Crypto isn’t really my area of expertise as it is for some. I am aware it is also not that complicated as long as you have the basic knowledge for it. I guess the reason I didn’t really get the hang of would be as a result of how much of my attention I put in Forex.
In as much as I wanted to learn crypto so badly and at least grasp the understanding of it because no knowledge is a waste, I chose not to and I won’t say I am so proud about that decision at the moment. Crypto is making its way to becoming a universal thing (that is if it already isn’t) and I believe in the future there is a possibility it will completely overshadow the use and importance of fiat currency.
Distinguishing the duo;
source
Unlike Forex that deals with only fiat currencies where by the trader trades one currency for another in hope that it rises or falls to their favor, of which the trader can later convert to profit (if it goes in the direction they predicted) or convert to loss (if it goes in the opposite direction).
Crypto trading deals with buying and selling of crypto currencies (such as Ethereum, Bitcoin, Doge coin, BNB, and many more), NFTs, tokens etc.
I would say Crypto has more advantage than Forex. For one, In Crypto you are not limited to trading currencies alone, any thing is tradable in Crypto. ANYTHING. While forex is limited to trading fiat currencies.
In terms of volatility too, Crypto takes a win here as the Crypto market has higher volatility than that of the forex market.
Asides comparison and differences in forex and Crypto, one thing that marvels me about Crypto is how efficient and effective it is. Owning a cryptocurrency is so easy to the extent that you do not actually need to physically possess it, it can just be sitting in your Crypto wallet waiting on you to do whatever you please with it. Or how swift it is to receive payment whenever you deem fit. Or how it can be used as a means of easy and fast payment for anything and everything. Crypto really is the future.
My Experience;
Well I tried trading cryptocurrency just once. This happened sometime around 2021, I bought Doge coin. If I said I bought the coin as a result of my research and findings on it, I would be a big fat liar.
I did not know jack about Crypto not to talk of a cryptocurrency. Like I said I was just too invested in trading forex that I found any other knowledge as unnecessary for I
thought I had discovered my passion in life.
Fortunately, a friend of mine introduced me to a cryptocurrency called Doge coin. He took time to give some explanations about the coin and how it could make a good profit as time goes by, while informing me about the risks as well. His bet was on profit so he decided to share it with me.
He also encouraged me to make my own research to get more answers if I had any further questions. Well I did not do that.
Or maybe I did. I figured Elon musk was a holder of Doge coin and he made a lot of fuss about Doge coin on the streets of Twitter so I relied solely on his tweets for more information about the coin.
News affects Crypto. So as at that time, Elon musk made an announcement on participating in an interview to talk about Doge coin. As a sharp girl, you all can guess what I was about to do.
I bought Doge coin.
I mean all the signs were there; the coin was dipping, a significant news was about to drop on the coin, it was trending too. So I took the chance.
The way life humbles us should be studied in the university. 😂
I was humbled real quick.
The news had an effect on the coin quite alright but it wasn’t one I was expecting. It dipped even harder than it did at the time I purchased it.
screenshot from Binance
I was speechless.
Although at the same time I wasn’t so disappointed. Reason being a lot of my money wasn’t invested in it and I just merely did not hope on it going my way as it was my first time purchasing a cryptocurrency. If there is anything forex has taught me about loss, it will be not to be so hopeful on a trade until your profit is visible and made.
Currently I still check in every now and then on Doge coin and the results are not encouraging but oh well.
At least the beauty about Crypto is that the money you invested can be reimbursed as long as the coin goes back to break even or the way in which you initially predicted.
My mood right now would be;
Dip or rise, I’m good either way.
Surely I would love to further my knowledge on Crypto, it’s currencies and every additional digital assets included. Hive is already helping me with some knowledge on Crypto, kudos to those taking their time to share their cognizance on the topic as well. Not all heroes wear capes haha.
How was your first experience in trading Crypto? Share if you would like in the comments.