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Ignorance leads to loss in the crypto space. Thanks to BCH I'm on my feet again!

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Avatar for Kristofferquincy
Written by   323
7 months ago

Reminiscing through the past, I remember some of the mistakes I made while diving into the world of cryptocurrency in 2017. I learnt a lot from it and at the same time I have some regrets because I feel I would have been at a better position than I am today if those mistakes were not made.

I am not to blame, I dont blame myself either but I blame the fact that I was sinoly ignorant and a random person took advantage if that naivety to a certain degree.

I remember wanting to buy ETH in 2017 but couldn't due to the fact that I was sceptical about Luno's accountability plus their transaction fee which was a bit on the high side. Thus allowing me to trust a stranger with my money. In the end, I transferred money to a stranger but didnt get any Ethereum. I was literally scammed. He made different excuses and suddenly blocked me from social media so I could no longer contact him.

Source

Damn.. a big mistake it was! I was so devastated because it was hard earned money at the time, though not so much but I was in my first year in college and was literally managing the little I had. I simply wanted to get into the crypto train since I saw it as the next big thing and at that time 1 ETH was simply around $40 or $42 or so.. I sincerely can't remember the exact price. But in Naira it was about 15,000 Naira based on the exchange rate at that time.

I regretted trusting a stranger and I became very cautious after that. At the time, the anount of money with me would have given me 0.5 ETH which wasn't of much value by then but fast forward to 2020.. barely three years after and ethereum became the next big thing and was taking after its elder brother BTC. If only I had known how to buy on my own back then, I wouldnt have regrets as I would have eventually bought more in the long run but being scammed made me lose interest.

In 2020 before the start of the lock down, I ETH was around 40,000 Naira which wa about $100 or so.. I had money with me which would have given me more than 1ETH but Icouldn't get in due to the fact that it was my school fee and I was sceptical as to whether the lock down will commence and last as long.

Source

No one could predict how long the lockdown was going to last hence I decided to not take chances somce the money wasn't for my final year school fee and exams were fast approaching.

Long story short, I kept the money and ignored ETH. Surprisingly, the lockdown lasted for over 9 months and school was off for that long. ETH price skyrocketed within a month and went sky high to where we are today. I regretted my action immediately it went sky high.

The problem was I couldn't do it because I was scared as to whether school would resume any time soon or not as a slight reduction in ETH price would mean that I wouldnt get my fill money back and school may resume any time soon thus I may miss my final exams without payment of the final year school fee.

The lockdown lasted till 2021 january and I was full of regrets because I could have made a lot more profit from it and would have more then enough even after removing my initial capital. I could have been the next big thing but mistakes were made.

I do not blame myself for these mistakes, I'm simply regretting my actions but I cam at that the real regret came when I lost money to scammer when I nust began my crypto journey in 2017. The 2020 mistake was simply a calculated risk which I didn't take due to reasons already mentioned above. In both cases, I could have been a millionaire today but mistakes were made anslessons have been learnt.

Source

I had many more experiences especially devastating ones in the crypto space which also involved me losing over $500 on futures trading since I was basically following signals blindly ag some point. After losing to a certain degree, I decided to out myself into learning fundamental and technical analysis and actually learnt a lot in the long run which allowed me to revived sme of my losses.. not all as that's gonna take some time. Afterall it's not a get quick scheme.

I'm glad I I able to find read.cash at the right time. Or perhaps read.cash found me and here I am today a proud member of the BCH community and a lover of the green bot called rusty @TheRandomRewarder.

Regardless of my mistakes, I've learnt a lot and did not allow those mistakes weigh me down. Instead, I kept on pushing forward and I'm still pushing until I attain the desired success to my satisfaction.

We all make mistakes but those mistakes should define us.

Hello to @Theblackdoll. Thanks for the encouragement on telegram!

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Avatar for Kristofferquincy
Written by   323
7 months ago
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Comments

I had the same (sort-of) experience with you. Can't exactly remember some of my epic fails but those defined me and helped me understand how cryptocurrency markets really work. Kind brutal but at the end of it, we still have some lessons we learned.

Good luck with your crypto endeavors again!

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7 months ago

I realise that those mistakes were responsible for the smart moves we made in recent years.

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7 months ago

Of course , proper knowledge is needed to make profit in crypto space. But sadly we have less knowledge about that and so still in the affected list of loss.

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7 months ago

Yeah, limited knowledge is the problem a majority of people have thus allowing them make decisions that are detrimental. Some got scammed due to lack of knowledge as well.

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7 months ago

Yeah that is true dear. Actually now a days those scammer got new new techniques to scam normal people.

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7 months ago

I don't know about crypto until I dive this platform, it helps me so much.

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7 months ago

Trust no one but ourselves, scammers knows every money holder so we should put more security with our selves

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7 months ago

You really learned some valuable lessons in your life.. YOu regret sleeping on ETH has same energy of me sleeping on Bitcoin.. what a massive mistake it was.. But at least now we do not sleep on BCH for sure... Huge my friend. Hope you are doing okay now

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7 months ago

We really can't avoid scammers as they are everywhere, that is why when it comes to money we shouldn't trust any one.

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7 months ago

Let's not trust to anyone especially strangers. They'll just scamm on us. Our endeavor might loss because of them. As for me I don't engage to anyone except to a person to whom that I trust

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7 months ago