Some Advice For Friends New To Crypto

in #cryptolast month


This may be old news to Steemit users, but it may be helpful to one of your friends.

I noticed many of my friends getting involved in crypto in the past week or so, but the extreme price changes have some people pretty nervous. Here is some advice.

The news talks about this tech all the wrong way, and just highlights the few people who were able to get rich quick because they were lucky enough to buy at the right time, or patient and privileged enough to hold onto their savings through difficult economic times.

Then when someone throws their first 100 bucks into crypto and it turns into 60 overnight they get discouraged and cash out. A lot of people did that a few years ago when it hit 20k then slid down significantly. There are also people who did the same thing when it hit 1k and slid. I personally never held onto the crypto I got because I had bills to pay. Either way, now it looks silly that people were afraid of a crash back then just because the price didn't perpetually increase without any corrections.

This technology is still in its very early stages, kind of like how email was in the late 80s before there were interfaces that were easy to use for the average person. There are gonna be wild price changes and a daily basis, and it will someday be cut in half on bad days. This is just something that you need to expect, with trust that this tech will be the standard in a decade and that the "collapses" along the way will be irrelevant by then.

This is why I personally don't go around telling people to buy crypto, because I know that most people don't have the disposable income to be investing in anything. If this tech was nothing more than an investment vehicle for rich people I wouldn't give a shit about it.

In the next few years, a few more decentralized applications (Dapps) will be rolling out that will allow people to earn crypto for various different tasks, even something as simple as posting and spending time on social media. This is how I recommend most people get involved, by learning about the technology and finding some Dapps where you can earn some crypto and start to play around.

One of my favorites is Steemit, because that site works for content creators like me. There is also the Brave browser, which pays you in crypto for using their browser and opting into ads.

If you do have the disposable income, then go ahead and buy some, but expect it to lose value in the short term and just hang onto it.