Why Crypto may go wrong for some people

[Ndabagi01]

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 what you should anticipate if you invest in shitcoins rather than bitcoin. When people hear about bitcoin, they imagine it is a quick money generating scheme that anyone can profit from and earn enormous amounts of money. But few of those people are aware of the ramifications of their conduct. Since they are all referred to as cryptocurrencies in general, the emergence of various altcoins (shitcoins) in particular has badly harmed the reputation of bitcoin.

Most of them enter the market to exist for a short time and then exit into the blue space after duping many individuals and favouring a few. The few ones favoured are now disseminating the pleasant news about a coin that may be earned quietly and has already tricked many people.

Bitcoin is the most secure, and you may be confident that your investment will profit in the long term. Every other coin, in comparison to bitcoin, does not have the same potential due to its centralised nature. If you must invest in a coin other than bitcoin, extensive research and understanding of that coin is critical in order to avoid unanticipated outcomes that could devastate your entire financial life. 

[ItsCrafty]

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.

Cryptocurrency may go wrong for some people if they don't understand the technology behind it and make poor decisions based on speculation or emotions. Many people invest without doing research on the risks involved, and some also spend their entire investment in one crypto, which is quite risky. I think some other factors that require your attention are market volatility, a lack of risk analysis, etc.
Overall, investing in cryptocurrencies can be fairly profitable, but it's crucial to conduct your research and exercise caution to protect your money.

[Mate2237]

The matter what you can't compare cryptocurrency investment with trading. Investment is just a time and it needs a lot of patient, but gambling is not patient but luck. If your friend understood investment before going into, he wouldn't loss but probably he was in hurry to make money and investment does not work in that way. The best way to invest in cryptocurrency is to buy and store and forget the funds and do other things to survive yourself.

[Kalam001]

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.

Cryptocurrency trading is superior to gambling but similar to it in such a way that you can never win or make money from gambling because any gains you think you might have made from gambling will be lost in one way or another if you keep gambling. Additionally, these days, there is no real team or club that can guarantee you of winning most of the time; even the big clubs/teams or those that you expect much from will make you lose.
In terms of how gambling and cryptocurrencies are related, someone who is not well-versed in cryptocurrencies is likely to lose even more money than a gambler since they lack the focus and capacity to carry out certain tasks when trading or investing.

[BIT-BENDER]

Well the truth is that crypto-currency is volatile and just because a coin has dropped in value doesn't mean all has gone wrong on that coin, being a long term holder is actually a good option it can help you understand the coin you holding better and help you make the better decisions.

But honestly what I do I try to focus more on Bitcoin, it's my favorite coin because there is a huge sense of positivity from Bitcoin that can't be gotten from altcoins. It has the largest market cap and it's widely used.

[Aikidoka]

Investing in crypto isn't gambling; it requires thorough research before an investor gets involved. There's a lot to learn and experience before starting to make a profit from it. It's not as easy as many people think, where you can simply invest and walk away with a profit. It doesn't work like that. In fact, it requires experience, wisdom and the ability to buy and sell at the right timing.

Many newbies mistakenly believe that investing in crypto is similar to gambling, which is incorrect. Gambling is often even riskier than investing and trading with crypto. This is because gambling heavily relies on luck, especially for games that are not based on real-life events.

[Kasabus]

Crypto maybe good or bad, useful or futile, it depends actually on how you will perform crypto in your life. Some have been successful because they follow the potentials of crypto as an investment and take risk in investing, while others have been regretting because of missed opportunities and losses, simply because they use crypto the wrong way and they deal crypto with greed and high emotions, things that will ruin the essence and purpose of crypto.

[kawetsriyanto]

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.

Do you not ask/invite him to invest in crypto, right?
If he invests of his own will, he must evaluate himself why he can fail. But if you invite him to invest, it is  your responsibility to guide him.

