Everyone who is reading this has had their own crypto journey. How they first heard about crypto and became interested in it. Then deciding to finally buy and which coins they want to invest in. Everyone has their own journey and I am always interested to hear it. Some of us came for the technology and freedom that crypto can present. While probably a larger percentage came for the monetary gains and the chance to chance their life. But, today I am more interested in talking about our journeys deciding which coins to buy, and how that changed the longer we were in the crypto market. The fascinating thing is that people change the longer that they have been in the market. Not everyone's change will be the same, and you may go in different directions. But very few people remain the same as they were when they first began investing into crypto.
For example purposes I will be talking about my own personal journey today, but there are many people out there who have had similar stories, or changes of equal value.
When I first got into crypto years ago now, I knew nothing except the name; bitcoin. To me crypto was bitcoin and bitcoin was crypto. Naturally that was what I wanted to invest into. My initial reasoning for wanting to invest into crypto was to turn my life around financially and hopefully get into "the next big thing" early. And so I began investing into bitcoin. Things were going well and while the whole "dollar cost averaging" thing was not a popular idea in the crypto market at the time, that is exactly what I was doing. But as time went by, my focus became muddled and I was looking to the right, looking to left and seeing altcoins going up at a higher percentage rate compared to bitcoin. While I can't believe I'm saying this now, especially where bitcoin's price has risen to. I felt bitcoin might be too expensive. Even though we would all love to see that price today, that wasn't what I was feeling at the moment. And so I entered the altcoin forest. It actually was going very well. I was searching for the next up and coming hidden gem coins. Coins that had low-caps that I felt had a lot of potential. I was trading, flipping and making good profits. But then my first bear market came. It's fine to be in altcoins during a bull run, but a person quickly learns the truth during a bear market. Some of the altcoins dropped by 90%, some even dropped 99%. Admittedly, during the same timeframe, bitcoin also dropped. But it wasn't as badly as the altcoins. Since then bitcoin has done more than a 3x of it's previous all-time high price of $20k. While some of the altcoins have recovered and set new all-time highs, many still have never matched their previous highs.
I entered the crypt market only bitcoin and then entered the altcoin forest. But then I emerged and went bitcoin only. There are two reasons why I decided to go bitcoin only after the bear market. I put in hundreds, perhaps thousands of hours of research during that time. I came to the conclusion that bitcoin was "the coin." When everything is all said and done years down the line, this has a high likelihood to be the coin that survives and makes it. It is the coin that could possibly become a world reserve asset. No matter what you feel about other coins, it is the least risky one out there to invest in. The other reason why I decided to go bitcoin only was that I felt my BTC holdings were no where near where I wanted them to be. Especially if the price would go to the places that all the analysts were predicting. By focusing only on bitcoin this allowed me to accumulate faster.
But I didn't remain bitcoin only forever. I'm very lucky to have reached a point where I feel pretty satisfied with my bitcoin holdings and decided to branch out. I no longer wanted to go after the hidden gems, but wanted to remain in the blue chips. I decided to go hard into Ethereum. I wanted to be invested into a smart contract platform, and also into a chain that would provide staking for a consistent passive income. As I felt comfortable with my ethereum allotment, I then moved on and began building up a position in another coin that I felt had a chance to become a blue-chip coin. I will continue to do so, with a focus on trying to build a strong passive income that could support me so that I could retire and move onto other things if I desire.
With that said, my philosophy hasn't changed since the last bear market ended. Bitcoin is my favorite coin and my goal is always to accumulate more. With the exception of ethereum, which I plan to hold for a long time, my other coins mission is to increase in value and flip into more bitcoin. For me, the name of the game is bitcoin and we should be trying to accumulate as much as possible.
Your journey may be very different than mine. If you are just entering the market now, or beginning to invest with small amounts of cash, you may feel that altcoins are the best way for you to make money in this market. Bitcoin has risen to an incredibly high price and that can scare a lot of people away. Unit bias is a real thing. Many people would rather own 1,000,000 SHIBA compared to owning 0.001 BTC.
So how about you? How has your journey changed since you first entered the cryptocurrency market?
As always, thank you for reading!
I didn't changed since I discovered Bitcoin (LOL). I first heard of Bitcoin from bitLanders.com in 2014 but earned my first Satoshi and up to more than 3BTC in 2015 thru bitLanders alone. I did not invest any cash eversince. I only invested TIME blogging and collecting various cryptos thru faucets and airdrops. 🙂