There is no doubt that the Crypto Market is quite interesting and recently it became even more popular all thanks to 2 coins, namely, Doge and Shiba Inu. Doge started as a meme coin and slowly became one of the most famous and most loved as well as hated coins. Shib on the other hand was created as the ‘dogecoin killer’ but it did not become that, as of today.
I landed in the world of crypto just a few months back, 4 to be precise. This is my fourth month and am I happy? Well, yes and no. Let me explain it.
I knew about Bitcoin and the term crypto for quite some time now. I think it was in 2010 when I came to know about it for the first time. But at that time I wasn’t serious about it and never found out much about it either. You’ll laugh if I tell you that even today I am not 100% sure what crypto and blockchain etc is. I never studied about it, even once. All I know is that it’s mined on computers and it is some form of complex calculations etc.
Like many other people, I jumped into this market just to make money. I don’t think that there is anything to hide here. But I do sometimes dream if only I knew in 2010 that bitcoin will become such a huge thing then I would have been a millionaire, if not a billionaire. Anyways, that is a thing of the past.
Now let’s jump back to the present. My 4 months’ experience in the crypto market is what you are interested to know (since you came to this post and have read up to this point). Ok, here it is.
I was re-introduced to crypto by my brother and he came to know about it from one of his friends who makes good money in it. I started investing money using an app called WazirX. This is basically a crypto exchange that is made in India but now has been taken over by Binance.
In the past 4 months, I’ve invested in a lot of altcoins like xrp, matic, doge, zil, hbar, and so on. In the initial period, I did make a fairly good amount of money in it. I did not withdraw much and reinvested the profit into more coins. But my experience with my exchange of choice, WazirX, wasn’t good. In fact, all exchanges in India do not work properly.
WazirX, even to this date, is facing a lot of never-ending problems. The app and the website gets frozen and nonfunctional whenever there is a traffic surge. Sometimes the sell/purchase orders don’t get canceled. Sometimes they list coins at incorrect prices, much higher than their actual rates. All this has resulted in a lot of frustration and money loss. To be frank, I have lost all profits that I made due to these reasons.
The owner of Wazirx is Nischal Shetty and according to the hashtag #wazirXscam on Twitter, he is continuously doing these small-small scams so as to increase more revenue for himself and his team. Earlier I did not believe these things, but when they started happening to me, then only I realized that it indeed is true.
Right now there is a huge dip in the market, a kind of crash you can say. It is said that it is due to China banning crypto for financial transactions. India too wanted to ban it earlier but as per the news reports, the government is now looking to regulate it somehow. You can watch the following video (it’s in Hindi).
Bitcoin has come down considerably and due to that all the other coins have come down way too much in price. Right now I’ve invested in doge, shib, wrx, coins. And all these coins are too much below the price I bought them in the first place. First all the gains were literally eaten up by WazirX and the rest of the investment is down due to this market slump.
But I am not afraid of this as the market will go up soon. I am quite sure about it.
What did I learn?
Well, I learnt a few things. Maybe I am wrong, but these are my personal views and certainly not financial advise of any kind. Pick the top 10 crypto coins from Coin Market Cap website. Now look at the amount of money that you want to invest. Now see which 2-3-4-5 coins that you have decided to invest. Diversify your portfolio and don’t put all the money in just 1 coin. I have actually made that mistake with wrx coin. It was a huge blow!
Now you may think that this is a foolish thing to do. A person should do proper study and survey and then invest, I agree, but again the fact is Coin Market Cap tells you all straightforward. Take a look and invest accordingly. At least that’s how I do it.
Other than this you should be on Twitter and follow various hashtags and influencers in the crypto scene and understand what others are investing in. But always keep one thing in mind and that is never run behind the green candles that you see in the graphs! Never! You will loose money for sure.
As of now when I am writing this post, all my portfolio is actually down. Profits gone and now even the initial investment is in minus. Am I afraid? Ofcourse I am. But I am also sure that this time will pass and we will see the market green again very soon.
What are your views about crypto and how was your experience? Do let me know in the comments.