Cryptocurrency is not a get-rich-quick Scheme

One of the misconceptions many newbies or intending cryptocurrency traders have is that once they venture into the crypto space, they'll make quick money and become rich in less than no time. This is a wrong perspective to view the business of cryptocurrency.

I had a friend who had always been showing interest in joining the cryptocurrency space. Each time we discuss, he'll make making statements like, "if I invest $100 today, how much will I profit in one month?" I'm usually not comfortable with that statement.

Cryptocurrency trading is not a Ponzi scheme where you are being told you'll get 100% or 50% returns in a particular time interval. No one can boldly say how much profit he will make when investing in a particular coin. The market movement determines your gains or losses.

So, cryptocurrency trading whether spot, margin or futures is largely a game of patience. A person who wants quick money or gain shouldn't come yo cryptocurrency. Coins don't just grow in price abruptly; it takes a lot of time, developments and investments to cause it to grow in value.

Bitcoin for instance did not just hit $11000 in one day. It took it a number of years and a good amount of investments to make it hit that price. Yes, it is true one can get quick gains trading crypto but that shouldn't be the motive.

Posted Using LeoFinance