We all know about the people crying Moon and Lambo every few days. It's the hype of the hopes of investing in the right coin or token, to find the Unicorn Project and get insanely rich. Yet, as much as we all like picking a good project as an investment that's not really what it's about when you get down to it. We all enjoy seeing a bull market in action and watching our bag increase in value, but the profits should come secondary. In reality it shouldn't be about Lambo's but rather about World Wide Adoption of Crypto and Blockchain in general.
Most of us are doing it wrong:
As long as we're watching the price, we're not doing it right. A coin where you're watching the price you're not only subconsciously comparing it to fiat but also in essence you're trying to get rid of it.
"How many dollars is it worth now? What can I get for it? Should I sell it for dollars?" are often the wrong questions to ask.
By most of us thinking like this shows us that we're far away from world wide adoption and that the space has a lot of room for growth.
When we stop caring about the price movements of the market, but focus on adoption, learning more about the project and ecosystem, building community then we're getting closer.
The project leads and developers are sometimes doing this too. They think of making profit or having a high market cap rather than of how many people use their token or coin consistently. They go after hype and the markets, rather than the community.
Here are some tips each of us can do to shift our thinking:
Focus on bursts of accumulation rather than price action.
Rather than watching for bull and bear markets in regards to how much your crypto portfolio is worth, try to focus on times of accumulation for your favorite projects whenever there's a bear market or dip in the market. Even if you start by looking at your portfolio's worth in regards to dollars, train your mind each time to take a moment to appreciate each time you can accumulate more of your favorite Crypto. So rather than "this market just lost me 100$" focus on "I accumulated an additional 1 million BCH Satoshi"
X amount of Crypto rather than Y amount of dollars:
This one is difficult as most exchanges and other places show the dollar price of everything you own in Crypto. Yet let your eyes scan past the big $ number in your Bitcoin Cash holdings and focus on the amount of Satoshi you hold. It's not $128.67, but rather 0.19229754 BCH or 19,229,754 BCH Satoshi. Once you learn to focus like that you'll get your mind trained to look at the crypto currency as it's own currency rather than as just something to invest in to get Fiat in return. When you do take profits see what resources you gain from spending your crypto or how much additional crypto you can acquire in the next dip instead of seeing how many dollars you got out of the trade.
Learn about the fundamentals and crypto technology in general:
Markets and investing may seem the more exiting part of being in Crypto, but if you want to be involved in the long term and actually really get hyped up about it all then take some time to learn at least the basics of Blockchain, decentralized systems, how money works, what makes the current fiat system so bad, inflation versus deflation, smart contracts, etc. I say this as once you understand what makes Crypto so awesome and game changing the market will never phase you again.
Learn about the history of various Crypto Coins and tokens:
A bull run may be the greatest thing you've ever seen. And opposite that bear market may seem like the worst thing you've ever seen or heard of, especially if you're new. However, those who have been here a few years know that both insane bull runs and horrible market corrections is just a natural part of the market cycle. Crypto dips may seem sudden, unexpected and horrible - but they're very normal. During any dips in your favorite coins or tokens refer to my number one rule:
When in doubt, zoom out on the chart!
Often times you'll notice the big dips of the past are just tiny little drops in a much larger market trend that's in an upward trajectory. Overall in many solid projects the overall movement is upwards when you factor in time.
Also remember on the flip side a coin suddenly doubling in value may be dizzying but this is also perfectly normal.
Spend time building community:
Spending time to build community, maintaining your social profiles and talking to people about your favorite projects help with adoption. Always spend more time doing that then trading the aforementioned coins on the market places or checking their prices.
Adoption brings solid long term growth in any of your favorite projects. If you had your choice of "market hype from the news or an influencer like Elon Musk" or "solid innovation / improvement on the protocol and growth in adoption" you always want the latter one. Often growing the worth of the coin or token through the adoption method is slower than quick media hype - but innovation and adoption always wins out in the long term.
Hope my few tips helped you out a little. It's my first article here so please come back soon :).
How long you've veen using crypto?