Psychology of Bitcoin

[Gentle_Soul]

*Psychology of Bitcoin*

I will like for us to take a look a some aspect of Bitcoin especially that which has to do with  has to do with a person who intends to trade or invest in Bitcoin . However, we will be dragging Bitcoin into some different psychological aspects.
Firstly let's look at what psychology really is
 *What is psychology*. It can be regarded as the profession and scientific approaches that has to do with trying to understand and taking control over your thoughts, emotions feelings and even day to day human and animal behavior
Let's briefly itemise the different aspect of psychology.
1. Cognitive psychology
2. Developmental psychology
3. Social psychology
4. Industrial and organizational psychology
5. Behavioral psychology
6. Clinical psychology
7. Health psychology

Let's take a look a this briefly The Bitcoin market and it's psychology
 The crypto market is usually faced with basically this psychological fear which has made people either gain by taking a risk or loose probably by holding back
1. Fear of missing out
2. Fear uncertainty and doubt
Knowing when to buy a coin and buying it will save you from the fear of missing out imagine seeing a coin you didn't buy all of a sudden hit the market and rises in a blink and people are making profit from it because they took the risk of buying at that point, you are faced with the fear of missing out meanwhile, before buying a coin, there are usually a lot of uncertainties and doubt  not being too sure that the coin you wish to buy may be profitable or may get valued in cause of time. However this is more like a mind psychology as to finding solution to what decision should be made.
Clinical psychology and relationship with Bitcoin: do you know that blockchain technology can be of help in the healthcare system especially in providing a secure and decentralized system where the healthcare data  can be managed and the patient privacy can still be intact. This image shows an overview of  the crypto market psychology

 
I will be dropping other comments on this thread let's look at the breakdown of psychology and Bitcoin if you have any interest in this topic and also want to educate us on something you can drop your comments too

Picture reference: https://www.google.com/search/about-this-image?img=H4sIAAAAAAAA_wEYAOf_ChYI1s2Ns-6EzPDwARDrzcza5LXmwaoBIXBgwhgAAAA%3D&q=https://www.reddit.com/r/Bitcoin/comments/8qrgbz/psychology_of_a_market_cycle/&ctx=iv&hl=en-NG&sa=X&ved=2ahUKEwj288-u-6OQAxVEgv0HHVaAEBkQg4ILegQIJxAM

[MeCsc]

Knowing when to buy a coin and buying it will save you from the fear of missing out imagine seeing a coin you didn't buy all of a sudden hit the market and rises in a blink and people are making profit from it because they took the risk of buying at that point, you are faced with the fear of missing out meanwhile, before buying a coin, there are usually a lot of uncertainties and doubt  not being too sure that the coin you wish to buy may be profitable or may get valued in cause of time. However this is more like a mind psychology as to finding solution to what decision should be made.

One good way to avoid F.O.M.O is DCA strategy of buying because finding a good time to buy might be hard sometimes. One good example was when bitcoin was around 80k something, it didn't spend long before getting to 90k and above.

Nobody actually knows how much the price will dip during bear market or unforseen circumstance like we experienced this week even if thdy anticipate the dip. This is why DCA works better because you're accumulating at both points and while if the dip is really much you can add more money to get more units of bitcoin but still this is if the money won't be burdensome for you.

[Donk1]

Op you are right,another psychology i believe  atffects new investors is the psychology of information. Where by they will have a limited knowledge of what Bitcoin truly is  in the sense that they will search or read information that gives them the idea that Bitcoin can make you rich quick without knowng  the risk behind it Most of them will jump into investment out of FOMO fear of missing out or most time, excitement even without having a good strategy in place.
It's easy to say that kind of mindset can often lead to setbacks in one's investment because Instead of thinking of how you can learn more  and build your psychology about your investment they will feel you know it all just because because they read an article that said investment in Bitcoin has made many crypto  enthusiasts become rich Indeed that's a wrong perspective to view Bitcoin because it will make the newbie  be thiniking only about the profit   and once the market has shown them proof they will either give up  or  just say it's a scam . That's why being discipined and making the right decision by having patience and doing quality research and getting good information is another best or build one's  psychology . That's just it."

[Futurexxx]

As I see this ur diagram, and lebeling, the first thing wey enter my head na biology drawing, and my experience in secondary school sha, I have missed the good old days when man no dy think anything, just play , go school and chop

Back to the topic of discussion, you fit talk more on psychology if you are a trader, but as a Bitcoin investor, you don't have to worry about that if you are investing with your discretionary income, the money left after all basic needs have been met.
You no need to worry or think much, just buy and hold, the only way you go get problem with your psychology is if you Invest or trade with an amount you can not afford to lose, but if you invest with your discretionary income, which is a money you can afford to lose, bro you mental health or psychology will be in check.

[Franklyn-wood]

One of the psychology of Bitcoin wey we get that year na be say people fit make quick money from holding Bitcoin and we no even know say na to dey hold am. We think say when you buy am, the price go increase immediately and we go start to dey make the money.
I don see no be so the market matter be. Everybody get him own market psychology and we no need to dey misbehave about am.
My own na for the price of Bitcoin make e go up up, but make una no take profits ooh. Na to hold be the main thing.