Why Crypto may go wrong for some people

[Ojima-ojo]

A friend of mine recently complain to me about how he loses thousands of dollars to crypto after invest in a token. He now said he is quiting crypto and now comparing crypto investing to that of gambling.

You friend conclusion on his first cryptocurrency attempt of it being gambling is RIGHT,  because he invested in a shitcoin/token because most of the token are either failed projects or pump and dumped.


Because most of the token are dumped by the project team on investors making them to record almost 100% lose just like losing a bet in gambling.

Most people hear about crypto and wish to invest in it without the knowledge of how crypto works. It is a good practice for one to learn the do and don't of whatsoever you want to put your money in. Why dealing with crypto as if you are gambling? You need to learn to earn with crypto. You gamble with crypto when you invest without adequate research and knowledge of what token/coin you are investing on.

Yes knowledge is the first foundation to understanding what cryptocurrency is and how to go about it investment and manage the risk associated with if, because without knowledge,  one can take a scam investment to be cryptocurrency investment mean while it a scam.


Jus like the various Ponzi scams that parade themselves as cryptocurrency investments.

CONCLUSION
Crypto isn't for lazy people. It involves research and continuous learning. It may look bored if money isn't made in the first few months but will definitely make you smile after months of endurance.

There is no free lunch anywhere and for one to be able to guide himself from all the risk and mistakes that are involved in cryptocurrency investments,  then there is a need for continuous learning and building of new knowledge and skills.

[Distinctin]

A friend of mine recently complain to me about how he loses thousands of dollars to crypto after invest in a token. He now said he is quiting crypto and now comparing crypto investing to that of gambling.

Most people hear about crypto and wish to invest in it without the knowledge of how crypto works. It is a good practice for one to learn the do and don't of whatsoever you want to put your money in. Why dealing with crypto as if you are gambling? You need to learn to earn with crypto. You gamble with crypto when you invest without adequate research and knowledge of what token/coin you are investing on.

CONCLUSION
Crypto isn't for lazy people. It involves research and continuous learning. It may look bored if money isn't made in the first few months but will definitely make you smile after months of endurance.

But people have different mindset when it comes to crypto. And worst of it is that those who come to crypto these days have no knowledge or experience in investing, as they only have greed towards quick profits. And greed will eventually lead to a failure investment. However, for some responsible investors, they chose to educate theirselves first before they enter crypto long term investing. And they profit not because of greed, but because of their determination and endurance to succeed in the end.

[lovesmayfamilis]

I am always interested in the thinking of people who think that it is enough to simply increase capital if you invest a certain amount in the development of a project. Do these people consider themselves smarter or more cunning than everyone else? If it were all that easy, we'd probably all be millionaires by now. In the same way, it is surprising that a person who has a decent amount, without understanding the product, blindly trusts him. Doesn't his money come to him hard? There are thousands of questions, but as long as such naive people exist, scammers will develop their scams. I don't feel sorry for those investors; there should always be a rule: check a hundred times and trust once.

[SOKO-DEKE]

A friend of mine recently complain to me about how he loses thousands of dollars to crypto after invest in a token. He now said he is quiting crypto and now comparing crypto investing to that of gambling.

Most people hear about crypto and wish to invest in it without the knowledge of how crypto works. It is a good practice for one to learn the do and don't of whatsoever you want to put your money in. Why dealing with crypto as if you are gambling? You need to learn to earn with crypto. You gamble with crypto when you invest without adequate research and knowledge of what token/coin you are investing on.

CONCLUSION
Crypto isn't for lazy people. It involves research and continuous learning. It may look bored if money isn't made in the first few months but will definitely make you smile after months of endurance.

What almost causes instant losses in the cryptocurrency industry is the eagerness of someone who wants to make it easily in the crypto sector. Due to their eagerness to make quick money, they became blind and invested in any project that was pumping at that particular time or the project they see some set of people are investing the period that time without conduct their own research.

When your friend just went ahead and invested in shitcoin, what did he expect? I may say that maybe your friend thinks it can make it easy from the token, as some people are saying that the easiest way to make money in the crypto industry is through altcoins. That may be true, but know that altcoins are just a form of gambling, and the risk is always high. If someone takes his or her time to study cryptocurrency, they will easily understand that Bitcoin is the best crypto investment worth making.

But let us know that knowledge is the key to success in any aspect of life, especially business or investment; proper knowledge always needs to point us in the right direction and always help us minimize our risk, especially in the cryptocurrency industry.

