoever you want to put your money in. Why dealing with crypto as if you are gambling? You need to learn to earn with crypto. You gamble with crypto when you invest without adequate research and knowledge of what token/coin you are investing on.
CONCLUSION
Crypto isn't for lazy people. It involves research and continuous learning. It may look bored if money isn't made in the first few months but will definitely make you smile after months of endurance.
Most people hear about crypto and wish to invest in it without the knowledge of how crypto works. It is a good practice for one to learn the do and don't of whatsoever you want to put your money in. Why dealing with crypto as if you are gambling? You need to learn to earn with crypto. You gamble with crypto when you invest without adequate research and knowledge of what token/coin you are investing on.
CONCLUSION
Crypto isn't for lazy people. It involves research and continuous learning. It may look bored if money isn't made in the first few months but will definitely make you smile after months of endurance.
The problem is that your friend isn't interest in cryptocurrencies.
He is just looking for a quick and easy money. He will most likely get scammed, which ponzy schemes and similar...
He isn't interested in cryptocurrencies, neither bitcoin.
Bitcoin may not offer quick and easy money, but probably some use cases may interest him
A friend of mine recently complain to me about how he loses thousands of dollars to crypto after invest in a token. He now said he is quiting crypto and now comparing crypto investing to that of gambling.
Most people hear about crypto and wish to invest in it without the knowledge of how crypto works. It is a good practice for one to learn the do and don't of whatsoever you want to put your money in. Why dealing with crypto as if you are gambling? You need to learn to earn with crypto. You gamble with crypto when you invest without adequate research and knowledge of what token/coin you are investing on.
CONCLUSION
Crypto isn't for lazy people. It involves research and continuous learning. It may look bored if money isn't made in the first few months but will definitely make you smile after months of endurance.
Your friend invested in a shitcoin and should have known the consequences. Most of these tokens can appreciate within a short period and they can also drop to zero in no time. Investing in such tokens is like gambling so it is not out of place if he compares his own experience to gambling or Ponzi scheme.Most people hear about crypto and wish to invest in it without the knowledge of how crypto works. It is a good practice for one to learn the do and don't of whatsoever you want to put your money in. Why dealing with crypto as if you are gambling? You need to learn to earn with crypto. You gamble with crypto when you invest without adequate research and knowledge of what token/coin you are investing on.
CONCLUSION
Crypto isn't for lazy people. It involves research and continuous learning. It may look bored if money isn't made in the first few months but will definitely make you smile after months of endurance.
Crypto trading involves high risk so it is important to gain knowledge of how it works and always invest what you can afford to lose. If you are not knowledgeable about trading, you will pay the price for ignorance through losses.
Everybody must not engage in trading. If I am a bitcoin investor, I don't necessarily need to spend all my time reading about bitcoin. I just need basic skills on how to keep my hodling safe and keep getting updates from bitcointalk about current developments. I am sure this forum has the information I will always need. You have to also note OP that a few months might not be enough to make a profit from your investment because sometimes it could take years.
I honestly think that beginner investors have the wrong mindset about understanding the basics of cryptocurrencies. They think that this kind of platform is a gateway in order to absoultey reap rewards after they invested a certain amount of money. But in reality, investing in cryptocurrencies require all the patience, determination, and knowledge similar to your conventional investment mechanisms (e.g. stocks, banks, real estate, etc.).
If a person wants to profit in cryptocurrency, then they should treat it seriously- investing without knowing what you just entered into results into loss of your profit in the future.
If a person wants to profit in cryptocurrency, then they should treat it seriously- investing without knowing what you just entered into results into loss of your profit in the future.
A friend of mine recently complain to me about how he loses thousands of dollars to crypto after invest in a token. He now said he is quiting crypto and now comparing crypto investing to that of gambling.
Most people hear about crypto and wish to invest in it without the knowledge of how crypto works. It is a good practice for one to learn the do and don't of whatsoever you want to put your money in. Why dealing with crypto as if you are gambling? You need to learn to earn with crypto. You gamble with crypto when you invest without adequate research and knowledge of what token/coin you are investing on.
CONCLUSION
Crypto isn't for lazy people. It involves research and continuous learning. It may look bored if money isn't made in the first few months but will definitely make you smile after months of endurance.
Most people hear about crypto and wish to invest in it without the knowledge of how crypto works. It is a good practice for one to learn the do and don't of whatsoever you want to put your money in. Why dealing with crypto as if you are gambling? You need to learn to earn with crypto. You gamble with crypto when you invest without adequate research and knowledge of what token/coin you are investing on.
CONCLUSION
Crypto isn't for lazy people. It involves research and continuous learning. It may look bored if money isn't made in the first few months but will definitely make you smile after months of endurance.
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