I agree that the reason of his failure seems about lack of knowledge.
It is very unfortunate that many people think crypto investment is an easy way to rich. They don't understand that crypto investment is very risky and requires good knowledge. We also need to have a strong mentality when we decide to invest in crypto because there are too many unpredictable things happening. Sometimes the prices move not as expected, or we hear too much FUDs around. It is all the challenging in crypo investment, many people don't understand this.

[Vaculin]

Simply because they don’t understand the real purpose and essence of crypto in our future. Most especially for bitcoin as it’s the most prominent crypto in the market. And while others are focused on investing and make the best for profiting, some have been easily discouraged with first losses and so they quit from crypto investing and resort into gambling thinking that it will offer them bigger opportunities to earn and make profits. Well, one cannot learn if they won’t experience losses in gambling as losses are more inevitable in gambling than when investing.

[rby]

Simply because they don’t understand the real purpose and essence of crypto in our future. Most especially for bitcoin as it’s the most prominent crypto in the market. And while others are focused on investing and make the best for profiting, some have been easily discouraged with first losses and so they quit from crypto investing and resort into gambling thinking that it will offer them bigger opportunities to earn and make profits. Well, one cannot learn if they won’t experience losses in gambling as losses are more inevitable in gambling than when investing.

It is expected that every genuine newbie in cryptocurrency will make newbie mistakes. On a norms such mistakes would have been avoided but due to the pre conceived goals of the newbies, they do not control their emotion. They also tend to invest more than they should.
If their investments is in bitcoin, there won't be much problem because they only lose when they sell. But this cannot be said of some altcoins and shit coins which touches a new ATH once and never return to it.

The remedy to this abnormalities is to enter the cryptocurrency industry without the preconception of get rich quick mentality. Another option is to limit the level of risk they take by not gambling with too many shit coins. You can only do that when you understand how the market works and not when you are just a novice.

[Finestream]

Well the truth is that crypto-currency is volatile and just because a coin has dropped in value doesn't mean all has gone wrong on that coin, being a long term holder is actually a good option it can help you understand the coin you holding better and help you make the better decisions.

But honestly what I do I try to focus more on Bitcoin, it's my favorite coin because there is a huge sense of positivity from Bitcoin that can't be gotten from altcoins. It has the largest market cap and it's widely used.

Bitcoin is far more profitable than any other crypto coin, or even when compared to different life’s investments as well. However, investing in crypto is never easy and that you can’t just invest and expect for quick profits. With bitcoin’s high volatility, if you are investing because of greed, then this type of investment will never work on you. That’s mostly the case why these failed investors turn into gambling expecting that it will give them instant and huge returns, when in reality gambling is the worst nightmare once they are totally highly addicted on it. The thoughts that gambling will make you rich in an instant, I guess seeing you homeless in the future might be the exact thing to happen.

[Z390]

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.

It's fine that he believes crypto is like gambling, but why one token anyway? If crypto is a gambling and you fail then you gambled wrongly,  if it's gambling then treat it like a true gambling and diversify your money, it's possible for any altcoin to die at any time but if you have over invested into the token all your money will be done. It's better to avoid putting your eggs in a single basket, find more than five altcoins and watch what will happen, I have never heard or read where someone invested in 5 altcoins and all the five projects turned to scam, you need to do your own research and invest in good altcoins, not one, not two but more.

A simple 10x from a single alt will cover for the failed ones.

[m2017]

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 token did your friend invest in?

If you are lucky, then this token may still grow in price (there is a probability, but not that big) and at least your friend will not be at a loss or even earn something. It is difficult to predict and it is impossible to foresee what will actually happen. But playing with tokens is riskier if your friend just bought bitcoin or altcoins from top-10 / 20.

In a way, it's true that investing in cryptocurrencies is like gambling. More often than not, choosing the right crypo (or token) is a matter of luck.

In my opinion, cryptocurrencies should be treated like investing in the stock market in technology companies, with careful analysis and study of the background of the project.

About the conclusion.
Not only cryptocurrencies, but any investment in general is not for the lazy. Such people treat investing like gambling, as a result, they choose projects for good luck and turn from lazy to poor.

