Crypto: a place where everyone makes money, but few secure it

[|MINER|]

Holding on to money is very difficult.  And if it is quick money then it is more difficult to keep it.  He cannot control it if he suddenly becomes the owner of a lot of money from the poor.  In one way or another, it runs out.  But that does not apply to everyone. The number of people who do not understand the meaning of money is very less. Money is a very valuable thing and should be respected.  Spending money unnecessarily is not the work of a good person.  Everyone should be frugal.

[jaberwock]

Cryptocurrency trading, or investing in crypto, is characterized by high risk and high return. Therefore, those who dive into crypto have the potential to earn significant profits quickly. However, it also carries a high risk of significant losses. But if one can manage and handle their trading account effectively, the risk can be reduced to medium or even low risk, despite the potential for substantial returns. However, it's even safer to acquire funds through free airdrops or bounties, as there is no risk involved whatsoever.

Trading must be riskier than investing but in terms of returns, I think it was long-term investing is the one that can give you a huge return. If it's about quicker profits, trading is specialized here. You think airdrops and bounties are safer because maybe you think there is no need a capital for them. For bounties yes but many airdrops now are not free.

It requires a significant capital too in order to earn a significant profits. But that if you successfully follow the instructions given, and then if that airdrop you join is legit. Like I said earlier, bounties are free but they can still request us for our sensitive details. Therefore there is still a risk on them.

[sokani]

I was reading coinconfessions, and it occurred to to me that most of those who are in crypto go through a phase where they make lots of money, but eventually lose it all or most of it due to wrong decisions taken due to having lack of financial knowledge.

Some start fresh with lessons learned and make it back, for some having huge unexpected money come and gone creates a downward spiral that they feel hard to get out of, almost like they were better off not having this unexpected wealth come in first place.

A friend told me that he bought a memecoin, at some point the token pumped up and added some zeros, and he didn't cashed out. According to him, he thought it was going to be the next shiba inu, so he was hodling for it to appreciate the more. The token crashed like an elephant falling from a tree and he lost everything. The dude still regrets it till date. So knowledge is very important and when it's lacking, just know that you're bound to make mistakes.

[Finestream]

Most of the time, people got easily amazed when they hold lots of money and the first thought that would come to their minds is how to spend it, not actually how to save it and make a financial plan. That’s how people are easily manipulated by money, or let’s say being obsessed with money. But after those overspending, majority complained that they lost their money out of thin air and it’s late when they realized that they should have managed it wisely instead of taking advantage with their funds.

This is like crypto. You know it can give you huge potential amount of bitcoin and when you gained it, you started thinking that there’s easy money on crypto and spend it like there’s no tomorrow. So it takes knowledge on crypto and on financial management in order for you to save and value your bitcoin investment.

[mirakal]

When there is lacking of knowledge, people will resort into overspending rather than saving their funds for their future use. That is what mostly happening to those who are earning a lot like having a successful bitcoin investment. You’d think that you will gain consistent profits so you tend to change your lifestyle and live life having all your wants rather than focus on your needs. And when your funds are starting to run out, that’s when you realize that at least you should have saved most of your funds than to spend it without limits.

Unfortunately, those who have lots of money are most likely were unable to secure it. Maybe because of lack of knowledge, and lack of future plans that’s why when they gain huge amount of money, they cannot sleep well unless they cannot spend it on their luxuries in life.

[ultrloa]

I was reading coinconfessions, and it occurred to to me that most of those who are in crypto go through a phase where they make lots of money, but eventually lose it all or most of it due to wrong decisions taken due to having lack of financial knowledge.

Some start fresh with lessons learned and make it back, for some having huge unexpected money come and gone creates a downward spiral that they feel hard to get out of, almost like they were better off not having this unexpected wealth come in first place.

Not everyone go in that situation but rather their are people didn't manage well their finances since they always think that they can get more but sudden unexpected things happen where their main source of profit stops and they earn less. That's the lesson learned from people who think they can get everything they want since they already have money but turn out to be broke again when they hit harsh reality for losing their money on unexpected matter.

So for newbies to avoid this to happen much really better to settle up their expectation regarding on this and they should focus more on how they can build their wealth so that they can always protect their assets and get long term growth for themselves.

[JeffBrad12]

Holding on to money is very difficult.  And if it is quick money then it is more difficult to keep it.  He cannot control it if he suddenly becomes the owner of a lot of money from the poor.  In one way or another, it runs out.  But that does not apply to everyone. The number of people who do not understand the meaning of money is very less. Money is a very valuable thing and should be respected.  Spending money unnecessarily is not the work of a good person.  Everyone should be frugal.

that usually what happens when someone poor suddenly become rich, its happened quite few times with lottery and yes, they're just overspending it for the most useless thing ever like basically for alcohol and so on, but those with discipline in the first place, when they won the lottery or jackpot, they instead become even richer becuase they know how to manage money. basically overspending for most useless think like alcoholic drinks
 or so on. this is not good at all from the perspective of financial, they'd eventually become broke again, its different if we are at least overspending for increasing wealth, but house, buy something that can be resold again not at lower price or even better at higher price then despite overspending and give us feeling of luxury its still worth it.
financial management is truly what make people refrain from overspending, thats one way to keep our wealth intact.