[nelson4lov]

Crypto is not a get-rich scheme and Crypto might not be for everyone. Maybe your friend got a bad orientation and put more than he could afford to lose not in Bitcoin, ETH or a high-cap token but in a shitcoin. He took a huge risk without doing enough research. Risks are good in crypto but only well-thought-out ones seem to pan out well in crypto in the long run. The same way shitcoins can give insane gains is the same way they can take it all back and even take a huge chunk out of your capital that's why caution needs to be applied at all times and why the phrase "Do your own research" and Due Diligence is really popular around here.

[sheenshane]

CONCLUSION
Crypto isn't for lazy people. It involves research and continuous learning. It may look bored if money isn't made in the first few months but will definitely make you smile after months of endurance.

I tend to agree with this and that's why many people when experiencing failure will easily quit because in fact from the start they didn't know technically about Bitcoin or crypto in general.  Crypto transactions rely on blockchain technology, which is generally considered secure, but the security of individual accounts and wallets is a concern.  Hacking incidents, phishing attacks, and thefts of cryptocurrency have occurred, leading to the loss of their crypto as OP said.  If proper security measures are not implemented, many of those new in the crypto space may become targets for cybercriminals.

So it's most important to be knowledgeable in the crypto space before investing in it.

[CryptopreneurBrainboss]

Crypto isn't for lazy people. It involves research and continuous learning. It may look bored if money isn't made in the first few months but will definitely make you smile after months of endurance.

At times boring businesses and investment are the best investment. Deciding to be lazy might actually help you as it'll shield you away from all the distraction in the industry. You could just invest in Bitcoin and you'll make decent profits than investing in altcoins. They're so many altcoins that's hard to guess which one will succeed but when you choose Bitcoin, you're investing in the one and only project that's reliable. Bitcoin is trustworthy and has many possiblity of making you richer than you were when you invested in Bitcoin. Even when the market crashes, your investment in Bitcoin has hopes of a possible recovery in the future.

Crypto investment only goes wrong for them because they decided to believe some random dude on the internet (CEOs of those altcoins project) promising them returns that aren't visible at the end of the day because the altcoins market is filled of similar projects giving people fake hope of making profits when they invest in them. Just because few altcoins were successful does mean every project out there are worthy of your investment. We have to learn toet go of some supposedly life changing opportunity and invest in the boring ones as those usually has longevity.

[ImThour]

It all depends on the person's mindset. Why it's not for lazy people? I know people who were too lazy to sell in the Bitcoin bear market and they continued to buy instead of selling and now they all are in massive profits versus those who were too active and kept buying/selling on every single news out there and are in loss. You do not have to react to any news you hear on Twitter or YouTube. Bitcoin is meant to be for HODLers, not for traders.

So that makes it the best option for Lazy people and your conclusion goes straight wrong.

[Asuspawer09]

A friend of mine recently complain to me about how he loses thousands of dollars to crypto after invest in a token. He now said he is quiting crypto and now comparing crypto investing to that of gambling.

Most people hear about crypto and wish to invest in it without the knowledge of how crypto works. It is a good practice for one to learn the do and don't of whatsoever you want to put your money in. Why dealing with crypto as if you are gambling? You need to learn to earn with crypto. You gamble with crypto when you invest without adequate research and knowledge of what token/coin you are investing on.

CONCLUSION
Crypto isn't for lazy people. It involves research and continuous learning. It may look bored if money isn't made in the first few months but will definitely make you smile after months of endurance.

I mean that is why we have this forum you could start here in the forum where you could learn and enhance your knowledge to get ready on starting your journey with Bitcoin or cryptocurrency, If you don't think you do not have enough knowledge, learn more here in the forum, I think if you already think that you have the knowledge to start investing and you already have enough money to start investing, I think it's the right time that you should start investing in cryptocurrency. Everything is not going to go well that's for sure but you lower your risk since you have knowledge and know what your doing plus you could always ask for other members' advice here in the forum. Make sure to not repeat the mistakes of others here in the forum.

The market is so volatile so you're gonna need a lot of patients on your investment journey, your really gonna need to put in your time and effort if you want to invest and take a profit in just a short amount of time, especially if you're going to invest on altcoins since its a riskier choice than bitcoin or other blue chips cryptocurrency, but if your going for long term on Blue chips crypto like Bitcoin you could just watch the movement of the market.

[nakamura12]

That's the mistake your friend make as he didn't make research about the token ge just invested and your friend is also lazy to give some time familiarize the crypto. There's a part to blame for the one who taught your friend about Cryptocurrency for not making him learn about Cryptocurrency and why investing in a token is not 100% safe or profitable. Most token nowadays are shitcoins that's why your friend loses thousands of dollars. If he didn't accept some advice then it's his fault alone that he loses that amount of money.

