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There are a lot of ways to earn money in the cryptocurrency but there are also a lot of ways how to lose money in the cryptocurrency, those scenarios are always inevitable in this field especially if we do it without caution.
I've been reading an article recently about how to lose money from @tired_momma@MoreGainStrategies@PVMihalache@Ruffa which are usually all coming from experiences. I haven't told my story yet about how I lose some of my hard-earned dollars in a snap, and I will share it now but before that lemme site some ways how to lose money in crypto in an easy peasy way lol.
Crypto space is not for weak nor stupids because it will never give you a second chance to reverse your actions. Sending your crypto coins to the wrong address will give pain in your ass because you can never reverse your actions once done. Crypto transactions are very unfriendly, you should double-check the wallet address first before sending it. They always give warnings before sending it, so you have to double-check as many times as you can. The best example is the latest article of @PVMihalache he sends his $300 to the wrong address and voila! Goodbye $300 read it here.
Buying Crypto Coin at Peak Price then sell at the bottom
In crypto, if you want to earn profit you should follow the first basic rule which is the “Buy low and sell high” but some of us is not following it because we are always driven by social media hype and then we will likely experience being FOMO (Fear of Missing Out), as we see the coin pumping hard we are likely lured to buy ending up we bought at the peak price. Instead, we do “Buy high, Sell lower ” I tried this one when I bought a newly launched coin which is the 1INCH, I bought it at $2.42 and sell it a 1.10, imagine 1/2 plus of my capital is lost because I sold it as I don't want to be stressed out seeing my PNL lol. Voila! You lose money instantly.
In making an investment one should DYOR a lot before jumping on it to make sure the coin is worth investing in. But usually, some people buy coins without doing thorough research about it and were just driven by hype. Then after buying the shitcoin, the hype was done and the majority is selling their assets then you as a stupid one you just hold thinking it will rise again but the project is not relevant so it keeps dumping, and voila! You lose your money instantly. Again this is relatable to my 1INCH story lol.
Buy the Dip again and again because of hype or wrong Infos
Some said dip is a blessing because you will able to accumulate a lot when a certain coin dips and gained a lot if it pumps up. Some didn't sell their asset even if the coin dips a lot instead they keep buying it. In crypto, it is always advisable to DYOR the fundamentals of coins. It should be like buy or sell the news, but some keep buying even if the news regarding the coin is negative. It's like catching a falling knife, this is familiar to us, right? The XRP moment. Viola! Instantly losing your money buying falling coins.
In crypto, there are a lot of betting games that some coins launched. Some individuals are getting addicted to it. Gambling addiction is not a joke, it is an easy way of winning and losing money at the same time. I have read real experiences about gambling addiction from @RowanSkie you can read it here, you might get some lessons learned.
Trading with leverage without proper knowledge about it
Trading is always fun and can be addictive too. Trading with leverage is also a form of gambling as you are betting if the price goes up or goes down. It is also an easy way of winning and losing money quickly. This is where I lost a lot, I became addicted and greedy in doing leverage trading. I lost $160 by now, $140 at Binance and $20 at Stormgain although the $10 was from their free mining still is money. My Binance losses did not come in one go, I slowly lost it all because I keep doing trades even if my internet connection is weak. I joined some traders group that gives a signal, it was good, the signals are accurate but the trade only lasts for 10-15 minutes as we are going with the pump worldwide, and I always got rekt because I entered late. Everytime I do the wrong moves I keep repeating it, and the sad part is I don't feel sad losing money so it needs proper management or else it will turn just like gambling addiction. Now, I stopped it because it seems that the chances are not for me. But I will not stop future trading, I will study it again and secure a better connection first before doing it again. There are a lot of articles regarding their failure trades from @Ruffahere and @bmjc98here I am not ashamed or condemned myself or them for having failures because I believe it is part of the learning curve. For now, I just do spot trading in Binance it might take slow to earn but at least it will not burn my money quickly.
For now, that's the most accurate way of losing money in the crypto space, if you don't want to lose your money like that then avoid doing it.
For long term goals of holding, you might be interested to join the #Club1BCH. The goal is to hold at least 1BCH before the year ends and wait for Marc Demesel's price prediction about BCH which is $30,000.