Crypto Newbies: Expectation Vs. Reality.
@cryptofiresidepress shared a brief comparison of Crypto Newbie Expectations vs. Reality when entering the Crypto world.

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“Cryptocurrency trading and investing can be a great way to make some extra money, or slowly grow wealth over time, but it’s essential to go into it with your eyes wide open. There’s a lot of hype surrounding cryptocurrency, we’ve all seen the flashy banner ads, we’ve all received the spam emails, you know what I’m talking about… and it’s easy to get caught up in the excitement especially if you are new.
And I say this, knowing full well, that we are in a bear market. In fact, it is what made me want to write this in the first place.
Crypto prices are highly volatile (if you couldn’t already tell), and changes can significantly impact your portfolio. That’s why it’s vital to follow legitimate crypto news sources, and in general, sources of high-quality crypto information.

While the popularity and adoption of cryptocurrency continue to grow, the current bear market is forcing many people, new or old to become skeptical. And oddly enough, skepticism is exactly what is needed at this time.

In this post, we’ll look at some expectations from new cryptocurrency investors and traders and compare those to reality.

1- Expectation: Crypto Will Make Me Rich Overnight
The idea that cryptocurrency will make you rich overnight is a trendy one with the Twitter zoomers who are usually paid to shill all kinds of nonsense projects. Trading and investing in cryptocurrencies can earn people a lot of money, this was especially true in the early days, but most newcomers nowadays won’t become rich overnight.
Trading cryptocurrencies requires a lot of dedication, hard work, and to be honest, some luck.

Some have made a lot of money, but they are usually the exception rather than the rule.

Reality: Crypto is not a Get-Rich-Quick Scheme
Investing in cryptocurrency can be a great way to make long-term money, but it’s not a get-rich-quick scheme. Sure, we’ve all read the stories about thousand X growth. Heck, I’ve even written a few. The reality is that you must be prepared to hold your investment long-term and be comfortable with all of the risks involved.

Cryptocurrency can be a very volatile market, and prices can fluctuate rapidly, or as we’ve seen in recent times, completely fall off a cliff. It’s crucial to do your research, read high-quality news sources and invest only what you can afford to lose.

2- Expectation: Trades Only in Bitcoin

Most new people to crypto expect that Bitcoin is the sole asset they need to focus on when trading. Whenever someone talks about cryptocurrency, Bitcoin instantly comes to mind because very few newcomers have the knowledge and awareness of the entire crypto market which is literally filled with thousands of different currencies.

In the mainstream media, Bitcoin continues to be the most popular cryptocurrency talked about.

Reality: Ton of Assets

There’s no denying that many people are interested in investing in only Bitcoin. We call these folks “Bitcoin Maximalists” or “Maxi’s”. However, it’s important to remember that other available assets can be just as profitable or actually, far more profitable but of course potentially far riskier.

Most modern exchanges will offer hundreds of other cryptocurrencies too. Do your research, read the right things, and always, always, read other opinions, especially the negative ones.

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