[MarjorieZimmermanGinger]

Not everyone go in that situation but rather their are people didn't manage well their finances since they always think that they can get more but sudden unexpected things happen where their main source of profit stops and they earn less. That's the lesson learned from people who think they can get everything they want since they already have money but turn out to be broke again when they hit harsh reality for losing their money on unexpected matter.

So for newbies to avoid this to happen much really better to settle up their expectation regarding on this and they should focus more on how they can build their wealth so that they can always protect their assets and get long term growth for themselves.

You are right because not everyone is in such a condition and it happens because they do not manage finances well so that in the end it becomes a new problem. Greed will basically give bad results and greedy people will usually experience something that is not good for themselves in terms of profit. Working hard also has a level that needs to be seen because life is not just a matter of making money but there are many other things that need to be considered.

Focus on what is known and run slowly to remain consistent to do it. Building wealth must be done in the right way because there is no term getting a sudden wealth like people's understanding of the lottery. Better to run slow as long as you can survive and can guarantee the long run of growth in the process undertaken by anyone.

[oktana]

Aside from lacking financial knowledge, I see it as that some people get greedy and forget that the volatility that took their portfolio high can still bring it down and even worse than the amount they invested. Maybe you can classify it under financial knowledge that one should be able to know just when to take out their funds from a cryptocurrency investment but to those who it has happened to, my hope is that they have learnt.

[slapper]

Like you, I've noticed this pattern. There is a typical story in the world of cryptocurrency: fast wealth accumulation, followed by an even faster drop. A lack of financial literacy is frequently the cause of this loop. It is imperative, in my opinion, to comprehend the foundations of risk and investment management. Securing money is more important than just making it. This is where having an education is crucial. By acquiring knowledge about market dynamics, diversification, and the significance of a long-term strategy, we can enhance our ability to steer clear of typical errors

Besides, there's probably a psychological component to take into account. Overwhelming sudden wealth can easily lead to rash decisions if one does not have the proper mindset. It brings to mind the significance of mental readiness in the financial domain. Wealth management is an emotional discipline as much as a financial one. We have to have an optimistic yet realistic mindset. That's the secret to making money with cryptocurrency and ensuring that it secures and promotes long-term well-being

[abel1337]

I was reading coinconfessions, and it occurred to to me that most of those who are in crypto go through a phase where they make lots of money, but eventually lose it all or most of it due to wrong decisions taken due to having lack of financial knowledge.

Some start fresh with lessons learned and make it back, for some having huge unexpected money come and gone creates a downward spiral that they feel hard to get out of, almost like they were better off not having this unexpected wealth come in first place.

I experience this on my first bull market. Making big money on crypto and with the various wrong decisions in life, I lost it all and became depressed on how I lost majority of my money came from crypto. It was an easy money from crypto back then and I lost it so easy also. There was so many life lessons and financial lessons I got from that experience that changed my whole life and how I see things and the over all crypto space. I got back on my foot fresh and zero but regained and remake the things but on the right way last bull market.

It's a thrilling experience that I believe common to those who made money easily but lost due to beginners mistake but reclaim their comeback.

[Jawhead999]

Interviewer: If you have $1 Million, what would you do?
Interviewee: I will spend $500K to buy house, spend $50K to buy a car, spend $200K to open a business, invest $200K in multiple assets, hold $50K for emergency needs.

The reality when the interviewee get $1 Million, he will spend $400K to buy a Ferrari and $590K for party or going to bar. Now he only have $10K and use all the money for gambling in hoping he will make money.

That's the story to answer your question.

[bluebit25]

I completely agree with that, because it has actually happened to me and people I know in this field. Although it is unlikely that the assessment covers the entire participating crowd, I see it as obvious because the principle of wealth is not for the masses, not only in the cryptocurrency space, but also in other industries. Other professions also reflect this problem.

I remember the story of a friend in the cryptocurrency market when, in the period 2020 - 2021, he earned nearly $20M from investing in crypto and had to admit his ability was worth it. Had such results, but then the Luna collapse caused him to collapse with his money, I think that is always a lesson for all and, no matter the size of the asset, it helps us more mature in the field we participate in.

[milewilda]

I was reading coinconfessions, and it occurred to to me that most of those who are in crypto go through a phase where they make lots of money, but eventually lose it all or most of it due to wrong decisions taken due to having lack of financial knowledge.

Some start fresh with lessons learned and make it back, for some having huge unexpected money come and gone creates a downward spiral that they feel hard to get out of, almost like they were better off not having this unexpected wealth come in first place.

Not everyone go in that situation but rather their are people didn't manage well their finances since they always think that they can get more but sudden unexpected things happen where their main source of profit stops and they earn less. That's the lesson learned from people who think they can get everything they want since they already have money but turn out to be broke again when they hit harsh reality for losing their money on unexpected matter.