[Mpamaegbu]

CONCLUSION
Crypto isn't for lazy people. It involves research and continuous learning. It may look bored if money isn't made in the first few months but will definitely make you smile after months of endurance.

This is the part most noobs in this industry don't want to listen to. They think coming into cryptos is a shortcut to wealth. That once they invest in any type of coin it's enough to turn into a "Bitcoin" overnight. Most of these ones erroneously opine that those who've been in this game but haven't hit it big aren't doing the right thing. They quickly forget (perhaps they don't even know this) that there's no certainty when it comes to cryptos. Nothing is guaranteed. Luck is the ultimate card. Though one has to take that luck far by investing in a seemingly credible coin first. No investment, no luck.

[Gallar]

A friend of mine recently complain to me about how he loses thousands of dollars to crypto after invest in a token. He now said he is quiting crypto and now comparing crypto investing to that of gambling.

In my opinion you could say your friend lost by his own actions and after the loss your friend doesn't want to accept the loss. Why can I think like that. That's because it seems like your friend is not scientifically prepared or knowledgeable when he wants to invest in crypto. That way, your friends don't know which crypto assets are better and of higher quality to serve as investment assets. Second, your friends don't learn or don't know about the risk factors that must be prepared to face when the worst happens. That way when a loss approaches, your friend will definitely be very shocked and surprised.
Because when carrying out this crypto investment, there may be no thought of being prepared for the worst possibility or experiencing a loss. So it's certain, with this incident, your friend's view of crypto will definitely turn negative and be traumatized to invest again.

And comparing crypto investment to gambling, in my opinion, is not the right thing. Because gambling with crypto investment is clearly something different. In fact, I have an opinion, that when someone invests in crypto, and that person does not have good knowledge in that field. The possible loss will be greater than gambling. So that's the danger when plunging into a field that has not been well studied.

CONCLUSION
Crypto isn't for lazy people. It involves research and continuous learning. It may look bored if money isn't made in the first few months but will definitely make you smile after months of endurance.

It's true because in the crypto world there will definitely be knowledge or knowledge that is mandatory for investors to learn. And it's not just about being lazy. If you are struggling in the crypto world, you have to be a more patient person. Because sometimes if you can't be patient in investing in crypto, you will usually tend to lose. So in essence, being willing to learn, and being patient in investing in crypto is a must-have capital.

[lionheart78]

A friend of mine recently complain to me about how he loses thousands of dollars to crypto after invest in a token. He now said he is quiting crypto and now comparing crypto investing to that of gambling.

Most people hear about crypto and wish to invest in it without the knowledge of how crypto works. It is a good practice for one to learn the do and don't of whatsoever you want to put your money in. Why dealing with crypto as if you are gambling? You need to learn to earn with crypto. You gamble with crypto when you invest without adequate research and knowledge of what token/coin you are investing on.

This is the sad reality.  Many people are haste to jump in a "promised opportunity" without looking at the background of the people behind the project.  Naive people often guided by greed reason why many of them got scammed even though the scam tag itself is clearly attached to that company/project.  Then after they are scammed due to their careless action, they will then blame the whole cryptocurrency industry as scam and investing in it is very likely a gamble which we know is not true.

If they do thorough research and investigation they will likely end up avoiding these scam projects that use cryptocurrency popularity to attract users.  Also, they will end up with legit a cryptocurrency such as Bitcoin and see the difference between these scam projects pretending to be cryptocurrency and the legit one like Bitcoin.

CONCLUSION
Crypto isn't for lazy people. It involves research and continuous learning. It may look bored if money isn't made in the first few months but will definitely make you smile after months of endurance.

True that!  Cryptocurrency is for people who give time to research and comparison.  Aside from not being lazy, cryptocurrency is for the brave who have great logical thinking that can assess and verify scam projects by having enough knowledge about the industry.

[ultrloa]

A friend of mine recently complain to me about how he loses thousands of dollars to crypto after invest in a token. He now said he is quiting crypto and now comparing crypto investing to that of gambling.

Most people hear about crypto and wish to invest in it without the knowledge of how crypto works. It is a good practice for one to learn the do and don't of whatsoever you want to put your money in. Why dealing with crypto as if you are gambling? You need to learn to earn with crypto. You gamble with crypto when you invest without adequate research and knowledge of what token/coin you are investing on.

CONCLUSION
Crypto isn't for lazy people. It involves research and continuous learning. It may look bored if money isn't made in the first few months but will definitely make you smile after months of endurance.

Let him/her do what he want since in the end crypto is not for all and maybe he just came there because he was hype that he can earn a lot of money because he read a lot of positive bitcoin or crypto stories online. The problem there is he forget about the risk that's the reason he lost a lot of money for the investment he do.

