June 19, 2021

Do not fear failure: lost crypto– acquired experience

3 min read

Investor’s story from the field

My name is Jaden. Technologies have actually constantly motivated me. Actually, that’s why I ended up being a Python designer. My crypto journey has been a long one. I heard about it in 2013, saw a number of bloggers on YouTube, and by 2017 I decided it was the time. Being a stress-resistant and calculating individual, I was sure that investing was my thing.

Tell us how did you mess up

Share your investment failure story in the comment area below. We will select the most intriguing ones to share in our blog site next time! Some fortuitous men will be gifted with a Ledger Nano S wallet.

How I have actually begun investing

During the so-called ICO fever, individuals started to enormously purchase cryptocurrencies, which triggered the cost of Bitcoin to increase. I was no exception. I began with $1,000 and wound up investing nearly $25,000. Back then, in my mid-twenties, it was a substantial sum of cash.

Then Bitcoin price updated the ATHs. In August 2017– $4,000, and in November– $10,000. Certainly, I was euphoric about the profit.

How I reinvested the earnings Another method I earned money was by purchasing ICOs. I comprised my own algorithm for analyzing business. I read about designers, company activities, market size, and location. If I liked it, I invested up to $5,000.

After ICO, tokens increased in price by an average of 2-3 times. So I reinvested the money I made in Bitcoin and Ethereum.

When everything failed

In winter 2018, I realized that I had been living without a holiday for 2 years, and it was time to reboot. In fall, my better half provided our first kid, so we were exhausted. We came to Cuba for two weeks. I left my laptop in the house and didn’t check social networks during my getaway.

Keep in mind when I said that I’m stress-resistant? Well, you can not evaluate your resistance to stress until you enter a REAL stressful circumstance.

When I returned house, I found out that the Bitcoin rate fell by 2 times– from $16,000 to $9,000. Then I had about 2 BTС in my account, so I lost about $10,000.

I resigned myself to this loss and chose to quit investing for a minute. Even if the currency was kept in the wallet, the rate may grow in time.

Took an L

As the title recommends, this is not the end of the story. In 2019, a buddy of mine used me to buy a project that was “guaranteed to make a profit” (you already thought completion of the story? Huh!). I agreed and opened the wallet to move $1,000.

The application requested for an update. I agreed, and after installation, I saw my balance:

0 BTC

As it ended up later on, the attackers presented an update window. Then, they connected their servers to steal cash from regular users’ wallets.

The funny thing is that considering that 2018, the media have currently published that such cases frequently occur with desktop wallets. I was not interested in crypto security. I put the money in my wallet, didn’t share my private key, and that’s it.

What have I found out

According to the stats, in 2019, the attackers took about 2,000 BTC. Sometime later on, I reinvested some cash, which with the existing currency exchange rate has grown to $10,000.

Here are some pointers to jump through hoops:

  • First, if you plan to HODL, pick hardware wallets.Follow the software application upgrade of your wallet on the main website and do not upgrade the application at the first request.Read more news about the crypto world.Install apps with cost change alerts on your smartphone.Simulate a situation in which you lose 100%of your financial investment. Inhale, breathe out and accept it.
  • It can happen to anybody. My story will not stop hackers, make the crypto market less volatile, or increase the Bitcoin price.

A crisis can take place anytime. The main thing is to be mentally prepared for this(and shop crypto in a safe location). Share your story in the remark area listed below and it might appear in the following article. Journal will give Don’t fear failure: lost crypto– acquired experience appeared first on Cryptocurrency News & Trading Tips– Crypto Blog by Changelly.