So for newbies to avoid this to happen much really better to settle up their expectation regarding on this and they should focus more on how they can build their wealth so that they can always protect their assets and get long term growth for themselves.

Mistakes are inevitable considering that we dont really start on being a pro or experienced person on which it is really just that normal that we would really be missing out into those things on which it is really that a must thing to be done specially on investing here on crypto space. Even myself did commit out tons of mistakes in the past on which it did lead out into that missing lots of earning opportunities on which i could even say that i might be rich now if i did make out such good decisions but due on being newbie and somewhat needing up actively on having those funds on the time that you do earn it then it would be converted to fiat.
If i havent done such thing in the past then im really that rich now i should say it again.

The important thing on here is that you should really know on how to move on and dont tend to look back into those past events or things had been done. You wont really be progressing if you do keep
on leaning back into those mistakes that you have done. Yes, it is really that indeed regretable but there's nothing we can do. If you do want to survive and do able to get another chance or opportunity
in the market then you should stand back up and deal up things accordingly basing up on what you have learnt.

[Sanugarid]

People who are not used in handling huge amounts of money will always be irresponsible with how they spend it because they will always have this mindset that they will still have lots of leftovers after buying something that is clearly worth a huge chunk of their money. Those who are used to holding huge amounts of money tend to use it to generate more money, whereas people who don't will just find a way to secure the next purchase and 'save' whatever's left of that money.

True, this is what happens to most people today as well as to me. I'm not used to holding a lot of money and when I want to use it, I think I'll have a lot left over so it's okay until I don't realize it's running out. Really need to learn how to control and manage money, that's my problem too.

[Kelward]

This is not only happen in crypto, but other industry too.

Many athletes and celebrities makes a lot money, but not all of them can maintain their wealth because they don't understand about money management and investment, they use almost of their money for their lifestyle.

While in cryptos, most people lost their money because lack of knowledge e.g. invest in ponzi, trust in centralized exchange, and invest in altcoins.

To sustain wealth is as hard as making it in the first place, because if an individual suddenly gets very rich, without a sound financial education the person will likely lose everything in no time and become poor.

In cryptocurrency, a newbie investor can become lucky and invest in a project that will give him many times ROI, but without carrying out research he can be unlucky and reinvest in a scam project, and losing everything. Also leaving their coins in a centralized exchange, if the exchange goes under all their money goes with it.

You'd be surprised to see some celebrities that used to live in the best houses and drives the best cars, living like ordinary people, they probably spent all their earnings on luxury, instead of investing for their future.

So financial education and carrying out thorough research before investing is key to securing wealth.

[G_Besar]

True, this is what happens to most people today as well as to me. I'm not used to holding a lot of money and when I want to use it, I think I'll have a lot left over so it's okay until I don't realize it's running out. Really need to learn how to control and manage money, that's my problem too.

Actually, it's not a difficult problem for you or for anyone who still can't control money when you have it, because by then you can separate needs from desires. That's when you can manage your money very well because you will know that desires are not always based on needs, whereas those needs are definitely based on needs even if you don't want them yourself.

So it is not difficult for you to apply and study carefully, because to be able to manage money in a good way you don't have to go to school in a very special field. Because as long as you can continue to have money and make money regularly, you will definitely implement good things for yourself. Especially when there are more needs that you have to fulfill every month.

[JayTrain]

I was reading coinconfessions, and it occurred to to me that most of those who are in crypto go through a phase where they make lots of money, but eventually lose it all or most of it due to wrong decisions taken due to having lack of financial knowledge.

Some start fresh with lessons learned and make it back, for some having huge unexpected money come and gone creates a downward spiral that they feel hard to get out of, almost like they were better off not having this unexpected wealth come in first place.

Such situations are a regular occurrence in the cryptocurrency space. Human nature's inherent greed can lead to thoughts like "I've earned a lot now; I can earn even more." As you correctly pointed out, this mindset often leads to significant mistakes and, ultimately, the loss of everything. So, there's probably nothing to be done about it except gaining a lot of experience through making mistakes and learning from them. It seems one needs to go through challenging experiences to truly grasp the importance of sound financial decision-making.

[someone703]

Investing in crypto, especially new coins, is always risky. Bitcoin has long-term potential, but the market is still volatile, making long-term holding inevitable.

Many people jump into crypto with a profit-seeking mentality, without thorough research, and are easily susceptible to FOMO and falling into price traps, leading to losses. Even investors with knowledge can fail if they do not manage risk properly and have a consistent investment strategy.

Investing requires not only research but also patience, discipline, and a strong mentality. Impulsive spending after making money is a sign of a lack of financial management plan, which is difficult to succeed in long-term investment. So, "The biggest risk in investing is not losing money, but losing your reason and discipline."

[Fiasem20]

Inability to secure wealth happens in every department not only the crypto world.Investing an income starts from having this mindset of making more money with the money you have.It is said that we use money to make money.People who lavish their wealth without having the mentality of saving,investing don't think of the future.