With the efforts of hardware manufacturer Bitmain (the one that’s responsible for the creation of the block processing behind Bitcoin Cash), here we are enjoying the benefits that the most powerful fork of Bitcoin is showering upon us: the digital currency known as BCH.
Some people are getting rich because of it, or maybe just reaping some little financial rewards here and there, day by day (like this humble, small-time Bitcoin Cash investor who wrote this article).
I’ve been explaining the benefits and the super-cool things that BCH has been giving me: to my friends, my neighbors, and almost anyone within my social circle. Unfortunately, though, not too many of them are getting it. In effect, they’re not earning anything with the digital currency that I dearly love.
I don’t know about you, but the following reasons seem to be the most common why others are not making money with cryptocurrency, most specifically, with the one that powers this dear platform of ours.
They hate the idea of a BCH digital wallet
Bitcoin cash, as well as any cryptocurrency for that matter, is an electronic form of money. Since that is its actual form, you need a digital wallet to store it. Digital money = digital wallet, that’s both the long and short of it. Some people, including maybe your own family, hate the idea of a digital wallet, or maybe, they just don’t trust digital wallets enough.
“How can I be comfortable investing my real money, or my real daily efforts into something that’s not even real?” – This is the mindset of those who don’t understand what cryptocurrency is, or to simply put it, the ignorant ones. They have a hard time grasping the idea of a form of money represented only by numbers and codes that thrive within a crypto blockchain.
To make matters worse, they wouldn’t even care to listen to someone who’s about to explain cryptocurrency to them. They think of the concept as “bogus” or “deception.” It is for this reason that a great number of people are still unaware of the power and benefits that Bitcoin Cash as well as other strong crypto-coins are able to deliver.
Whenever you want a family member to hop into BCH investing, emphasize the importance of a digital wallet to them, that should be the best move for you to start convincing them.
They don’t know how to handle crypto-risks
In every business, as well as in any other aspects of life, risks have to be taken. The only serious issue about it is that… they have to be labeled as “calculated risks.” Whenever you put up a business undertaking of any kind, you need to invest in something: money, time, and resources. And in your endeavors as a cypto-investor, you need to hold on and let go of those.
If you’re too nostlagic with that piece of money you’re holding, then chances are, you’ll not be going anywhere with it. Like paying a portion of your hard-earned salary to buy your first pair of leather shoes, or paying for a tailored business suit so you’ll look better, you need to put something into your digital wallet so you can start trading, or wait for long weeks or months as you start hodling.
Risks will always be a part of our lives, our careers, our decisions, and anything else in between. It is something that you just have to deal with. And even if you’re already in the very act of trading Bitcoin Cash for something else, moving from BCH to ETH, from DOGE to LTC, or in almost any currency pairing you can think of, making the decision will still be very hard at times.
The key to getting around this is to bear in mind: risk takers are the real victors. If you don’t take risks, you will never fail, but then, what will you amount to in the end if that’s your mindset?
They don’t know the right balance of BCH trading and hodling
Okay, you already understand the risks you have to take as a crypto-investor, so maybe, the previous item isn’t really for you. Maybe you already have some trading rodeos in your experience and self-written mental portfolio. Cool! But what if you’re not satisfied with what you’re making with your crypto-dealing habits?
The reason for such a setback is that maybe, you don’t know how to balance the very acts of trading and hodling. If you don’t understand the 2 yet, let’s summarize them by saying trading is for short-term gains, while hodling is for long term ones. Either path can make you profitable, when done right and strategically.
But if we are to ask any expert, the most profitable crypto-investor are those who engage in both, and those who apply the right balance therein. Hodling is good, as it can be likened to the acts of a farmer who plants some seeds and waits for the crops to grow, and does the reaping and harvesting when the fruits are ripe.
But such an investing style could pose some problems: it could make you feel bored and unproductive as your peers and co-investors are already getting lucky with their efforts. The best course of action to take then is to hodl, while doing some tradings occasionally or habitually, depending on your preference.
In that way, you’ll have some quick rewards that could be either big or small, but could give you some rewards mentally and emotionally as well. Such a style has been known to work with all big-time crypto-enthusiasts you can come across. Let’s encourage our friends and ourselves to be like them.
They’re not willing to play the long game of BCH-investing
As the final keypoint of this article, here’s something that you, a crypto-investor should always think about: always think about the big picture. Always be in it for the long game. When cryptocurrency was still in its infancy stages, during those moments when it was still struggling to support itself, the people who were the first to invest in it were deemed as fools by others, some of those critics were even their close friends.
But look at those people now, they are now among the richest persons you could ever get to meet, or get to connect with in platforms such as this one we’re having. Bitcoin Cash might not be on the number 1 or number 2 of the list of strongest cryptocurrencies, but it sure does belong to the most powerful currencies today, of that we can be very sure.
BCH is amassing some power and influence that we can surely tap into, to make our lives better. Trust that it will be even more powerful in the next months, or years. Who knows? A great avenue of financial greatness might just await you when you least expect it to arrive.
I always find it amusing when my mother asks how my fake money is going. She was quiet when I paid a large portion of the Red Lobster bill.