Maybe that's a lesson where he/she needs to learn and now he know that crypto is not so easy as they think so maybe next time they should do more research before they enter crypto investment.

[Porfirii]

Most people here think that hard work and research will assure profits in the mid term, but IMO chance plays a fundamental role not only in trading (take it for granted) but even if you simply hodl too.

Of course, I'm the first one interested here in the rise of Bitcoin, but being aware of my subjectivity is crucial to limit my expectations to a reasonable level.

[sokani]

A friend of mine recently complain to me about how he loses thousands of dollars to crypto after invest in a token. He now said he is quiting crypto and now comparing crypto investing to that of gambling.

A friend of maybe used to say that crypto investment is not for the feeble, you need to have some balls and same with gambling. That being said, I think your friend failed to do proper due diligence, and it's very likely he invested in one of those shitty altcoin projects or meme coins out there that pumped for a while and dumped.

Most people hear about crypto and wish to invest in it without the knowledge of how crypto works. It is a good practice for one to learn the do and don't of whatsoever you want to put your money in. Why dealing with crypto as if you are gambling? You need to learn to earn with crypto. You gamble with crypto when you invest without adequate research and knowledge of what token/coin you are investing on.

Crypto knowledge is essential. Taking the 'almighty Bitcoin' for instance, before investing it is still required that you have a good knowledge of the market, know when to buy and when to sell. Everyone wants to buy during the bear and sell in the bull season, and not the other way around. A little research and reading could have saved him from all this, It's a pity he learnt the hard way.

[topbitcoin]

A friend of mine recently complain to me about how he loses thousands of dollars to crypto after invest in a token. He now said he is quiting crypto and now comparing crypto investing to that of gambling.

Most people hear about crypto and wish to invest in it without the knowledge of how crypto works. It is a good practice for one to learn the do and don't of whatsoever you want to put your money in. Why dealing with crypto as if you are gambling? You need to learn to earn with crypto. You gamble with crypto when you invest without adequate research and knowledge of what token/coin you are investing on.

CONCLUSION
Crypto isn't for lazy people. It involves research and continuous learning. It may look bored if money isn't made in the first few months but will definitely make you smile after months of endurance.

I think he entered the market because he was lured by other people's profits from crypto investment so he was very brave to spend his money in crypto market without knowledge and understanding, I really regret what your friend did it was carelessness, because no one is watching him, instead- else he wants to be as stylish as he is winning at gambling after investing in crypto.

Do you know what coins or tokens he bought to lose thousands of dollars as he says? I think it's an altcoin rather a memecoin, which one usually loses quickly if one is not really good at token hype trading.

[palle11]

CONCLUSION
Crypto isn't for lazy people. It involves research and continuous learning. It may look bored if money isn't made in the first few months but will definitely make you smile after months of endurance.

Don't invest in low quality coins. Some coins are not able to generate good volume because they don't have large community but because they are cheap you see people investing in them. Shit coins don't bring you smile but regret. So becareful and invest on valuable coins like bitcoin. With bitcoin you can get more value for your money than keeping the lots of shit in your wallet because you feel they will bring you returns with the speed of lightening.

[Apocollapse]

Crypto can go wrong because they're not understand with the coin they've invested because they only looking for money. This is definitely wrong because it has a high chance he will buy shitcoins due to crazy volatility and they hold in a centralized exchange due to minimizing the fee.

If people are only invest in Bitcoin, not greedy and know how to safely hold their coins, they would be 99% safe.

[Zanab247]

A friend of mine recently complain to me about how he loses thousands of dollars to crypto after invest in a token. He now said he is quiting crypto and now comparing crypto investing to that of gambling.

 crypto investment is profitable when you have the knowledge before going into it, but if you don't have the idea you will always end up like that your friend that loses thousand of dollars.

It is a good practice for one to learn the do and don't of whatsoever you want to put your money in. Why dealing with crypto as if you are gambling?

cryptocurrency investment is different from gambling because, if you don't know when to buy cryptocurrency and sell, you will find it difficult to make a good profits like other potential cryptocurrency investors because they buy cryptocurrency when the price is low in the market and sell when the price is high.

CONCLUSION
Crypto isn't for lazy people. It involves research and continuous learning. It may look bored if money isn't made in the first few months but will definitely make you smile after months of endurance.

lazy people always find it difficult to earn well from cryptocurrency investment, because they find it difficult to carry out their personal research to know more about the current market price. It hard for lazy people to endure long term holding because they always have things to solve that will make them sell in a low price.