[isaac_clarke22]

It's fine that he believes crypto is like gambling, but why one token anyway? If crypto is a gambling and you fail then you gambled wrongly,  if it's gambling then treat it like a true gambling and diversify your money, it's possible for any altcoin to die at any time but if you have over invested into the token all your money will be done. It's better to avoid putting your eggs in a single basket, find more than five altcoins and watch what will happen, I have never heard or read where someone invested in 5 altcoins and all the five projects turned to scam, you need to do your own research and invest in good altcoins, not one, not two but more.

A simple 10x from a single alt will cover for the failed ones.

Unless it's Bitcoin then I would not just invest to that token solely. I had invested in ETH before and held it for a certain amount of years which is not really what I normally do.

It still depend on what are those 5 altcoins that the person invested. It's even likely that those are just scams if it was during ICO days back in 2017. Investing to 5 altcoins would be an insane for me these days.

Investing in crypto isn't gambling; it requires thorough research before an investor gets involved. There's a lot to learn and experience before starting to make a profit from it. It's not as easy as many people think, where you can simply invest and walk away with a profit. It doesn't work like that. In fact, it requires experience, wisdom and the ability to buy and sell at the right timing.

Many newbies mistakenly believe that investing in crypto is similar to gambling, which is incorrect. Gambling is often even riskier than investing and trading with crypto. This is because gambling heavily relies on luck, especially for games that are not based on real-life events.

It is but not in the way like those casinos. In casinos, you'll lose your whole chips if you lose obviously, but here, you might still be able to get away with stop loss depending on your situation. As long as you risk something that might not pay off, it's technically still gambling.

[Questat]

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.

I can just imagine that your friend had fallen into scammy projects and had fallen into tricks that usually scammer do (promise high rewards). This is probably going to happen to anyone that has no knowledge about the project they invested in. Many people suffer losses because of believing in attractive offers and I see your friend as a victim of such a thing. Quitting would be a good decision for him. Might he come back but must be sure that he is investing not in tokens but in Bitcoin and those projects that already show success, not just a promise.

[icalical]

This is not unique to crypto investment, everyone who don't want to do their own research putting their money recklessly on just anything other people feed them will end up like your friend, doesn't matter what investment they are into. And I think it's good that he decided to quit crypto, crypto is not for someone who doesn't want to learn.

[Peanutswar]

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.

If your friend goes into a shitcoins or the altcoins that they think will bring them a huge amount of profit if you are lucky enough its good but not most of the time it happens most of the shitcoins getting rug or can be honeypot at the end its your losses If you want to make an investment with the crypto why not it the coins who makes already a good reputation and profit in the end. Another thing is before going to the crypto you need to make sure you have a basic understanding, prior knowledge, and proper execution of the position of your investments. If not that's the time you seems like doing crypto in a gambling way that expecting to win.

[AakZaki]

Log in on an investment platform but without that investment knowledge. it's a fool with a lot of money to just lose for nothing. thousands of dollars is certainly a lot of money, if they lose thousands of dollars in crypto without any knowledge of crypto it is their own fault. not because a crypto platform is risky. all investment platforms even need to do research before investing money. because we know how the risk of each investment that will be made.

[Fullcoinese]

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.

this is why it is very important not to rush and carelessly place our money to invest. at least we must have basic knowledge about investing and researching something we want to invest in.
i wonder why there are still people who invest but don't want to do research first and when they lose their money because of their ignorance they will blame the investment instrument.

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 is absolutely true that investing is not a quick way to earn profits instantly, it takes time and if we invest without having knowledge and doing research it is a careless and bad act.

[Japinat]

Simply because they don’t do their due diligence to learn and just enter the crypto market without prior knowledge but with only greed that keeps motivating them to invest. That way, they will never be successful in crypto investment. We all have human greed actually but we should know when to avoid it and when to be greedy when everyone else has became fearful. Because that greed could either break us or keep us more wanting about crypto and its potentials.