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Op Ed: Don’t Rely on Biased Third-party Advice When Investing in Cryptocurrencies

Avatar newsbtc 1 year ago

Everyone has an opinion on cryptocurrency. This is especially true when it comes to investing in this new form of money. Back in 2015, an interesting comment surfaced in regards to buying Ethereum. In fact, an anonymous user commented how buying Ethereum would make people “extremely gullible”.

The bad Ethereum Investing Advice

Listening to others when it comes to investing advice is not necessarily a good idea. People will not hesitate to share their opinions, which are not always based on research or evidence. A 4chan post of 2015 shows the genuine dislike some individuals had toward Ethereum back then. Calling people who buy Ether “gullible as f**k” is not the greatest advice, all things considered.

More specifically, Ethereum looked very different in 2015. At that time, it was still rather immature compared to today’s iteration. User-friendliness was somewhat of a problem back in 2015, yet things vastly improved in the years to come. However, there is one part of the comment which attracts a lot of attention. The same 4chan user called Ethereum developer Vitalik Buterin a “dropout” as if it is some sort of curse.

While not entirely incorrect, a college degree is never a guarantee for success either. Most people obtain a degree and end up spending years doing a completely different job. For Buterin, his “dropout” status allowed Ethereum to be created and grow accordingly. Judging people by their academic “achievements” is not a valuable metric when it comes to cryptocurrency investment advice. In fact, Ethereum’s value increased by nearly 83,500% since that particular comment.

Do Your Own Research

Making the decision to invest in cryptocurrency is not an easy one. There are a lot of factors and potential risks to take into account. Doing a lot of research is the first step toward making a viable and balanced decision. There is no need to seek approval or advice from third parties in this regard.

Additionally, one needs to avoid decisions based on FOMO and panic. The “panic buy” and “panic sell” syndromes are very real in the world of cryptocurrency. Study how the markets evolve before investing in this new paradigm of money. Cryptocurrencies are a very volatile and unique creation, and should be treated as such.

Investing in Bitcoin or other cryptocurrencies is very lucrative and appealing when doing it right. Avoiding random strangers’ remarks, pump groups, and so-called “buy signals” are just a few basic tips everyone can adhere to. Keeping the long-term picture in mind, cryptocurrency investing will always be worth it. Keeping those emotions in check may prove difficult without a level-headed approach.

 

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