Wednesday, March 20, 2019

Why You Shouldn’t Invest in Cryptocurrencies Just to Get Rich Quick

The great fledge of people flocking into the world of cryptocurrencies are doing so because they see the volatile crypto market as a way to get rich quick. Surprise.

Get in the Game

The world of cryptocurrency is a niche and not a mainstream event yet no matter what anyone wants you to believe: there are the ardent fans and incurable enthusiasts of the cryptocurrency space composed of analysts, developers, financial consultants, learned investors and the familiar cryptocurrency holder, while there are also the crop of optimistic green investors who see cryptocurrency as a way of getting rich quickly without much hard work.

After all, the cryptocurrency world is a leveled playing field, decentralized and free of monopoly, here, everyone has got the same chance, everyone is equal, if the tides move for the rich, they will move for the greens too. This string of thought was just supported by recent research conducted by the United Kingdom’s Financial Conduct Authority (FCA), and it shouldn’t come as a surprise too. If anything, the thinning patience of investors who flocked lately into the high bloom of 2017’s crypto market is proof of a crypto space filled majorly with crypto hopefuls.

A series of spaced studies, FCA’s first study involved an in-depth interview with more than 30 investors which was televised and produced by Revealing Reality.  The results of the interview were filled with respective responses hovering on dreams of luxurious lifestyles and a swift cashing out once cryptocurrency prices rise to their peak. An excerpt from FCA’s report read:

“Particularly for the younger people in the sample, this seemed to be related to a more general aversion to traditional forms of employment and an attraction to lifestyles of leisure and making ‘easy money’ with little effort.”

Fear of Missing Out (FOMO)

Subsequent studies also dwelled more on the seemingly gold rush of 2017 when Bitcoin (currently valued just above $3000) reached a peak of $20,000. Many Brits admitted that they swiftly invested in Bitcoin and other cryptocurrencies because they feared they would miss out on the raving gains that cryptocurrency investors were making.

A little surprising, but logically expected, the cryptocurrency market has failed to hit the same heights it set in 2017.

Patience is Key

The cryptocurrency market is more than a gamble or ticket to get quickly rich, and the ones who have gained the most from it are those who understand it and have stuck long enough to see it work. The crypto market is volatile—stalest news of the decade—what you don’t hear much about it is its resilience. From a measly 2000 Bitcoins to a dollar, the value of Bitcoin has continued to scale through hurdles, and it isn’t about to stop just yet.

Prepared to take your first leap into the world of cryptocurrencies? Buy your first crypto coins with a credit card here.

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