|
Written by : Andrew Riady-CMO Tokoin
Ever since I dedicated my time to work in the crypto industry with Tokoin, many of my peers often ask me many questions regarding the cryptocurrency and blockchain industry as a whole. The most prominent question that always came out throughout the years though, has always been “when is the right time to buy into a certain crypto?”
In this article I would like to share my personal experience about the crypto industry and hopefully answer this question of when is the right time to buy in.
I first came to know about Bitcoin back in 2014 when a friend of mine invited me to a seminar about what was known back then as internet money / currency. I clearly did not have any knowledge about what it was all about, all I learned from attending this seminar was that Bitcoin was supposedly a revolutionary technology that is created to replace the current fiat system. It is a very volatile digital asset and people’s understanding about it was vague.
BTC price in 2014 was roughly about $700USD per coin, I asked myself, was it a good time to buy then? Price gain wise up to this publication date obviously it is a no brainer: yes, it definitely was a good time to buy back in 2014, but during that year when price was so volatile and my understanding of crypto as a whole was not sufficient, I would not think that it is a good time to buy in.
Then came along the first major bull market in the crypto market in 2017, the vast majority of market, in my opinion, still did not understand what they were buying. The market was in euphoria and people were on to chase the ‘fear of missing out’. Was it a good time to buy then? Again, if you compare to today’s price, it definitely was. But chasing the high and greed back then would not be such a great idea.
I must admit that I was part of the 2017 crypto market crash, as I bought into all these mistakes of not understanding what I was buying into and that I was engulfed in the euphoric moment in the market.
Fast forward to 2018–2020, I dedicated my time and effort into learning about the investments strategy and crypto / blockchain industry as a whole, and even then, my knowledge of it is limited. What I gained throughout learning more about it was a better understanding of the industry and I envisioned what this technology could do in our modern world.
All in all, what I would like to highlight from my experience is that, there can never be a good time to buy into cryptocurrency or any kind of investments before you actually take the time to improve the knowledge that you have about the industry as a whole.
The moment you learn, understand and start to believe into the technology of blockchain and cryptocurrency as a whole and have an investment strategy; at this instance in my opinion is the right time to buy in.
Blockchain and cryptocurrency is a vast and unexplored section in our modern financial system, there are many ways that it can further improve the world as we know it.
Just as how internet was doubted back in its early days, we now as a society cannot live without it.
Of course, I am not promising that Bitcoin or any cryptocurrency will be as adopted or useful as the internet is to us today. But if you are going to invest, it should be of this belief and you shouldn’t play the dangerous game of taking it as a quick profit mechanism.
Be aggressive in learning and always look forward to the future, be patient and understand that knowledge often pays off.
Disclaimer: All these are based on my personal experience and no part of it is meant as financial advice.
— — — — — — — —
WadzPay.com is Driving Financial Inclusion whilst enabling broader acceptance. WadzPay will become THE DEFAULT Digital Payments Processor. We will build direct relationships between Financial Institutions (FI)/non-bank Financial Institutions (NFI), merchants and consumers. The WadzPay token WTK is available on Bitmart now.