How I Lost 60% Of My Investments In BTC. Can You Guys Also Share Ur Experiences
538 sats \ 10 comments \ @2137003447 5 Sep bitcoin_beginners
So... Back in December 2020(I was still in my 2nd year in Uni) is when I really started getting interested in buying bitcoin and long term trading. I entered the market. I bought about $500 worth of btc.When 1 BTC was $19, 500. Initially things appeared quite promising. Forward, to early 2021 Bitcoin had gone up to $50 000 and you can just imagine how excited I was.
In April 2021 the situation improved significantly as Bitcoin reached a peak of $63k. I started feeling like those guys that invested in 2010 or whatever and are now cashing out This made me invest in additional Bitcoin as well as some other digital currencies such, as Ethereum and Dogecoin which were getting popular at around that time. Keep in mind that I didn't really know much about crypto except me watching quite a large amount of youtube videos about HOW TO GET MONEY from crypto; not the essentials of how it works
However things went downhill from there around mid May 2021 Bitcoin began to decline and went under the $50k mark before dropping further to approximately $30k by June.I decided to not panic too much e.I decided to persevere in hopes of a recovery, in price. Unfortunately it became worse.By July the value of Bitcoin had decreased to $29k. The other cryptocurrencies I had invested in were also experiencing losses. I still dont understand why i was so naive not to learn about what exactly I was doing. I justs thought that bitcoin goes up and down because of demand and supply and stuff like that and EVENTUALLY It always comes back up again
Bitcoin experienced a resurgence in November 2021 when its value peaked at $68k; but I still didnt sell. guess why.... Because my friend told me not to.The market took a downturn more and by June 2022 the value of Bitcoin plummeted to, around $20k.
Finally in July 2022 I sold my investment. Unfortunately ended up losing almost 60 percent of my initial investment which is 300 bucks.Now that I reflect on it With hindsight, It taught me a big life lesson... to completely understand what you're doing before you do it. And don't buying stuff because youre always hearing about crypto millionaires.I know 300 dollars is not a crazy amount of money compared to the amounts some of you guys have lost that have been doing this for a long time. So I would like to hear YOUR stories:)
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163 sats \ 0 replies \ @_b_o_n_e_s_ 6 Sep
My loss story: when Central Banks increased the supply of dollars in 2020 I discovered my 2019 dollars were now worth only about eighty cents
Central Banks eroded the value of all my savings, prices of everything were now outrageously expensive and I have to work harder for the same amount of purchasing power
In short, fuck central banks
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42 sats \ 0 replies \ @025738dda8 6 Sep
Just don't watch the usd price and instead buy it regularly in small amounts. Bitcoin was not created to be an investment. Its goal is to become global independent money.
Bitcoin is not here to make you rich in the first place, it is here to avoid becoming poor. That's the lesson.
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21 sats \ 0 replies \ @criptopanas 6 Sep
The best strategy to invest & save in BTC is DCA. You don't need to look the price, you just buy when its the time to do it, could be once a week or once a month...And wait for years, be patience.
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21 sats \ 0 replies \ @MiddleWay 6 Sep
Active trading is a sure way to accumulate less bitcoins than buying and holding. Because in each trade only one of two participants wins, so on average everyone wins only 50% of time. But you always lose money to commision and spread. So over long time only exchanges and professional market makers make money.
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21 sats \ 0 replies \ @cryptoshalix 8 Sep
My journey began in December 2020, when a friend invited me to Kuailian, which offered to earn money for leaving just a small capital. €400 is what 1 ETH was worth at the time, which was what they asked me to create the account.
They barely gave me cents and there came a time when I had nothing. It took me months to recover my investment, and I was barely able to withdraw €300, when at that time ETH was already at €2000.
Throughout that process, I got fully into researching Bitcoin and other cryptocurrencies.
Despite that mistake, I have lost a lot, precisely for the same reason as you, not selling when I should have. And also some other scams and friends with; "trust me, this 'shitcoin_name' is the one to be rich".
Now, I have managed to accept my losses and I only have a couple of cryptocurrencies to play with and bitcoin that I convert every month. I continue to spend in euros on my purchases, and I am testing whether the stores I usually use accept Bitcoin (no changes at the moment).
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0 sats \ 0 replies \ @Bell_curve 6 Sep
My portfolio was down by 60 percent in 2022 but I didn’t panic sell. Today same portfolio is up substantially
Don’t lose your nerve with bitcoin.
Beware of halving cycles, plan accordingly
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0 sats \ 0 replies \ @SatsMate 6 Sep
From my view, just buy and hold. Thats it, if the price drops 10% or more buy more heavily, if it increases a bunch maybe take the gas off the pedal a bit. Try to DCA every single paycheck you receive.
Also, try your best to not look at the fiat price as hard as that can be. Don't invest what you can't afford to lose, but more importantly, stay very consistent and measured with your strategy so you don't get shaken out.
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0 sats \ 0 replies \ @037447d9ca 6 Sep
numba go down
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0 sats \ 0 replies \ @BTCLNAT 6 Sep
First of all that happened to you and to many. Inexperience results in bad decisions, I say this from my own experience.
For approximately 3 years I have been wandering around the crypto world. And just like you I made my investments, without having a clue what I was really doing. Of course it has nothing to do with your investment, for me $300 is a fortune. But what I invested and lost was like an investment for education. Most of the time I bought at the resistance and sold at the support, haha. I sent cryptocurrencies to wrong addresses, I entered into promising projects that in the end were a total failure.
But from all this I learned that you have to do research before doing. Of course now I have more experience, just like what you are sure you have obtained, but these experiences can always help new people.
His situation reminds me of what happened with Bukele when he bought at 41k and they manipulated the price and dropped it to 14k, his detractors told him "you have lost money" the response was "how am I going to lose money if I have not sold any single BTC of the that I bought, what it did was keep buying and then on the rise, all the liquidity in the world. That's how it operated now, I buy, it goes down, I buy more, it keeps going down, I keep buying, it goes up, I sell a little in case it goes down again. buy again, but always trading in BTC. Shitcoins are not even close.
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0 sats \ 0 replies \ @Akg10s33 5 Sep
I am a beginner in the world of Cryptoeconomics... thank you very much for sharing your story... reading it makes me aware of how I should do things... and that I should learn as much as I can... little by little I am stacking my sats here in S.N.. because I still do not have the financial capacity to buy in large quantities... but I am very happy!
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