We have finally reached the end of 2020, if you are reading this article, chances are you a crypto investor, and you take a keen interest in cryptocurrency and blockchain technology. Every year, we see a lot of ups and downs; we face them and become a stronger individual, but this year was very strange; there have been mostly downs with very little to no ups. The COVID-19 changed the way we look at our finances.
Payments through cryptocurrencies can be made digitally without the hassle of cash or conventional banking systems. Ever since the COVID-19 pandemic, people have started making payments digitally. Amid the pandemic, even the Governments of most nations are encouraged to use digital payments and penalize those who are using cash.
There are long queues in the bank, and people are afraid to go to banks to deposit or withdraw money as the paranoia of Coronavirus is still on the rise. And it has boosted the scope for cryptocurrencies to make their way to the common public. A good portion of them is thinking of investing in cryptocurrencies as cryptos, especially Bitcoins, have already shown their potential.
5 Resolutions For 2021 Which Crypto Investors Should Make
In this article, I will list down five resolutions that every new and old crypto Investor should make. If you are a new investor, following these resolutions will make you a pro player in the crypto space.
1. Be Patient
As a crypto investor myself, I have made many mistakes in realizing the appropriate time for buying and selling. There will be times when you won’t feel like holding on to your Bitcoins, especially when the prices go down. Prices go down because of a ton of reasons. One major reason is as a result of a severe market crash. Be patient as prices will soon recover. If you are a pothead and want to invest in weed stocks, visit Yuan PayGroup
2. Never Spread Rumours
As funny as it sounds, you should never indulge in spreading rumors. You may like to play it ‘bearish,’ but it will come back to you eventually. For instance, if you are a big player in the crypto space, spread rumors that there will be a massive drop in the prices of Bitcoins so that people buy less.
The price falls so that you can buy in bulk, but this does not happen all the time investors might realize that you are spreading a rumpus and instead buy more bitcoins and raise the price to teach you a lesson.
3. Keep your Holdings A Secret
Never discuss with anyone in the crypto community about your holdings. It can feel good to falsely brag about the Bitcoins and Ether you hold so that your fellow investors see it in a different light but do note that hackers are in galore in the crypto community and will always find ways to get a hold of your wallet key mostly by methods of social engineering.
4. Know the Right Time to Pump and Dump
When prices go extremely down, newbies often sell the bitcoins fearing that prices could go further down. But I suggest you hold on to your Bitcoins as it takes about a week or two for the market to stabilize, and again, you will see a surge in the price.
Newbies sell their bitcoins when the prices are low and later regret them. The most famous example of this kind of stupidity is Lazlo Hanyecz, also known as ‘The Bitcoin pizza guy,’ who sold all these tokens to buy two pizzas after a market crash. He spent 10,000 Bitcoins buying two pizzas; today, the worth of 10,000 Bitcoins is 290million USD.
5. Help Fellow crypto investors
There is no laid down code of conduct for crypto investors, but it is always good to look out for your fellow investors. This way, you can create new networks. This practice can help you survive in the industry.
I hope you will follow my five resolutions for crypto investors. Bitcoins have become a very lucrative option of investment as the returns are excessively high. In 2020 Bitcoins reached an all-time high. The value of Bitcoins on the 31st of December was nearly $30,000.
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